Investors nationwide are looking for options to recover losses associated with the actions of Nordo Mauro Nissi [CRD: 1666385, York, Maine]. This is not your everyday financial story; it’s peppered with regulatory actions, multiple client complaints, and a rather unconventional career journey.
Tracks of Omission: Spotlight on a Morgan Stanley Client’s Allegations
Stepping into the time machine, we see that a former Morgan Stanley investor, let’s call them “investor A” dared to raise their voice, alleging that Nissi made unsuitable recommendations and omitted key facts about investments. And they didn’t stop there; they further argued that a lack of adequate supervision from Morgan Stanley resulted in losses involving variable annuities.
The result? Morgan Stanley made a settlement to the tune of $55,000 on June 27, 2022. Case closed? Not quite, it seems.
Nordo Nissi’s Checkered Regulatory Journey in Massachusetts
Fast-forward to October 11, 2018. The State of Massachusetts took notice of Nissi’s track record – marked by sixteen disclosure incidents including three client complaints, two bankruptcy disclosures, nine meddling tax liens, and one employment termination. Consequently, Nissi found himself under heightened supervision for five years as an investment advisor representative.
But, greener pastures weren’t waiting around the corner.
A Trail of Allegations: MSSB Client, Morgan Stanley Smith Barney And Beyond
Another client, let’s call them “Investor B”, took issue with Nissi’s sales practices highlighting unsuitable investment activities from April 2012 to June 2015. But unlike Investor A, Investor B’s complaint was denied without any compensation from Nissi.
Not long after, allegations from yet another client shook Nissi’s universe, accusing him of unauthorized trading between May and July 2009. The client requested a compensation of $12,000, but alas, the complaint was denied, with Nissi not contributing to any settlement.
But the final straw seem to have been Nissi’s undisclosed involvement with an outside registered investment advisor, leading to his resignation from Morgan Stanley Wealth Management on April 9, 2018.
However, through all the tribulations, it’s important to note that Nissi and his former employers steadfastly refute any allegations of sales practice violations.
As this saga unfolds, it is paramount for any investors who have encountered losses due to Nissi’s actions to take necessary actions. Explore available options, understand the facts, and advocate for your rights – financial stories such as these serve as a reminder of the power individuals wield in ensuring transparency and integrity in the world of finance.