SW Financial Fires Broker For Unauthorized Trading

Yousuf Saljooki of Melville New York a stockbroker formerly registered with SW Financial has been terminated on December 15, 2017 based upon accusations that he (1) established a branch office without the firm’s permission (2) utilized unauthorized communication channels to communicate with customers and (3) utilized social security and other financial information of customers in violation of the firm’s privacy policy.

FINRA Public Disclosure further reveals that Saljooki has been referenced in seven customer initiated investment related disputes containing accusations of Saljooki’s wrongful conduct while employed with Salomon Whitney LLC, Whitaker Securities LLC, Legend Securities, Inc., Brookville Capital Partners, LLC, and New Castle Financial Services, LLC. Particularly, on October 1, 2008, a customer filed an investment related complaint concerning Saljooki’s conduct alleging that Saljooki effected faulty equity transactions in the customer’s account.

Thereafter, a customer initiated investment related arbitration claim that pertained to Saljooki’s conduct was settled for $95,000.00 in damages supported by allegations of misconduct with regard to the customer’s stock portfolio. Financial Industry Regulatory Authority (FINRA) Arbitration No. 08-03702 (Dec. 18, 2009). Thereafter, a customer filed an investment related arbitration claim concerning Saljooki’s actions where the customer requested $300,000.00 in damages based upon accusations of hidden and excessive commissions; churning; suitability; and use of high-pressure sales tactics concerning stock and over-the-counter equity transactions placed in the customer’s account. FINRA Arbitration No. 16-00405 (Mar. 23, 2016).

Subsequently, a customer initiated investment related arbitration claim regarding Saljooki’s conduct was settled for $30,000.00 in damages founded on allegations that the customer was inappropriately advised to invest in over-the-counter equities, and the customer’s accounts was significantly leveraged when the customer’s expressed intentions to invest with a low level of risk. FINRA Arbitration No. 16-03284 (Feb. 15, 2017). On December 1, 2017, another customer filed an investment related complaint regarding Saljooki’s conduct in which the customer sought $20,952.00 in damages supported by accusations that margin was utilized to effect exchange traded notes transactions without the customer’s authorization.

Thereafter, a customer filed an investment related arbitration claim that pertained to Saljooki’s activities where the customer requested $523,930.00 in damages based upon allegations including unsuitability, churning, breach of fiduciary duty and fraud concerning stock transactions placed in the customer’s account. FINRA Arbitration No. 18-00628 (Feb. 6, 2018).

Saljooki is also the subject of a customer initiated investment related arbitration claim in which the customer sought $1,055,660.00 in damages founded on accusations that contractual obligations to the customer had been breached; unauthorized trades were placed in the customer’s account; transactions were not suitable for the customer; the customer’s account was handled in a negligent manner; and the customer’s equity portfolio was churned. FINRA Arbitration No. 18-01055 (Apr. 3, 2018).

Following Saljooki’s termination from SW Financial, he was registered with Worden Capital Management LLC between December 22, 2017 and April 20, 2018. Since January 5, 2006, Saljooki has been associated with nine different broker dealers, five of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach

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