According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Yousuf Saljooki (Saljooki), previously associated with Worden Capital Management LLC, has at least 8 disclosable events. These events include 3 customer complaints, 5 regulatory events, alleging that Saljooki recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on March 11, 2022.
Respondent Saljooki failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
FINRA BrokerCheck shows a final customer complaint on November 29, 2021.
Respondent Saljooki failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $130,165.00 on November 19, 2020.
Churning and Qualitative and Quantitative Unsuitability; Breach of Fiduciary Duty; Breach of Contract; Negligent Misrepresentation and Omissions. Activity was between December 2017 through May 2018.
FINRA BrokerCheck shows a award / judgment customer complaint with a damage request of $49,184.62 on November 15, 2020.
Claimant alleged Churning, Unsuitability, Unauthorized trading, Misrepresentation, Breach of fiduciary duty.
FINRA BrokerCheck shows a final customer complaint on November 11, 2020.
Respondent Saljooki failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
FINRA BrokerCheck shows a final customer complaint on April 07, 2020.
Saljooki was named a respondent in a FINRA complaint alleging that he failed to provide information and documents or appear for and provide on-the-record testimony requested by FINRA during the course of an investigation. The complaint alleges that FINRA initially began an investigation into the possible participation by a relative of Saljooki in undisclosed outside business activities. During the investigation, the relative provided information to FINRA suggesting that Saljooki May also have participated in undisclosed outside business activities while associated with his member firm. FINRA then began investigating Saljooki’s possible involvement in undisclosed outside business activities.
FINRA BrokerCheck shows a award / judgment customer complaint with a damage request of $97,292.27 on April 02, 2020.
Churning,Excessive Commissions, Unsuitable Trading, Over-concentration, Fraud, Negligence
FINRA BrokerCheck shows a final customer complaint on March 31, 2020.
Respondent Saljooki failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
Financial Advisors providing advice to retail investors are required to adhere to the SEC’s Regulation Best Interest (Reg BI). Reg BI applies a ‘best interest’ standard for broker-dealers and their associated people. This Reg BI standard of care applies to registered representatives making recommendations to customers in the purchase, sale, or exchange of securities or the implementation of investment strategies involving securities and non-securities. The rule also applies to the handling of opening accounts such as account transfers and types of accounts being recommended to be opened. This standard applies when brokers make recommendations to retail customer for any securities transaction or investment strategy involving securities, including recommendations of types of accounts.
Next, the broker must understand the investor’s investment background and profile. A customer’s profile includes information that describes the investor’s financial situation and needs. Information here will include their outside securities accounts and investments; relevant assets and debts; tax bracket; age; liquidity needs; risk tolerance; investment time horizon; experience with investing; investment objectives; and any other relevant information that the investor may choose to disclose pertinent to their situation. Reg BI was meant to enhance the duties that registered representatives have to their clients by applying fiduciary principles to transactions and investment strategies by prohibiting brokers from placing their own financial interests ahead of the best interests of their client – the investor. Reg BI comes with different key obligations that associated persons must meet in dispensing advice. The care obligation requires registered representatives to carefully evaluate investment options, review the risks and rewards of the investment or service, compare similar products, and ensure that the recommended investment is appropriate for the customer and in the retail investor’s best interest.
The care obligation also requires the broker to address the client’s specific needs through obtaining specific investment profile information on the client. The associated person typically will ask the customer for information such as the investor’s risk tolerance or ability to withstand account value declines or increases; experience with investments available; investment objectives and goals; investment time horizon; liquidity needs; assets such as investment accounts held at other financial institutions; tax information; their age and retirement plans; and other information that a customer may want to provide to the advisor to help them to properly address the services needed. Using the foregoing information, the associated person then must consider reasonably available investment option to accomplish the investor’s goals as well as alternative investment options that may be cheaper or other important qualities. Finally, the advisor must conclude that there is a reasonable basis to believe that the recommendation being provided is in the investor’s best interest. Finally, an advisor must also analyze the specific account features offered and determine whether their client can benefit from them in order to meet their care obligations. While securities and investments come with costs that must be considered, the type of securities account also has changes the cost equation for the investor and can change the retail customers’ future investment returns. The associated person must consider the different types of securities accounts for their client and determine whether or not the cost or features are reasonably needed for the client or if the customer’s current account costs and features are superior to solutions available to the advisor. In any event, the type of account and services recommended must be in the investor’s best interest.
Saljooki has been in the securities industry for more than 12 years. Saljooki has been registered as a Broker with Worden Capital Management LLC since 2017.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.