FINRA Sanctions Yousuf Saljooki

Soreide Law Group is investigating possible investor claims against securities broker Yousuf Saljooki AKA Joe Saljooki and Joseph Saljooki [CRD#: 5045123, Melville, NY]. Evidently, FINRA sanctioned the securities broker, who worked for SW Financial. Allegedly, Saljooki failed to comply with an arbitration award or settlement agreement. Here is a brief summary FINRA’s allegations against Saljooki.

FINRA Sanctions SW Financial Securities Broker Yousuf Saljooki For Failure To Comply

Evidently, on March 11, 2022, FINRA issued Case #: 18-01055 sanctioning Yousuf Saljooki for infractions. Specifically, FINRA imposed an indefinite suspension. Notably, FINRA alleged that Saljooki failed to comply with an arbitration award or settlement agreement or otherwise confirm compliance with FINRA.

FINRA Bars Saljooki

According to the Decision, FINRA began an investigation into Saljooki in 2019 concerning the potential involvement in undisclosed outside business activities during the time that Saljooki was associated with Worden Capital Management LLC. In connection with the investigation, FINRA sent Saljooki a request for the production of documents and information on January 25 and 24, February 12, and March 2, 2020. On February 19, 2020, Saljooki indicated to FINRA staff through a phone call that he intended to comply with the request but asked for an extension to do so. FINRA granted the extension request. Ultimately Saljooki failed to provide the requested documents and information after several attempts to contact him. As a result, Saljooki violated FINRA Rules 2010 and 8210.

SW Financial Disaffiliates With Securities Broker For Outside Business Activities

Notably, SW Financial disaffiliated with Saljooki. Evidently, SW Financial alleged that Saljooki engaged in an undisclosed outside business activity.

Worden Capital Management Securities Broker Yousuf Saljooki Discharged For Nondisclosures

Also, Worden Capital Management disaffiliated with Saljooki. Allegedly, Saljooki failed to disclose a tax lien to the regulator.

Saljooki Discloses Unauthorized Transactions Allegations By SW Financial Client

Evidently, an SW Financial client filed FINRA Arbitration #: 20-03580 about Yousuf Saljooki. Namely, the client alleged that Saljooki churned the client’s account, made unauthorized and unsuitable transactions, made misrepresentations, and breached a fiduciary duty. Because of this, the client sustained damages. Therefore, on September 23, 2021, a FINRA Arbitration Panel issued an Award ordering SW Financial or Saljooki to pay the client $34,184.62 in compensatory damages.

Yousuf Saljooki Discloses Churning Accusations By SW Financial Client

Also, a client of SW Financial contested Yousuf Saljooki’s sales practices by filing FINRA Arbitration #: 20-00470. Allegedly, Saljooki churned the client’s account, charged the client excessive commissions, made unsuitable transactions, overconcentrated the client’s account, acted unethically, and was negligent. Supposedly, the equities and ETNs which Saljooki sold or recommended had caused the client to sustain damages. Therefore, FINRA Arbitrators issued an Award dated August 27, 2020 compelling SW Financial or Saljooki to compensate the client in the amount of $121,292.27.

Saljooki Discloses Breach Of Fiduciary Duty Allegations By Worden Capital Management Client

Evidently, a client of Worden Capital Management contested Yousuf Saljooki’s sales practices by filing FINRA Arbitration #: 20-00801 on March 11, 2020. Allegedly, Saljooki made unsuitable transactions, breached a fiduciary duty, breached a contract, was negligent, made misrepresentations, and made omissions. Supposedly, the stocks which Saljooki sold or recommended had caused the client to sustain damages. Therefore, the client seeks compensatory relief from Worden Capital Management or Saljooki in the amount of $130,165 in this ongoing matter.

Yousuf Saljooki Discloses Misrepresentation Allegations By Brookville Capital Partners and Legend Securities Client

Also, a client of Brookville Capital Partners and Legend Securities contested Yousuf Saljooki’s sales practices by filing FINRA Arbitration #: 19-00641. Allegedly, Saljooki acted unethically, made misrepresentations, made unsuitable transactions, failed to supervise, was negligent, breached a contract, breached a fiduciary duty, and exploited the client. Supposedly, the securities which Saljooki sold or recommended had caused the client to sustain damages. Therefore, FINRA Arbitrators issued an Award dated February 3, 2020 in the amount of $150,000.

Recent Employer Information

Yousuf Saljooki worked for Worden Capital Management in Melville, NY, as a securities broker. He was employed from December 22, 2017 to April 20, 2018. 

Damages Resulting From SW Financial Securities Broker Saljooki?

Have you experienced damages by investing with Yousuf Saljooki? If so, contact Soreide Law Group at (888) 760-6552 to talk with a securities lawyer about potentially recovering your investment losses. Notably, Soreide Law Group has successfully recovered money for investors throughout the United States. The firm represents clients on a contingency fee basis and advances all costs. Saljooki and brokerage firms Saljooki was employed by deny any and all allegations of sales practice violations.