Articles Tagged with SW Financial

shutterstock_139932985-300x200The law offices of Gana Weinstein LLP are currently investigating claims that advisor Pratul Victor Agnihotri (Agnihotri) is under investigation for conversion of customer funds among other allegations.  According to BrokerCheck records, Agnihotri is currently registered with The Financial Industry Regulatory Authority (FINRA) member firm SW Financial.  In addition, Agnihotri disclosed three customer complaints and one civil judgment.  If you have been a victim of Agnihotri’s alleged misconduct our firm may be able to assist you in recovering funds.

In October 2019 FINRA initiated an investigation concerning Agnihotri conduct related to FINRA’s preliminary determination to recommend that disciplinary action be brought against Agnihotri for potential violations including conversion of investor funds, engaging in an outside business activity without providing prior written notice to his FINRA member employer firms.

In October 2019 a customer complained that Agnihotri violated the securities laws by alleging that Agnihotri engaged in sales practice violations related to unauthorized trading, selling away, breach of fiduciary duty, and negligence. The claim alleges $650,000 in damages and is currently pending.

Our law firm has significant experience bringing cases on behalf of defrauded victims when their advisors engage in receiving loans from clients or selling securities sales through OBAs.  The sale of unapproved investment products – is a practice known in the industry as “selling away” – a serious violation of the securities laws.  In the industry the term selling away refers to when a financial advisor solicits investments in companies, promissory notes, or other securities that are not pre-approved by the broker’s affiliated firm.  Sometimes those investments have some legitimacy but often times these types of investments can end up being Ponzi schemes or the advisor can be engaging in the conversion of funds.

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shutterstock_177792281-300x198The securities lawyers of Gana Weinstein LLP are investigating broker Stephen Sullivan (Sullivan), currently associated with SW Financial out of Melville, New York.  According to a BrokerCheck report, Sullivan has been subject to at least two customer disputes, one regulatory action, one financial disclosure, and three civil judgements during his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), the customer complaints against Sullivan concern allegations of excessive trading also referred to as churning.

In May 2018 a customer filed a complaint against Sullivan alleging unsuitable transactions, excessive trading, and failure to supervise.  The customer requested $540,618 in damages.  This dispute is still pending.

In February 2016 FINRA found that Sullivan violated NASD Rules 2510(b) and 2010 by exercising discretion in customers’ accounts without obtaining authorization from the customers or approval by his member firm.  Without admitting or denying the allegations, Sullivan consented to the described sanctions and to the entry of the findings.  Sullivan was fined $5,000 and suspended for 10 business days.

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shutterstock_180412949-300x200According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Yousuf (Joe) Saljooki (Saljooki) has been subject to at least seven customer complaints, two regulatory actions, two employment terminations for cause, and one debt lien or judgement during his career.  Saljooki is formerly employed by Worden Capital Management LLC (Worden Capital) but has worked for a total of nine firms during his 12 year career.  The customer complaints against Saljooki concern allegations of high frequency trading activity also referred to as churning and unsuitable investments.

In July 2018 FINRA suspended Saljooki after he failed to respond to the regulator’s requests for information.

In April 2018 Saljooki was discharged from Worden Capital for failing to disclose and outstanding tax lien to the State of Arkansas during the application process for registration with the state.

In February 2018 a customer filed a complaint alleging that Saljooki violated the securities laws by engaging in churning, unsuitable investments, and fraud.  The claim alleged $523,930 in damages.  The claim settled for $50,000.

In December 2017 SW Financial discharged Saljooki after the firm alleged that Saljooki opened a branch office under another name without the permission of the firm in violation of FINRA Rule 3270.  The firm also accused him of violating Reg S-P by obtaining client information.

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