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Joe Saljooki Allegedly Failed to Comply with An Arbitration Award

Feb 15, 2022 FINRA Suspension

Joe Saljooki (CRD #:5045123), a broker formerly registered with Worden Capital Management, has been suspended by FINRA for allegedly failing to comply with an arbitration award or settlement agreement, according to his BrokerCheck Record accessed on January 14, 2022.

FINRA Suspension

Joe Saljooki was suspended indefinitely on November 29, 2021. The suspension will continue until he fully pays the arbitration award.

You can access the full arbitration award here.

This is his third time to be suspended by FINRA for allegedly failing to comply with an arbitration award. 

  1. Read here for full arbitration award details regarding his November 11, 2020 suspension.
  2. Read here for full arbitration award details regarding his March 31, 2020 suspension.

FINRA Bar

On April 7, 2020, Joe Saljooki was barred by FINRA after being named as a respondent in a FINRA complaint after allegedly refusing to provide on-the-record testimony requested by FINRA in connection with an investigation into his alleged participation in undisclosed outside business activities.

By refusing to produce all the information and documents requested in accordance with FINRA Rule 8210, Joe Saljooki also violated FINRA Rule 2010.

FINRA also alleged outside business activities. According to FINRA Rule 3270, FINRA requires that brokers provide written notice to their firms regarding their outside business activities. By engaging in outside business activities without providing prior written notice to his registered firms, Joe Saljooki allegedly violated FINRA Rules 3270 and 2010.

A violation of FINRA Rule 3270 also constitutes a violation of FINRA Rule 2010, which requires registered representatives to observe high standards of commercial honor and just and equitable principles of trade. 

Joe Saljooki has two businesses listed in the Outside Business Activity of his detailed BrokerCheck report. These include:

  1. Owner of Saljooki Enterprises一A Real Estate company
  2. Owner of Joe & E Group一A Real Estate Speculation Business

You can read a copy of the bar here.

FINRA Suspension and Fine

According to an Acceptance, Waiver, and Consent agreement dated July 29, 2019, Joe Saljooki consented to the findings that between December 17, 2017, and January 16, 2018, he allegedly failed to timely disclose an unsatisfied federal tax lien. 

Joe Saljooki also consented to the allegations that he recommended and effected securities transactions for nine customers in states where he was not licensed to sell securities using the registered representative code of another registered representative who was licensed in those states. By virtue of his actions, Joe Saljooki caused his member firm Worden Capital Management to maintain inaccurate books and records, thus violating FINRA Rules 4511 and 2010

As part of the terms of the AWC, Joe Saljooki consented to a nine-month suspension and a $20,000 fine.

You can read a copy of the AWC here.

State of Arkansas Ban

On April 5, 2018, Joe Saljooki received a five-year ban from the State of Arkansas after failing to disclose an outstanding Federal tax lien while the state was considering his application for registration.

Prior Investor Disputes

Pending Disputes

  • On November 19, 2020, Joe Saljooki was involved in an investor dispute alleging churning. The damage amount requested is $130,165.
  • On March 23, 2016, Joe Saljooki was involved in an investor dispute alleging the use of high-pressure sales techniques, unsuitable investments, churning, excessive and hidden commissions. The damage amount requested is $300,000.

Settled Disputes

  • On April 2, 2020, Joe Saljooki was involved in an investor dispute alleging: churning, excessive commissions, unsuitable trading, over-concentration, fraud, and negligence. The case was settled for $121,292.27
  • On March 4, 2019, he was named in a customer complaint alleging: fraud, negligent misrepresentation, and elder abuse. A FINRA arbitration panel ordered Joe Saljooki and Brookville Capital to pay $150,000 in damages. You can read the award here
  • On April 9, 2018, he was named in a customer complaint alleging churning, negligence, unsuitability, unauthorized trading, breach of contract. The case was settled for $717,528.00.

Employment Termination Details

Worden Capital Management Termination

On April 20, 2018, Joe Saljooki was fired from his position at Worden Capital Management following allegations that he failed to disclose an outstanding Federal tax lien to the State of Arkansas while the state was considering his application for registration.

SW Financial Termination

On December 15, 2017, Joe Saljooki was fired from his position at SW Financial following allegations that he violated customer privacy policies in an effort to have his clients follow him to a new broker-dealer.

Background Information

Joe Saljooki has passed the following exams:

  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination

He has also worked with the following firms:

  • Legend Securities (CRD#:44952)
  • Fintryco Securities (CRD#:104025)
  • Brookville Capital Partners (CRD#:102380)
  • Whitaker Securities (CRD#:121465)      
  • VFinance Investments (CRD#:44962)
  • Newbridge Securities Corporation (CRD#:104065)
  • Benson York Group (CRD#:40231)

Kurta Law Can Help 

If you have been victimized by Joe Saljooki, don't hesitate to get in touch with us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.