Investor Alert > Former Broker Yousuf Saljooki Sanctioned by FINRA in Connection to Alleged Participation in Undisclosed Business Activities
Posted Oct 16, 2020
by Alan Rosca

Former Broker Yousuf Saljooki Sanctioned by FINRA in Connection to Alleged Participation in Undisclosed Business Activities

Joe Saljooki broker investigationPreviously registered broker Yousuf Saljooki (also known as Joe Saljooki) who formerly associated with Worden Capital Management LLC and SW Financial as a general securities representative has been barred after he allegedly failed to provide information and documents requested and did not appear for testimony in relation to his participation in undisclosed business activities according to FINRA’s Default Decision under review by investors rights attorney Alan Rosca.

Investors rights attorney Alan Rosca, of the Rosca Scarlato LLC law firm, is investigating activity related to Yousuf Saljooki’s alleged undisclosed outside business activities and/or private securities transactions. Investors who believe they may have lost money in activity related to Yousuf Saljooki alleged undisclosed outside business activities and/or private securities transactions are encouraged to contact attorney Rosca at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this page.

Yousuf Saljooki Under FINRA’s Radar Since August 2019

In August 2019, FINRA opened an investigation on Yousuf Joe Saljooki when FINRA staff found evidence that Saljooki had failed to provide his firm with a prior written notice of multiple outside business activities, including activities involving two other companies according to publicly released documents by FINRA. On January 9, 2020, FINRA staff took an on-the-record testimony of another broker who operated out of the same office with the two companies in which Saljooki was involved.

Former broker Yousuf Saljooki was subsequently barred from associating with any FINRA member firm in any capacity for failing to provide information and documents, and failing to provide sworn testimony, in violation of FINRA Rules, as noted by AWC.

Multiple Customer Dispute Disclosed on Yousuf Saljooki’s FINRA Brokercheck Report

At least nine customers have filed disputes involving broker Yousuf Saljooki, according to the FINRA Brokercheck Report currently under review by investors rights attorney Alan Rosca. Saljooki’s customers allege, among others, breach of fiduciary duty, failure to conduct reasonable due diligence, and unsuitable recommendations in handling their investments.

In this year alone, two of his customers were granted damages in the amounts of $121,292.27 and $150,000 respectively.

In January 2020, one of Saljooki’s customers filed a FINRA arbitration on the allegation of unsuitability, churning, excessive trading, and breach of fiduciary duty. The client was seeking damages to the tune of $97,292.27 and on August 27, 2020 the client was awarded $121,292.27.

Investment losses with broker Yousuf Saljooki might be recoverableAnother customer who filed a claim in March of 2019 for similar allegations in a separate case, according to Saljooki’s brokercheck, seeking $706.793.84 in alleged damages were awarded $150,000 on February 3, 2020.

According to Saljooki’s brokercheck report, in October 2008 a customer alleging unsuitability, excessive commission, and breach of fiduciary duty seeking to recover $300,000 in damages settled  for $95,000 according to a stipulated award in May of 2010. According to his brokercheck disclosures, Salooki’s individual contribution in this settlement was $20,000.

In February 2018, there was a dispute involving broker Yousuf Saljooki, with the customer seeking $523,930 in damages for alleged churning, unsuitability, breach of fiduciary duty, and fraud, accepted a settlement for $50,000, according to Saljooki’s brokercheck report.

In November 2016, a customer filed a dispute for alleged inappropriate recommendations and seeking $50,000 in damages, accepted a settlement for $30,000, according to the brokercheck report.

Saljooki has three customer dispute disclosures alleging negligence, churning, unsuitability, unauthorized trading, breach of contract, and use of high pressure sales techniques according to his brokercheck report. A customer filed a dispute in April 2018 seeking $1,055,660 in alleged damages. Another customer filed a dispute in December of 2017 seeking $20,952 in alleged damages. In March of 2016, a customer filed a dispute seeking $300,000 in alleged damages.

Investors rights attorney Alan Rosca and his Rosca Scarlato LLC law firm colleagues often represent investors who have lost significant money due to brokers’ alleged fiduciary duty breaches. He and his colleagues are currently investigating customer dispute dsiclosures involving Yousuf Saljooki during the past few months. If you believe you suffered losses as a result of Saljooki’s recommendations, consult with Alan Rosca or one of his firm’s attorneys for a free case evaluation at 888-998-0530 or arosca@rscounsel.law.

Yousuf Saljooki Was Previously Sanctioned by FINRA

According to publicly released records by FINRA, Yousuf Saljooki (aka Joe Saljooki aka Joseph Saljooki) was sanctioned by FINRA on July 29, 2019 after he “willingly failed to timely disclose an unsatisfied federal tax lien.” In addition, between December 2017 and April 2018, Saljooki recommended and effected securities transactions in accounts for nine customers who resided in states where Saljooki was not licensed to sell securities.

Allegedly, Saljooki used the registered representative code of another registered representative who was licensed in those states. During Saljooki’s investigation, he failed to timely respond to requests for documents and information, and as a result was suspended for nine months and fined $20,000.

Investment Loss RecoveryYousuf Joe Saljooki Has Been A Broker For 12 Years And Switched Nine Employers

Saljooki became registered with FINRA in January 2006 according to his FINRA Brokercheck page, and since then he was associated with nine different FINRA member firms from January 2006 through December 2017. Three of these member firms are now expelled by FINRA (Benson York Group, INC, Brookville Capital Partners, and Legend Securities, INC.)

Allegedly, Worden Capital Management terminated Saljooki in April of 2018 when they filed a Form U5 for failure to provide his firm with prior written notice of multiple outside business activities.

SW Financial allegedly terminated Saljooki in December of 2017 for opening a branch office under another name without the permission of the firm and transferring customer’s financial information.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.

What You Can Do If You Invested with Yousuf Saljooki

Investor rights lawyers at Rosca Scarlato have decades of combined experience advocating on behalf of clients who have lost their savings after working with brokers who have engaged in alleged fiduciary duty breaches. Investor rights lawyer Alan Rosca is actively investigating customer dispute disclosures involving Yousuf Saljooki and is preparing to pursue all legal remedies to recover compensation for any investors who have suffered losses.

Investors of Yousuf Joe Saljooki who are concerned about their investments may contact Rosca Scarlato for a free evaluation of their case and learn about their rights.  All consultations are free.  The Rosca Scarlato attorneys typically take cases like this on a contingency fee basis, and only get paid for their fees and expenses if and when they recover money for their clients.

If there is no recovery, no fees or expenses are charged. Investors who are concerned they may have lost money as a result of misconduct by Yousuf Saljooki may contact attorney Alan Rosca or his colleagues at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.

Contact us. All evaluations are free

DISCLAIMER

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.

If you believe you lost money as a result of investment-related fraud or misconduct, please contact our law firm for a free, no-obligation evaluation of your recovery options.

Contact us at 888‑998‑0530 or through the contact form on this page.
No recovery, no fees.*

How to contact us?

We can also do a Zoom call to discuss your matter.