Category Archives: Brookville Capital

Yousuf Saljooki-Former SW Financial Broker- Named In $750K Customer Complaint Alleging High Pressure Sales Techniques-Melville, NY

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Michael Oromaner-Former Salomon Whitney Broker- Named In Customer Complaint Alleging High Pressure Sales

MAY 2017- Farmingdale, New York

The FINRA records of Michael L. Oromaner  disclose 2 regulatory matters that have  been finalized, 10 final customer disputes, 1 pending customer dispute and 2 outstanding judgements or liens.

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 5/2016 , in FINRA case 12-3310, the arbitration panel ordered Oromaner and his prior employer, Brookville Capital Partners to pay a customer over $29,000. The customer had alleged unauthorized trading, over concentration of investments and excessive markups and markdowns on thinly traded stocks.

In pending  FINRA Case 16-00405, a customer of Oromaner’s while he was previously employed by New Castle Financial Services ,now known as Brookville Capital Partners, and Legend Securities alleges that Oromaner used high pressure sales techniques, made unsuitable investments, churned the account and charged excessive and hidden commissions. Damages of $750,000 are alleged.

Oromaner is not currently registered. He worked for  Salomon Whitney Financial  since 3/2016-9/2016.  He was previously registered with Cova Capital Partners 10/2016-1/2017 and Avenir Financial Group 1/2015-3/2016. Prior to that he was registered with Legend Securities 1/2014-1/2015 and Brookville Capital Partners 11/2009-1/2014.

If you have losses in an account handled by Michael L. Oromaner , and believe that your account was mishandled, call to learn how you may be able to recover damages from his employer.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Christopher Veale Investigation-Numerous Customer Complaint & Regulatory Issues

FINRA records report that Christopher F. Veale , of New York,  who is not currently registered, is currently  named in a customer dispute:

  • FINRA Case 15-00373-customer alleges breach of fiduciary duty by Veale while he was employed with Brookville Capital Partners and seeks damages of $44,733. Settlements paid to customers have ranged from $35,000-$90,000. See his FINRA record for details. 

 

Prior Customer Complaints: Veale has been named in 10 customer disputes that have been resolved. Allegations against Veale include excess commissions charged, unsuitable investments, breach of fiduciary duty, excessive trading (churning) , unauthorized trading

Judgments/Liens vs. Veale: FINRA records report the following outstanding judgements/liens vs. Veale. According to FINRA “This type of disclosure event involves an unsatisfied and outstanding judgments or liens against the broker”:

  • Federal Tax Lien                                                  $503,008
  • State of NY -Nassau County                       $27,979
  • State Tax Warrant-Queens County        $189,187
  • American Express Centurion Bank         $201,562
  • State Tax Warrant-New York                      $184,257
  • Federal Tax Lien                                                  $143,672

Pending Regulatory Investigations vs Veale: 

  • State of Rhode Island– filed 1/15/2014- Notice of Intent to Revoke License, impose civil penalty, impose sanctions and opportunity for hearing. Alleges that Veale, while employed by Brookville Capital Partners churned the account of a senior investor.
  • Commonwealth of Massachusetts-filed 1/15/2014-Administrative Complaint and notice of adjudicatory proceeding regarding churning the account of a senior investor.

Prior Regulatory Actions vs. Veale:

  • FINRA-8/18/2015– Suspended for 12 months and fined $5,000. Veale consented to sanctions and entry of findings that he failed to timely produce documents and information requested by FINRA in connection with an investigation and that he failed to report liens against him totaling approximately $730,000.
  • Illinois-11/21/2005-Veale’s application for registration as a salesperson in Illinois withdrawn.
  • NASD-12/22/2004-Veale consented to sanctions suspending him , a fine and payment of restitution of $36,696 to a customer.

Veale’s Prior Registration History, includes the following:

  • Legend Securities                    5/2013-2/2015
  • John Thomas Financial         4/2013-5/2013  (expelled by FINRA 10/2013)
  • Meyers Associates                   11/2012-3/2013
  • Blackwall Capital Markets   6/2012-11/2012
  • Brookville Capital Mkts          1/2009-6/2012 (expelled by FINRA 6/2015)

If you have losses in an account handled by Christopher F. Veale, you may be able to collect damages from his employing firm. Call to speak with an experienced securities attorney 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

FINRA Fines Firms for Violations in 2015

January 8, 2015

The Investment News published a summary of the largest penalties handed out in 2015 by the Financial Industry Regulatory Authority (FINRA), which included:

  • Puerto Rican Bonds-A fine of $7.5 million and restitution order of $11 million to UBS Financial Services in connection with the sale of Puerto Rican closed-end funds. Santander Securities was ordered to pay over $4 million in restitution and a fine of $2 million for their sale of similar funds.
  • Mutual Fund OverchargesWells Fargo Advisors was ordered to pay $15 million in restitution for overcharges on the sale of mutual funds. Edward Jones paid $13.5 million in a similar action.
  • LPL Financial Supervisory Failures– FINRA fined LPL a couple of times, once in May , a $10 million fine for supervisory failures related to nontraditional exchange traded funds, and $1.7 in million in restitution to customers.
  • Rogue Oppenheimer Broker Mark Hotton– FINRA fined Oppenheimer $2.5 million and ordered restitution of over $1 million for failure to properly supervise broker Mark Hotton who was barred from the industry in 2013.
  • Brookville Capital– was fined $500K and ordered to pay a $1 million fine for sales violations related to private placements.

If you have losses in your brokerage account that you feel are the result of the improper handling of your account, call to learn about your legal 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870