Yousuf Saljooki (also known as Joe Saljooki) of Melville New York a stockbroker formerly registered with Worden Capital Management has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon an Office of Hearing Officers’ Default Decision containing findings that Saljooki failed to cooperate with FINRA Department of Enforcement while he was investigated for outside business activities. Department of Enforcement v. Yousuf Saljooki Disciplinary Proceeding No. 2019063626702 (Oct. 15, 2020).
According to the Decision, Saljooki became the subject of a FINRA investigation in 2020 as it pertained to his participation in outside business activities while registered with Worden Capital Management. The regulator discovered these allegations by speaking with Saljooki’s relative who was also under investigation for engaging in an outside business activity.
Saljooki was instructed by FINRA to hand over documents and information and to make an appearance before investigators to answer questions relating to his activities. Saljooki failed to oblige as he did not provide the information and documents and he never testified. Saljooki then failed to respond to FINRA Department of Enforcement’s Complaint. The Hearing Officer found that Saljooki violated FINRA Rules 2010 and 8210.
Saljooki has also been fined $20,000.00 and suspended for nine months by FINRA supported by findings of his falsification of Worden Capital Management’s books and records in violation of FINRA Rules 2010 and 4511 and his failure to timely cooperate with FINRA’s requests in violation of FINRA Rule 2010 and 8210. Letter of Acceptance Waiver and Consent No. 2018057626102 (July 29, 2019).
FINRA Public Disclosure confirms that Saljooki has been referenced in nine customer initiated investment related disputes regarding accusations of his bad sales practices while employed by securities broker dealers including SW Financial. Saljooki has been referenced in a customer initiated investment related arbitration claim in which the customer was awarded $150,000.00 in compensatory damages based on findings of misrepresentation and fraud as it pertained to 300 purchases and sales of OKPO Health Inc., Entertainment Limited, Melco Resorts and SolarCity investments. FINRA Arbitration No. 19-00641. The claim also references that transactions were unsuitable and that a fiduciary duty had been violated by the stockbroker.
Saljooki is the subject of another customer initiated investment related arbitration claim where the customer was awarded $97,292.27 in compensatory damages and $12,500.00 in punitive damages based upon Saljooki being found liable on the customer’s claims of fraud and churning of the customer’s account. FINRA Arbitration No. 20-00470. The customer had been placed into unsuitable and misrepresented investments including VIX. Saljooki was ordered to pay punitive damages for violating California Elder Abuse and Dependent Adult Civil Protection Act.
Saljooki was discharged by Worden Capital Management on April 20, 2018.
