June 2018 UPDATE– The FINRA records of Yousuf Saljooki, a broker who formerly worked for SW Financial (Salomon Whitney Financial) , disclose a final regulatory event, 4 pending customer disputes, 3 prior customer disputes, 2 terminations from employment and an outstanding judgment lien.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In April 2018, Saljooki was temporarily barred from the securities industry for five years (4/5/2018-4/5/2023) by Arkansas securities regulators for failing to to disclose a federal tax lien for over $227,000.
The pending cases against Saljooki include:
- FINRA Case 16-00405- a customer of Saljooki while previously employed by New Castle Financial Services ,now known as Brookville Capital Partners, and Legend Securities alleges that Saljooki used high pressure sales techniques, made unsuitable investments, churned the account and charged excessive and hidden commissions. Damages, which include punitive and exemplary damages exceed $750,000 are alleged.
- FINRA Case 18-0628- a customer of SW Financial alleges churning, unsuitable investments, breach of fiduciary duty and fraud and seeks damages of $523,930.
- FINRA Case 18-1055-A group of customers of SW Financial allege churning, negligence, unsuitable investments, trading without authority and breach of contract and seek damages of $1,055,660.
Saljooki was registered with Worden Capital Management briefly from 12/2017-4/2018, and with Salomon Whitney Financial from 8/2015-12/2017. Prior to that he was registered with Legend Securities 3/2015-8/2015, Tryco Securities 3/2015-3/2015 and Brookville Capital Partners 7/2009-3/2015.
Saljooki was discharged by Worden Securities 4/2018 for failing to report the Federal Tax lien. In 12/ 2017 Saljooki was discharged by SW Financial for opening a branch office under another name without the permission of his firm and for soliciting clients of SW Financial.
Saljooki discloses a lien to the Internal Revenue Service in the amount of $227859, pending in Suffolk County, NY.
If you have losses in an account handled by Yousuf Saljooki , call for a no charge consultation to discuss your options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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