Miami Beach, FL Broker Barred For Failure To Cooperate Into Investigation Into Private Securities Transactions
Candido Jose Viyella (CRD #1829255) is a formerly registered securities broker and financial professional. From June of 2009 through December of 2020, Mr. Viyella was a registered representative of Morgan Stanley in Miami, Florida. In May of 2021, this broker was barred from the securities industry after declining to cooperate with a FINRA inquiry into allegations of improper conduct regarding private securities. In this post, our Miami private placements securities attorneys discuss the FINRA disciplinary action taken against Miami Beach broker Candido Jose Viyella.
Barred Broker: Candido Jose Viyella, Previously of Morgan Stanley
Background
Towards the end of 2020, Candido Jose Viyella was discharged by Morgan Stanley after several customers accused him of improperly soliciting investment in an outside business (private placement) for which he had an undisclosed ownership interest. Soon after, FINRA launched its own investigation into the allegations raised against Mr. Viyella.
FINRA Violation
In April of 2021, former Morgan Stanley broker Candido Jose Viyella confirmed that he received a request for documents, records, information, and testimony from FINRA. In violation of FINRA Rule 8210, the financial representative relayed through his legal counsel that he would not be cooperating with the agency’s investigation. Brokers must provide relevant information and testimony when requested as part of a FINRA inquiry into potential misconduct. Without admitting or denying any of the allegations raised against him, Mr. Viyella accepted FINRA’s proposed sanctions, including a permanent bar from the securities industry.
Customer Disputes
Notably, FINRA reports that five investors have filed complaints against former Morgan Stanley financial advisor Candido Jose Viyella within the past two years. Here is a brief summary of the customers’ disputes on this broker’s FINRA record:
- October 22nd, 2019: An investor filed a complaint alleging improper, unauthorized private placement investments. FINRA lists the claim as ‘pending.’
- March 31st, 2020: An investor seeks $2 million in financial compensation related to allegations of fraudulent misrepresentation. FINRA lists the claim as ‘pending.’
- October 12th, 2020: A complaint was related to private placement investments. It was settled for $140,000.
- October 12th, 2020: An investor filed a claim related to outside business activities and private placement investments. It was settled for $60,000.
- October 12th, 2020: A claim was filed related to alleged outside private placement investments not authorized by the member firm. FINRA lists the complaint as ‘pending.’
Private placement investments have a potential to be especially risky. Investors who sustained losses in an improper private securities transaction may be entitled to financial compensation.
Call Our Miami, FL Private Securities Fraud Lawyers for Help
At Carlson & Associates, P.A., our securities fraud attorneys provide personalized representation to investors. If you or someone you know suffered large investment losses in a private placement investment, professional legal guidance is available. Get in touch with us today for a confidential consultation. With an office in Miami, we handle private placement securities fraud claims all around South Florida, including in Miami-Dade County, Palm Beach County, and Broward County.
Resource:
brokercheck.finra.org/individual/summary/1829255