FINRA Sanctions Worden Capital Management Stockbroker
Bruno Henrique Silva (also known as Harvey Silva) of Melville New York a stockbroker formerly registered with Worden Capital Management LLC has been fined $15,000.00 and suspended for sixteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based in part on findings that Silva falsified the securities broker dealer’s records through allowing an unauthorized stockbroker to effect unlicensed securities transactions. Letter of Acceptance Waiver and Consent No. 2018058481501 (Dec. 30, 2019).
According to the AWC, between December of 2017 and April of 2018, a Worden Capital Management LLC stockbroker, Yousuf Saljooki, was permitted by Silva to use Silva’s credentials to establish investment accounts and execute nine customers’ securities transactions. The AWC stated that Saljooki failed to be registered in the states in which the transactions were executed. FINRA found that Silva’s conduct was violative of FINRA Rules 2010 and 4511.
Saljooki, who has also been suspended by FINRA in all capacities, is referenced in a customer initiated investment related arbitration claim which was resolved for $50,000.00 in damages based upon accusations including fraud, breach of fiduciary duty, unsuitability and churning of the customer’s stock portfolio. FINRA Arbitration No. 18-00628 (Mar. 7, 2019). In addition, Saljooki is the subject of a customer initiated investment related arbitration claim where the customer requested $1,055,660.00 in damages supported by allegations that contractual obligations were not complied with; unauthorized trades were effected by the stockbroker; transactions failed to be suitable given the customer’s risk tolerance or other circumstances; the stockbroker’s administration or recommendations of transactions was negligent; and the customer’s account was churned. FINRA Arbitration No. 18-01055 (Oct. 1, 2019).
Silva’s registration with Worden Capital Management has been terminated as of May 7, 2018.