Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Candido Viyella (Viyella) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Viyella was employed by Morgan Stanley at the time of the activity. If you have been a victim of Viyella’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a final customer complaint on May 10, 2021.
Without admitting or denying the findings, Viyella consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation into whether he participated in private securities transactions without providing prior written notice to his member firm.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $500,000.00 on October 12, 2020.
Claimant alleges inter alia FA solicited outside investment opportunity in or about October 2013 that was not authorized by Firm.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,000,000.00 on October 12, 2020.
Claimant alleges inter alia FA solicited outside investment opportunity in or about October 2015 that was not authorized by Firm.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $2,000,000.00 on March 31, 2020.
Claimants allege, inter alia, fraudulent misrepresentation with respect to outside investment opportunities not authorized by the firm that were solicited by the fa between 2013-2015.
Our law firm has significant experience bringing cases on behalf of defrauded victims when their advisors engage in receiving loans from clients or selling securities sales through OBAs. The practice of selling unapproved investments, promoting fraudulent schemes to hide misused funds, and engaging in other deceptive acts is known in the industry as “selling away,” a major infraction of securities laws. In the industry, “selling away” describes a financial advisor soliciting investments in companies, promissory notes, or other securities that lack prior approval from their affiliated brokerage firm. Some of these investments may appear legitimate, but they often lead to Ponzi schemes or advisors engaging in fund misappropriation.
However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. Firms are required to have protocols in place to oversee their brokers by tracking each advisor’s activities and public interactions. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.
In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
Viyella has been in the securities industry for more than 32 years. Viyella has been registered as a Broker with Morgan Stanley since 2009.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.