Category Archives: Salomon Whitney (SW Financial)

Dennis Hayes-Former Newbridge Securities Broker-Discloses Numerous Customer Suits-Charlotte, N. Carolina

May 2018- Charlotte, N. Carolina

According to FINRA records,  Dennis Allen Hayes  a stock broker who  is not currently registered and who formerly worked for Newbridge Securities Corp. , discloses 3 pending and 2 prior final customer disputes and a termination from employment.

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 FINRA Case 16-02002, a customer of Newbridge Securities alleged that they were sold unregistered securities. That case was settled in 8/2017 for $120,000.

In FINRA Case 16-0899 a customer of Newbridge Securities alleged fraud, misrepresentation and violations of the N. Carolina Securities Act. The case was settled in 7/2016 for $12,500.

The pending cases include:

  • FINRA Case 17-03125. A Newbridge Securities customer alleges negligence, concentration and unsuitable investments in non-traded REITs. Damages are unspecified.
  • FINRA Case 17-2853. A Newbridge Securities customer seeks damages of $650,000 and alleges that Hayes recommended unsuitable investments in promissory notes and private placements. The customer also alleges that Hayes engaged in unauthorized transactions.

Hayes was employed by Newbridge Securities from 2/2010-9/2016. In 9/2016  he was “permitted to resign” from Newbridge who made the following allegation on Hayes’ FINRA record: “He was permitted to resign based on two issues, first the firm has an open internal review regarding a customer complaint that evolved into an arbitration for possible selling away and private securities transactions. Second, had little or no production in the last 12 months.”

Hayes discloses business affiliations with Dennis A Hayes, CPA, and Dennis A. Hayes Finanical Services in Charlotte. He was employed briefly by Salomon Whitney Financial during 4/2017.

If you have questions about losses  an account handled  by Dennis A. Hayes , call for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.

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

Thomas J. Tedeschi-Former Joseph Stone Capital Broker-Discloses Regulatory Suspension

October 2016-Farmingdale, NY

The FINRA records of  Thomas J. Tedeschi,  a  stockbroker who is currently employed by  Salomon Whitney Financial  disclose 5 prior customer disputes that are final and one recently resolved regulatory matter.

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.

The prior customer disputes include a complaint filed in 2015 by a customer of Tedeschi’s prior employer Aegis Capital Corp. who alleged damages of $117,102 for unauthorized purchases between 10/2013-12/2013. That case was settled for $60,000.

In September 2016, FINRA suspended Tedeschi for six days to resolve allegations that Tedeschi failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to FINRA request to provide information concerning the status of compliance. FINRA Case# 15-0563. 

Tedeschi has been registered with Salomon Whitney Financial since 8/2016. Prior to that he was registered with Joseph Stone Capital from 8/2014-8/2016.

If you have losses in an account in an account handled by Thomas J. Tedeschi , contact us to discuss how you may be able to recover damages for those losses.

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

Emil Botvinnik-Salomon Whitney Broker-Discloses Customer Disputes

UPDATED APRIL 2017Botvinnik discloses the settlement FINRA Case 16-3284 filed by a customer of Salomon Whitney Financial (SW Financial ) alleging damages of$50,000 for unsuitable and high frequency trades, highly leveraged account and not minimizing risk. In February 2017 the case was settled for $30,000.

Original Post—July 2016

The FINRA records of Emil Botvinnik  , a stockbroker who is currently employed by  Salomon Whitney Financial  disclose 4 prior customer disputes , a pending customer dispute and a termination from employment.

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 July 2014 a customer of Meyer Associates alleged damages of $385,000 for excessive commissions. That matter was settled for $385,000 with Botvinnik contributing $192,500 toward the settlement.

In currently pending FINRA Case#16-01051 a customer of Meyers Associates alleges damages of $99,000 for suitability and churning.

Botvinnik has been  employed by   Salomon Whitney Financial since 11/2015.  Prior to that he was with Newport Coast Securities from 11/2014-11/2015 and before that with Meyers Associates 6/2012-11/2014.

In 9/2009 Botvinnik was permitted to resign from Liberty Partners Financial Services who alleged unauthorized trades and use of discretion over a client.

Investors who suffered losses in an account handled by Emil Botvinnik may be entitled to recover damages through FINRA arbitration.

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

Douglas A. Leone-Former Newport Coast Securities Broker-Discloses Regulatory Investigation for Churning

July 2016-Farmingdale, NY

The FINRA records of Douglas A. Leone  , a stock broker currently employed by  Salomon Whitney Financial  disclose a pending regulatory event and 7 prior customer disputes,

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.

Leone’s FINRA disclosure reports that he is named in a FINRA complaint alleging that he, with his then member firm Newport Coast Securities and other firm representatives excessively traded and churned customer accounts. FINRA alleges that Leone engaged in a deceptive and manipulative scheme by churning the accounts of customers and acted with the intent to defraud customer’s interests by seeking to maximize his own remuneration. FINRA Case# 2012030564701.

Five of the prior customer disputes were settled with payments of monetary compensation, including FINRA Case 12-0995 in which a Newport Coast Securities customer alleged damages of $145,000 for breach of fiduciary duty, negligence and breach of contract. The case was settled for $70,000.

Leone has been employed by Salomon Whitney Financial since 3/2013. He was employed by Newport Coast Securities  from 10/2008-3/2013.

Investors who suffered losses in an account handled by Douglas A. Leonemay be entitled to recover damages through FINRA arbitration.

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

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