The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Yousuf Saljooki. According to his publicly available FINRA BrokerCheck report, Yousuf Saljooki has been the subject of numerous customer disputes.
Yousuf Saljooki was a New York based securities broker. He worked in the securities industry for twelve years. During his career, he was registered with nine different securities firms. He is not currently working as a registered securities broker in any fashion.
His Registrations
- Benson York Group (2006)
- Newbridge Securities Corporation (2006-2007)
- VFinance Investments (2007-2008)
- Whitaker Securities (2008-2009)
- Brockville Capital Partners (2009-2015)
- Tryco Securities (2015)
- Legend Securities (2015)
- SW Financial (2015-2017)
- Worden Capital Management (2017-2018)
The Allegations
- In October 2008, a customer alleged that Yousuf Saljooki recommended unsuitable securities, charged them excessive commissions, and breached his fiduciary duty. This case went to arbitration where the customer was awarded $300,000 in damages.
- In March 2016, a customer alleged that Yousuf Saljooki used high pressure sales techniques, recommended unsuitable investments, churned their account, and charged them excessive and hidden commissions. This case is currently pending. The customer is seeking $300,000 in damages.
- In November 2016, a customer alleged that Yousuf Saljooki made inappropriate recommendations. These alleged recommendations were inappropriate because the customer wanted to minimize risk in his account. This case was settled for $30,000 in damages.
- In December 2017, a customer alleged that Yousuf Saljooki engaged in an unauthorized use of margin. This case is currently pending. The customer is seeking $20,952 in damages.
- In December 2017, Yousuf Saljooki was terminated from his position at SW Financial. This termination followed allegations that he opened a branch office under another name without permission from his member firm. This alleged act was a violation of FINRA Rule 3270.
- In February 2018, a customer alleged that Yousuf Saljooki churned their account, recommended unsuitable securities, breached his fiduciary duty, and engaged in fraud. This case was settled for $50,000 in damages.
- In April 2018, a customer alleged that Yousuf Saljooki churned their account, handled their account negligently, recommended unsuitable investments, engaged in unauthorized trading, and breached contract. This case is currently pending. The customer is seeking $1,055,660 in damages.
- Also in April 2018, Yousuf Saljooki was discharged from his position at Worden Capital Management. This termination followed allegations that he failed to disclose an outstanding Federal tax lien.
- In July 2019, Yousuf Saljooki was officially sanctioned by FINRA. The findings in this matter state that he used another representative’s code to execute investor transactions in states where he was not licensed. Due to these alleged actions, Yousuf Saljooki was fined $20,000 and suspended from acting as a securities broker in any fashion for a period of nine months.
What Does This Mean?
Most investors lack the investment experience and knowledge that is necessary to choose suitable securities. Because of this, most investors hire securities brokers like Yousuf Saljooki to make recommendations about what investments might be suitable for them. One of the most important aspects of a securities broker’s job is being able to make suitable recommendations to their customers. Brokers can determine suitability by looking at factors like investment objectives, risk tolerance, liquidity needs, age, annual income, financial situation, and more. Brokers are not allowed to excuse their behavior when things go awry by claiming they were unaware of an investment’s unsuitability.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Yousuf Salijooki, please contact Oakes & Fosher for a free and private consultation.
