Nationwide Planning Associates – Regulatory History & Private Placement Concerns
The White Law Group is investigating the securities sales practices and regulatory history of Nationwide Planning Associates (CRD#: 31029), a FINRA-registered broker-dealer headquartered in Paramus, New Jersey. The firm has faced multiple regulatory sanctions and customer complaints over the years, raising questions about its supervision of brokers and sales of high-risk alternative investments.
Regulatory Actions Against Nationwide Planning Associates
- August 20, 2024 – Puerto Rico Sanction: Puerto Rico regulators sanctioned the firm for failing to supervise a broker under heightened supervision. The agent engaged in excessive and unsuitable trading, including meme stocks, penny stocks, and leveraged ETFs, often targeting senior investors’ retirement accounts. Nationwide Planning Associates was ordered to pay a $350,000 fine, with $35,000 directly attributed to the firm.
- September 4, 2024 – SEC Sanction: The SEC charged Nationwide Planning Associates, NPA Asset Management, and Blue Point Strategic Wealth Management with violating whistleblower protection rules under Exchange Act Rule 21F-17(a). Between 2021 and 2024, the firms used confidentiality agreements that impeded clients from reporting securities law violations. The SEC censured the firm, issued a cease-and-desist order, and imposed a $70,000 civil penalty.
- August 7, 2015 – FINRA Sanction: FINRA sanctioned Nationwide Planning Associates for issuing misleading advertising materials and failing to conduct adequate supervisory inspections of branch and non-branch offices. The firm also failed to retain all business-related emails and lacked proper supervisory systems. Nationwide consented to the findings and was censured and fined $55,000.
Nationwide Planning Associates & Private Placements
In addition to regulatory actions, Nationwide Planning Associates has reportedly sold numerous high-risk private placement investments. Private placements, often structured as Regulation D offerings, are typically illiquid, speculative, and carry a high risk of loss. These products may include non-traded REITs, oil and gas programs, and other alternative investments that are generally unsuitable for conservative or retired investors. Brokerage firms have a duty to ensure that such products are recommended only to investors for whom they are appropriate, based on financial situation, investment experience, and risk tolerance.
Broker Misconduct – José Candelario Padilla (CRD#: 4847560)
José Candelario Padilla, a previously registered broker and investment adviser with Nationwide Planning Associates (2016–2023), has a significant disclosure history on FINRA BrokerCheck.
According to public records:
- Padilla has 54 disclosures, including a Puerto Rico OCFI consent order (initiated Sept. 23, 2024) imposing a permanent lifetime ban effective May 23, 2025, and a $47,220 administrative fine.
- On March 10, 2023, Padilla entered into a FINRA AWC for Reg BI violations, resulting in a $2,500 fine, $26,422 restitution, and a 3-month suspension.
- Numerous customer disputes between 2017 and 2024 were settled, many alleging unsuitable recommendations, excessive trading/churning, misrepresentations, switching, and unauthorized trades. Many of these disputes involved senior IRA and pension accounts, with damages often in the six- and seven-figure range.
Recovery Options for Investors
If you suffered losses with Nationwide Planning Associates or broker José Candelario Padilla, you may be able to recover damages through the Financial Industry Regulatory Authority (FINRA arbitration) process. FINRA arbitration is a forum designed to resolve disputes between investors and broker-dealers and may provide a path for recovery of investment losses.
Free Consultation with a Securities Attorney
If you have concerns about your investments with Nationwide Planning Associates, the securities attorneys at The White Law Group may be able to help. We represent investors across the country in claims against brokerage firms for improper investment recommendations and supervisory failures.
For a free consultation with a securities fraud attorney, please call our Chicago office at (312) 238-9650, or our Seattle office at (206) 336-9132.
To learn more about FINRA arbitration, visit our website at www.whitesecuritieslaw.com.
Frequently Asked Questions (FAQs)
What types of investments has Nationwide Planning Associates sold?
The firm has reportedly sold high-risk alternative products, including private placements such as non-traded REITs and oil and gas programs. These products are often illiquid, speculative, and unsuitable for conservative or retired investors.
Can investors recover losses from private placements or unsuitable trades?
Yes. Investors may be able to pursue claims against Nationwide Planning Associates through the FINRA arbitration process. Arbitration can provide a forum to seek recovery for losses caused by unsuitable recommendations, lack of supervision, or broker misconduct.
How do I know if I have a claim against Nationwide Planning Associates?
If you invested through Nationwide Planning Associates and suffered losses, especially in high-risk or illiquid products, you may have a claim. Speaking with a securities attorney can help you evaluate whether you have grounds to pursue recovery.
