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Investigation of Former SW Financial Financial Advisor Yousuf Saljooki

Posted on Saturday, June 2nd, 2018 at 12:28 pm    

Yousuf Saljooki CRD

Did you lose money investing with former SW Financial financial advisor Yousuf Saljooki (CRD# 5045123)? Saljooki was registered with Worden Capital Management LLC in Melville, New York from December 2017 until April 2018, when he was terminated regarding, “RR failed to disclose an outstanding Federal tax lien to the State of Arkansas while the state was considering his application for registration.”

Previously, Saljooki was registered with SW Financial in Melville, New York from 2015 to December 2017, when he was terminated regarding, “Mr. Saljooki hired a sales assistant and opened a branch office under another name without the permission of the firm in violation of FINRA Rule 3270. Prior to him leaving the firm, Mr. Saljooki had the sales assistant send pre-filled new account and account transfer forms to the clients he serviced. In an attempt to have the accounts follow him to a new broker dealer, the forms were sent from an un-authorized email address. These forms contained client names addresses, social security numbers and investment financial information in violation of the firm’s customer privacy policy and Reg. S-P.”

In April 2018, the state of Arkansas barred Saljooki for five years regarding, “The application for registration did not disclose an outstanding Federal tax lien.” Saljooki has a federal tax lean listed on his CRD report in the amount of $227,859.

Saljooki has been the subject of seven customer complaints between 2008 and 2018, one of which was withdrawn, according to his CRD report:

April 2018. “Churning, negligence, unsuitability, unauthorized trading, breach of contract.” The customer is seeking $1,055,660 in damages and the case is currently pending.

February 2018. “Churning, unsuitability, breach of fiduciary duty, fraud.” The customer is seeking $523,930 in damages and the case is currently pending.

December 2017. “Unauthorized use of margin.” The customer is seeking $20,952 in damages and the case is currently pending.

November 2016. “[customer] claims that he wanted to minimize risk in his account and that his account was highly leveraged and there was high frequency and inappropriate recommendations.” The customer sought $50,000 in damages and the case was settled for $30,000.

March 2016. “Second Claim by [Customer Name]: Use of high pressure sales techniques, unsuitable investments, churning, excessive and hidden commissions. Fifth Claim by [Customer Name]: Use of high pressure sales techniques, unsuitable investments, churning, excessive and hidden commissions. Eighth Claim by [Customer Name]: Use of high pressure sales techniques, unsuitable investments, churning, excessive and hidden commissions.” The customer is seeking $300,000 in damages and the case is currently pending.

October 2008. “Unsuitability; excessive commission; breach of fiduciary relationship.” The customer sought $300,000 in damages and the case was settled for $95,000.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, SW Financial may be liable for investment or other losses suffered by Saljooki’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.