Broker Nicholas Palumbo Barred from Securities Industry

FINRA Bars Nick Palumbo after Allegations of “Selling Away” 

According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred financial advisor Nicholas R. Palumbo (CRD#: 1069948) from associating with any FINRA member at any time.  On June 2, 2021, Palumbo reportedly consented to the sanctions after he refused to produce information and documents requested by FINRA in connection with an alleged private securities transaction referenced in the Form U5 filing submitted by his member firm.  

FINRA’s findings reportedly stated that the regulator also requested documents and information in order to investigate his potential involvement with Outside Business Activities (OBAs). 

Palumbo was reportedly affiliated with the following brokerage firms during his career in the securities industry, among others:  

05/03/1999 – 05/13/2020, PARK AVENUE SECURITIES LLC (CRD#:46173), ARMONK, NY
12/07/1987 – 05/03/1999, GUARDIAN INVESTOR SERVICES CORPORATION (CRD#:6635), NEW YORK, NY  

According to his broker report, Palumbo left Park Avenue Securities in May 2020, when he “was permitted to resign while under investigation for failure to disclose an unapproved private securities transaction and soliciting clients to invest in same.” 

Palumbo’s broker record indicates that his Other Business Activities include Empowered Mastery Consultants and Truvium Financial Group, among others.  

For more information on the firm’s investigations, please see:
Park Avenue Securities Censured for Overcharges
Park Avenue Securities – Censured & Fined for Supervisory Issues 

Recovery of Investment Losses 

The White Law Group is investigating potential securities fraud claims involving Nicholas Palumbo and the liability his employers may have for failure to properly supervise him.   

When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.” Some brokers, looking to supplement their income, will go outside the traditional market, trying to find other products to push. 

If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim. 

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington.   

We represent investors in FINRA arbitration claims in all 50 states including New York.  Our attorneys have recovered millions of dollars from many brokerage firms in the past.   

If you are concerned about your investments with Nicholas Palumbo, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.    

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.