As a respected investment fraud law firm, at Meyer Wilson, we have encountered numerous cases of broker misconduct that have led to significant financial losses for investors. Today, I’d like to share an important case, one that underscores the critical nature of understanding the investments you’re advised to enter and the consequences when due diligence is not exercised by a financial advisor.
Let me tell you about Jose Candelario, also known as Jose Manuel Candelario Padilla, a broker with an extensive history in the financial industry since 2004. His last registration was with Nationwide Planning Associates Inc. in Hato Rey, PR, with prior associations in several other firms in Puerto Rico.
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The crux of the matter lies in Mr. Candelario’s recommendations of inverse exchange traded funds (NT-ETFs) to his retail clients between March and October of 2020. These complex financial instruments are designed to profit from market declines and involve daily rebalancing, making them highly unsuitable for those intending to hold them over extended periods, especially given their inherent liquidity risks.
Unfortunately, Mr. Candelario’s understanding of NT-ETFs was insufficient to assess their suitability for his clients effectively. This lapse in judgment contravened Regulation Best Interest (Reg BI), which mandates that brokers must fully comprehend the investments they recommend. As a result, nine of Mr. Candelario’s clients sustained collective losses of $26,000 after holding onto these risky ETFs for durations ranging from 14 to 65 days.
FINRA’s response was decisive: Mr. Candelario faced a three-month suspension from associating with any FINRA member, a fine, and was ordered to pay restitution to the affected clients.
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But this episode is merely a fragment of Mr. Candelario’s career, marked by 49 disclosures, 47 of which involve customer disputes alleging various grievances, from breach of fiduciary duty to unauthorized trading. These disputes reflect claims of inappropriate investment recommendations and failure to supervise, among others.
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At Meyer Wilson, we’ve dedicated our practice to helping investors who have fallen victim to such broker misconduct. Our team is well-versed in the intricacies of securities arbitration, particularly in cases arising from the complex financial landscape of Puerto Rico. We understand the emotional and financial toll these situations can take on individuals, and we’re committed to seeking justice and recovery for those harmed.
If you’ve invested with Jose Manuel Candelario Padilla or have experienced questionable actions from your financial advisor, we want to hear your story. We operate on a contingent fee basis, which means our compensation is tied to the successful recovery of your losses. You won’t owe us anything until we’ve recovered funds on your behalf.
For insightful guidance and aggressive representation, do not hesitate to reach out to Meyer Wilson. You can contact us at 866-938-2021 or visit investorclaims.com. Our experienced securities attorneys are here to provide you with the support and legal expertise you need to navigate through these challenging times. Trust us to be your advocates in the fight to reclaim what is rightfully yours.
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