Trust Names Monem Salam in Dispute Alleging Failure to Follow Instructions

Monem Salam (CRD #: 2377703), a broker registered with Saturna Brokerage Services, allegedly failed to follow a trust’s liquidation instructions, according to his BrokerCheck record, accessed on July 14, 2023. Investors may have also engaged his services through Saturna Capital Corporation. Read on to learn more about his alleged conduct as a broker.

Pending Dispute

On June 14, 2023, a trust filed a dispute alleging that Monem Salam served as its portfolio manager with discretionary investment authority and that the trust instructed him in October 2022 to liquidate its portfolio if the portfolio’s value dropped to $1.8 million.

Instead, he allegedly liquidated the portfolio when its aggregate market value stood at $1.823 million. 

Further, the trust alleges that Monem Salam failed to respond to its request for a discussion with Saturna Brokerage Services for three weeks. The trust alleges that Saturna Brokerage Services’ actions resulted in the trust losing out on market appreciation.

The trust seeks $317,000 in damages in this pending dispute.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Background Information

Monem Salam has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• Series 65 – Uniform Investment Adviser Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 24 – General Securities Principal Examination

Monem Salam is a registered broker in Texas and Washington. He is also a registered investment adviser in California, Illinois, and Texas.

He has also worked for the following firms:

• Morgan Stanley (CRD#:7556)
• Morgan Stanley DW (CRD#:7556)
• First Montauk Securities Corporation (CRD#:13755)
• Dickinson & Company (CRD#:689)

Kurta Law Can Help

If you worked with Monem Salam and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want 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.