Nordo Mauro Nissi III of Boston Massachusetts a stockbroker formerly registered with Morgan Stanley is referenced in a customer initiated investment related arbitration claim in which the customer sought $500,000.00 in damages supported by allegations that fraudulent misrepresentations and omissions had been made relating to the customer’s investments and that the customer was defrauded during the time that Nissi was associated with Morgan Stanley. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00294 (Feb. 4, 2020).
According to the claim, the customer’s account transactions were negligently supervised by the securities broker dealer between December 2007 and January of 2020. Nissi’s advice regarding variable annuities or their subaccounts had allegedly been unsuitable for the customer and had resulted in the customer’s account being overconcentrated in bad investments.
Nissi has been identified in three more customer initiated investment related disputes concerning accusations of his bad sales practices while employed by Wachovia Securities and Morgan Stanley. FINRA Public Disclosure confirms that a customer initiated investment related complaint concerning Nissi’s conduct was settled to resolve allegations that the customer’s investment instructions had been ignored by the stockbroker resulting in the sale of GE stock against the customer’s wishes.
Another customer filed an investment related complaint regarding Nissi’s conduct where the customer requested $12,000.00 in damages based upon accusations that transactions involving closed end funds as well as common and preferred stocks were facilitated in the customer’s account without the customer’s knowledge or consent by Nissi when he was associated with Morgan Stanley.
On April 23, 2018, another customer filed an investment related complaint involving Nissi’s conduct in which the customer sought unspecified compensatory damages founded on allegations of a variable annuity that failed to be suitable for the customer when the stockbroker was associated with Morgan Stanley.
Nissi is also the subject of a Consent Order issued by Massachusetts in which he was placed on heightened supervision as an investment advisor representative supported by accusations that Nissi was subject of customer complaints alleging his wrongdoing. Case No. R-2018-0123 (Oct. 11, 2018). According to the Order, Nissi has sixteen disclosures and three of them involve disputes from customers in regard to his sales practices. The Order also noted that he was investigated and terminated by a securities broker dealer for misconduct.
Nissi was terminated by Morgan Stanley Wealth Management on May 8, 2018 based upon allegations of his undisclosed and unapproved outside investment advisor activities. Between May 16, 2018 and October 19, 2018, Nissi was employed by MS Howells Co.