As an expert in money matters, I’ve come across quite a few shady dealings. Now, let’s talk about Candido Viyella. This guy used to work for Morgan Stanley, but they kicked him out in 2020. Why? Well, he got caught mixing business with his own cash in a way he wasn’t supposed to. Before getting the boot, Viyella had been at the company for 11 years. Stick around, and you’ll find out why this story is a must-know for anyone looking to keep their investments safe.
Record of Candido Viyella
When you dive into Viyella’s broker report, you find that there have been five client complaints lodged against him from 2019 to 2020. These complaints revolve around “outside business opportunities,” and as of my knowledge cutoff, two of these have been resolved.
In one notable incident from October 2019, Viyella led a Panamanian real estate firm to invest $1 million in a plush hotel in Florida, with the promise of lucrative returns. An article from Citywire in December 2020, following a FINRA submission, noted that Viyella had a direct interest in the Conrad Hotel in Fort Lauderdale and was privy to the hotel’s financial struggles. The real estate company is now pursuing a restitution of $1.5 million from both Viyella and his former employer, Morgan Stanley.
The Financial Industry Regulatory Authority (FINRA) has been looking into Viyella’s involvement in private security deals. These inquiries were to find out if these activities had been appropriately reported to his employer beforehand. On May 10th, 2021, Viyella was banned by FINRA from working with any of its member firms following his refusal to testify in the investigation.
What is selling away?
Let me clarify what ‘selling away’ is. This term describes actions taken by a registered representative of FINRA, such as selling or recommending investment products that are not held or offered by their affiliated brokerage firm. While brokers might engage in these transactions, hoping for additional income outside their brokerage earnings, such activities require full disclosure and the consent of the affiliated firm.
One interesting financial fact to note is that, even when a broker engages in ‘selling away’, their brokerage firm might still be on the hook for any disputes that arise. This could result from the firm’s failure to adequately oversee the broker’s conduct.
Investor guidance
If you’ve invested with Candido Viyella and are worried about your investments, legal action might be an avenue for you to consider. The securities lawyers at Haselkorn & Thibaut specialize in investment fraud and securities arbitration, and they offer free consultations for those seeking advice. With a presence in states such as Florida, New York, Arizona, Texas, and North Carolina, they are accessible and well-equipped to help investors protect their interests. For immediate assistance, you can reach them at 1-800-856-3352.
Remember the words of the legendary investor Warren Buffett, “It’s only when the tide goes out that you learn who has been swimming naked.” This phrase resonates deeply in cases like Viyella’s, where the true nature of the investment and the risks involved become evident only after trouble arises.
I always recommend that investors do thorough due diligence on advisors. You can look up a broker’s FINRA CRD number to see their professional background and any regulatory actions taken against them. It’s crucial to stay informed and vigilant, particularly in the finance industry where your investments must be protected against any form of malpractice.
In conclusion, as an investor, being proactive about understanding your financial advisor’s activities and the legitimacy of your investments is essential. Should you find yourself in an unfortunate situation with an advisor who has engaged in misconduct, seeking legal counsel promptly is the wise course of action.
