Yousuf Saljooki

Date:

November 19, 2020

Type of alert:

FINRA AWC  

On October 15, 2020, the Financial Industry Regulatory Authority (FINRA) Office of Hearing Officers released a Default Decision that barred registered representative Yousuf Saljooki from associating with any FINRA member firm in any capacity for failing to cooperate with a FINRA investigation.

Saljooki was associated with Worden Capital Management LLC in Melville, New York from December 2017 to April 2018. He was discharged after allegedly failing to disclose a federal tax lien to the State of Arkansas while his state registration application was up for consideration. On April 5, 2018, Saljooki entered into a consent order with the State Securities Department in which he was barred from applying for registration in Arkansas for five years.

Saljooki was also discharged from SW Financial where he worked from August 2015 to December 2017. His FINRA BrokerCheck report states that he was discharged for allegedly hiring a sales assistant and opening a branch office under another name without prior permission from the firm.

Concerning this Default Decision, FINRA Department of Enforcement began investigating Saljooki in 2019 for the possible participation by one of his relatives in undisclosed outside business activities (OBAs). This relative provided information to FINRA staff that Saljooki may have also participated in undisclosed OBAs.

FINRA staff subsequently requested information and documents and that he attend a pre-hearing conference on July 23, 2020. Saljooki stated that he would not travel to New York City for on-the-record testimony because of the coronavirus and his wife recently had a difficult birth of their first born son. Saljooki responded via email, “I have read all allegations against me and I deny all these allegations. These allegations against me seem false and they are misleading to my character.” After failing to appear for two additional hearings, FINRA Office of Hearing Officers approved the Default Decision to bar Saljooki from associating with any FINRA member firms in any and all capacities.

Saljooki has an extensive list of disclosures on his FINRA BrokerCheck report. Customer disputes alleged churning, unsuitability, fraud, unauthorized trading, and breach of fiduciary duty and contract, among other things.

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