SW Financial

Broker Richard Reynolds in Sw Financial Firm Has Customer Complaint

April 4, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Richard Reynolds (Reynolds), previously associated with Sw Financial, has at least one disclosable event. These events include one regulatory event, alleging that Reynolds recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on August 22, 2024.

. Without admitting or denying the findings, Reynolds consented to the sanctions and to the entry of findings that he excessively and unsuitably traded the account of a senior customer with a medium risk tolerance. The findings stated that Reynolds recommended high frequency in-and-out trading to the customer, even when the price of his recommended securities did not materially change. The customer relied on Reynolds’ advice and routinely followed his recommendations. Reynolds recommended transactions in the customer’s account that generated total trading costs of $39,436, including $35,950 in commissions.

Advisor Richard Reynolds Has Numerous Trading Complaints

September 16, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that broker Richard Foerster Reynolds (Reynolds), currently employed by SW Financial has been subject to at least 13 customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Reynolds’ customer complaints alleges that Reynolds recommended unsuitable investments in various investments, among other allegations of misconduct relating to the handling of their accounts, including unauthorized trading.

In April 2019, a customer complained that Reynolds violated the securities laws by alleging that Reynolds charged unauthorized commissions. The damage amount requested was $8,000. The claim settled in the amount of $4,000.

In December 2018, a customer complained that Reynolds violated the securities laws by alleging that Reynolds engaged in negligence and negligent supervision. The damage amount requested was $65,000. The claim settled in the amount of $14,500.

In November 2018, a customer complained that Reynolds violated the securities laws by alleging that Reynolds engaged in statutory and common law fraud, misrepresentation, negligence, breach of contract, and breach of fiduciary duty. The damage amount requested was $56,000. The claim settled in the amount of $14,999.99.

In May 2018, a customer complained that Reynolds violated the securities laws by alleging that Reynolds engaged in churning, improper use of margin, unsuitability, and charged high commissions.. The damage amount requested was $503,828.39. The claim settled in the amount of $150,000.

William Athas of SW Financial Sanctioned By FINRA Over Churning

September 8, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that broker William Nicholas Athas (Athas), currently employed by SW Financial has been subject to at least nine customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Athas’s customer complaints alleges that Athas recommended unsuitable investments in various investments among other allegations of misconduct relating to the handling of their accounts.

In January 2022, FINRA barred Athas finding that Athas willfully violated Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder and violated FINRA Rule 2020 by churning customer accounts.

In May 2020, a customer complained that Athas violated the securities laws by alleging that Athas engaged in unsuitable trading, common law fraud, churning. The claim alleges $84,932.35 in damages and is currently pending.

In January 2017, a customer complained that Athas violated the securities laws by alleging that Athas engaged in misrepresentations, breach of fiduciary duty, breach of contract, negligence, unauthorized trading, and violations of Texas State Securities Act. The damage amount requested was $290,000. The claim settled in the amount of $95,000.

In July 2011, a customer complained that Athas violated the securities laws by alleging that Athas engaged in churning and excessive trading. The damage amount requested was $100,000. The claim settled in the amount of $10,000.

SW Financial’s Joseph Gebron Allegedly Violates Securities Laws

June 14, 2021 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that broker Joseph Gebron (Gebron) currently employed by SW Financial has been subject to at least seven customer complaints, one employment termination for cause, and one criminal matter during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Gebron’s customer complaints alleges that Gebron recommended unsuitable investments in various investments. Allegations involving common and preferred stocks, and private placement securities, among other allegations of misconduct relating to the handling of their accounts.

In January 2013, a customer complained that Gebron violated the securities laws by alleging that Gebron engaged in unauthorized trading, misleading representations, and omissions. The claim alleges $820,000 in damages and is currently pending.

In February 2012, a customer complained that Gebron violated the securities laws by alleging that Gebron engaged in negligence, breach of fiduciary duty, and breach of contract. The claim settled in the amount of $47,500.

In May 2011, a customer complained that Gebron violated the securities laws by alleging that Gebron engaged in unsuitable investment advice, violation of common law fraud, breach of fiduciary duty, and negligence. The claim settled in the amount of $45,000.

In November 2009, a customer complained that Gebron violated the securities laws by alleging that Gebron engaged in unsuitable investment advice, negligence, and breach of fiduciary duty. The claim settled in the amount of $50,000.

Broker Stephen Sullivan Subject to Excessive Trading Complaint

September 16, 2019 | by Staff Attorney

The 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.

Advisor Yousuf (Joe) Saljooki Subject to Multiple Churning Complaints

April 16, 2019 | by Staff Attorney

According 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.