Initiated By
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Allegations
The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Naseem Mohammed Salamah ("Salamah" or "Respondent").
The Commission finds that from January 2013 through June 2021, Salamah was an investment adviser representative with a state registered investment adviser.
On September 29, 2021, a judgment was entered by consent against Salamah permanently enjoining him from future violations of Section 17(a) of the Securities Act of 1933 ("Securities Act"), Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Advisers Act, in the civil action entitled Securities and Exchange Commission v. Naseem Mohammed Salamah, Civil Action Number 3:21-cv-50371, in the United States District Court for the Northern District of Illinois.
The Commission's complaint alleged, among other things, that from approximately August 2017 to May 2021, Salamah stole at least $968,582 from at least three of his elderly advisory clients. Salamah falsely represented that he was moving his clients' funds to diversify their securities holdings. Instead, without his clients' knowledge or authorization, Salamah misappropriated his clients' money and spent it on personal expenses, including dinners, vacations, luxury cars that he leased, and private school tuition for his children.
Resolution
Order
Bar
Bar (Permanent)
Registration Capacities Affected
Association with a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO.
Duration
Indefinite
Start Date
9/30/2021