There are Recent Customer Complaints with Broker Jose Candelario padilla in Firm Nationwide Planning Associates Inc.

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Jose Candelario padilla (Candelario padilla), previously associated with Nationwide Planning Associates Inc., has been subject to at least 17 disclosable events. These events include 16 customer complaints, one tax lien. Several of those complaints against Candelario padilla concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint on September 23, 2024.

Plaintiff Office of the Commissioner of Financial Institutions (‘OCFI’) alleges that this matter concerns violations by registered representative and investment advisor representative (‘IAR’) Jos\\u00e9 Manuel Candelario Padilla (‘Candelario’) of securities rules that caused serious harm to multiple clients. Most of the accounts were IRA or pension plan accounts of clients over 60 years old, at or near retirement, with annual income below $50,000.00, net worth and liquid net worth between $100,000.00 and $500,000.00, and monthly withdrawal instructions in place, which was indicative of a need to draw monthly retirement income from investments. The OCFI’s complaint alleged that, during the period from October 1, 2019 to November 30, 2022, Candelario violated Sections 101(2) and 101(3) of Puerto Rico Uniform Securities Law and Sections 25.1, 25.3.2, 25.3.3, 25.3.4, 25.3.5, 25.3.7, 25.3.9, 25.4.10 and 25.6.6 of Regulation No. 6078 thereunder by, among other things, making untrue statements and omission of material facts in connection with the offer, sale and purchase of securities; engaging in acts, practices, or course of business which operated as a fraud or deceit upon his clients; making unsuitable investment recommendations to his customers; churning customers’ accounts; engaging in switching of unit investment trusts and mutual funds; unauthorized trades; and the conversion of accounts from brokerage to advisory accounts. In the advisory accounts, Candelario also engaged in the deceptive practices of making unsuitable recommendations, non-compliance with fiduciary duty and guaranteeing accounts of clients against losses in any securities at the investment adviser.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $664,066.29 on March 27, 2024.

CLIENTS ALLEGE UNSUITABLE INVESTMENTS AND EXCESSIVE TRADING.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,700,000.00 on February 02, 2024.

Client allege misrepresentations and omissions, breach of fiduciary duty, breach of contract, unsuitable investment recommendations, failure to act in the “best interest” of the Claimants, failure to supervise, negligence and gross negligence, violation of the FINRA rules, violation of the federal securities laws, violation of the Investment Advisers Act of 1940 and violation of the Puerto Rico Uniform Securities Act and Civil Code.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $500,000.00 on October 23, 2023.

CLIENT ALLEGES BREACH OF FIFUCIARY DUTY, BREACH OF CONTRACT, CONTRACTUAL NEGLIGENCE, FRAUD AND CONSTRUCTIVE FRAUD, FAILURE TO SUPERVISE AND CONTROL, VIOLATION OF SECTION 10(B) OF THE EXCHANGE ACT

FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,500,000.00 on October 20, 2023.

CLIENTS ALLEGE VIOLATION OF FINRA RULE 2090, BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT, CONTRACTUAL NEGLIGENCE, FRAUD AND CONSTRUCTIVE FRAUD, FAILURE TO SUPERVISE AND CONTROL

FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,900,000.00 on September 22, 2023.

CLIENTS ALLEGE BREACH OF CONTRACT, CONTRACTUAL NEGLIGENCE, FRAUD AND CONSTRUCTIVE FRAUD, FAILURE TO SUPERVISE AND CONTROL, VIOLATION OF SECTION 10B OF THE EXCHANGE ACT AND RULE 10N-5 AND VIOALTION OF FINRA RULES

FINRA BrokerCheck shows a settled customer complaint with a damage request of $3,000,000.00 on September 20, 2023.

Clients allege misrepresentations and omissions, breach of fiduciary duty, breach of contract, unsuitable investment recommendations, failure to act in the “best interest” of the Claimants, failure to supervise, negligence and gross negligence, violation of the FINRA rules, violation of the federal securities laws, violation of the Investment Advisers Act of 1940 and violation of the Puerto Rico Uniform Securities Act and Civil Code.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,300,000.00 on September 12, 2023.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,001.00 on September 08, 2023.

CLAIMANTS ALLEGE BREACH OF FIDUCIARY DUTY, UNSUITABLE INVESTMENT RECOMMENDATIONS, VIOLATION OF FINRA RULE 3110, NEGLIGENCE AND NEGLIGENT SUPERVISION.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $700,000.00 on July 25, 2023.

Client alleges misrepresentations and omissions, breach of fiduciary duty, breach of contract, unsuitable investment recommendations, failure to act in the “best interest” of the claimants, failure to supervise, fraud, constructive fraud, negligence, and gross negligence.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,000,000.00 on July 21, 2023.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,000,000.00 on July 21, 2023.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,000,000.00 on July 10, 2023.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,500,000.00 on July 10, 2023.

CLIENTS ALLEGE VIOLATION OF FINRA RULE 2090, BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT, CONTRACUAL NEGLIGENCE, FRAUD AND CONSTRUCTIVE FRAUD, FAILURE TO SUPERVISE.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,500,000.00 on July 10, 2023.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $500,000.00 on July 05, 2023.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $500,000.00 on July 05, 2023.

When brokers indulge in excessive trading, often called churning, they typically buy and sell securities, sometimes even the same stock, repeatedly over a short span of time. Every month or a few months, the account could be completely replaced with new securities. The sole purpose of this kind of investment trading activity in a client’s account is to generate commissions that benefit the broker, not the investor. As a deceptive practice, churning falls under the umbrella of securities fraud. The elements of the claim are excessive transactions of securities, broker control over the account, and intent to defraud the investor by obtaining unlawful commissions. A similar claim, excessive trading, under FINRA’s suitability rule involves just the first two elements. Certain commonly used measures and ratios used to determine churning help evaluate a churning claim. These ratios look at how frequently the account is turned over plus whether or not the expenses incurred in the account made it unreasonable that the investor could reasonably profit from the activity.

According to newsources, a study revealed that 7.3% of financial advisors had a customer complaint on their record when records from 2005 to 2015 were examined. Brokers must publicly disclose reportable events on their BrokerCheck reports that include customer complaints, IRS tax liens, judgments, investigations, terminations, and criminal cases. In addition, research has shown a disturbing pattern with troublesome brokers where brokers with high numbers of customer complaints are not kicked out of the industry but instead these brokers are sifted to lower quality brokerage firms with loose hiring practices and higher rates of customer complaints. These lower quality firms may average brokers with five times as many complaints as the industry average.

Candelario padilla has been in the securities industry for more than 18 years. Candelario padilla has been registered as a Broker with Nationwide Planning Associates Inc. since 2016.

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.