Yousuf Saljooki (also known as Joe Saljooki) of Melville New York a stockbroker employed by Worden Capital Management LLC has been fined $20,000.00 and suspended for nine months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based in part on findings that (1) Saljooki gave customers investment advice and sold securities when he was not licensed and (2) Saljooki failed to cooperate with FINRA personnel during an investigation into his use of another Worden Capital Management stockbroker’s credentials for purposes of placing transactions in customer accounts. Letter of Acceptance Waiver and Consent No. 2018057626102 (July 29, 2019).

According to the AWC, from December of 2017 to April of 2018, securities transactions had been recommended and ultimately executed by Saljooki in nine Worden Capital Management customers’ investment accounts. Those customers lived in states where Saljooki lacked any securities broker registration. The AWC stated that Saljooki utilized the credentials of another Worden Capital Management LLC stockbroker to effect those trades since that stockbroker was registered in the states where customers resided. Worden Capital Management’s books and records contained inaccuracies in reference to the stockbroker who solicited and sold the securities to its customers. FINRA found Saljooki’s conduct violative of FINRA Rules 2010 and 4511.

The AWC referenced that Saljooki did not cooperate with FINRA personnel during the period in which his solicitation of those customers’ trades had been examined. Saljooki was instructed by FINRA four times between October of 2018 and January of 2019 to hand over information and documentation to the regulator concerning his use of the other stockbroker’s credentials to place trades in customers’ accounts. Saljooki neglected to communicate with FINRA until June 24, 2019 – months after the deadlines FINRA imposed. FINRA found Saljooki’s conduct violative of FINRA Rules 2010 and 8210.

This is not the first time that Saljooki has been sanctioned by a securities regulator. Saljooki was suspended in all capacities by FINRA supported by accusations that he failed to provide a response to FINRA’s request for information about his activities. Case No. 2018057626101 (Aug. 6, 2018). Saljooki’s suspension remained in effect until May 13, 2019. Saljooki has also been barred for five years by Arkansas Securities Department based upon allegations of his failure to disclose outstanding liens against him. Case No. S-18-0031-18-OR01 (Apr. 6, 2018).

FINRA Public Disclosure confirms that Saljooki is referenced in seven customer initiated investment related disputes that concern allegations of Saljooki’s violative conduct while employed with securities broker dealers including Whitaker Securities LLC, SW Financial, Legend Securities Inc., Brookville Capital Partners and New Castle Financial Services LLC. On December 1, 2017, a customer filed an investment related complaint concerning Saljooki’s activities where the customer sought $20,952.00 in damages founded on accusations that margin had been utilized without the customer’s permission to effect exchange traded notes transactions in the customer’s account.

Subsequently, customers filed an investment related arbitration claim concerning Saljooki’s conduct in which they collectively requested $1,055,660.00 in damages based upon allegations that contractual obligations had been violated; unauthorized trades were executed in their accounts; trades failed to be suitable for them; their accounts had been administered negligently; and the customers’ investment portfolios were churned. FINRA Arbitration No. 18-01055 (Apr. 3, 2018). Another customer initiated investment related arbitration claim in regard to Saljooki’s activities was resolved for $50,000.00 in damages supported by accusations that when Saljooki had been employed by SW Financial, fiduciary obligations to the customer were breached; the customer’s account had been churned; unsuitable stock transactions had been effected; and the customer was defrauded. FINRA Arbitration No. 18-00628 (Mar. 7, 2019).

Saljooki was discharged by Worden Capital Management LLC founded on allegations of him failing to make required regulatory disclosures while he was associated with the firm.

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