Investor Lawsuit Investigation – Paul Nannicelli
The White Law Group is investigating potential claims involving former financial advisor Paul Xavier Nannicelli, following a FINRA regulatory action involving allegations of circumventing firm procedures and improperly naming family members as beneficiaries of a customer’s account.
According to FINRA’s public records (CRD#: 1089038), Nannicelli was most recently affiliated with Ameriprise Financial Services, LLC in Hingham, Massachusetts. His BrokerCheck profile reflects two disclosures, including a regulatory suspension and an employment separation after allegations of misconduct.
FINRA Regulatory Suspension – Improper Beneficiary Designations
On June 30, 2025, FINRA announced that Nannicelli had been suspended from associating with any FINRA member for an eight-month period beginning July 7, 2025. The action stemmed from allegations that he submitted beneficiary change forms improperly designating his wife and children as beneficiaries of a client’s account without firm approval.
According to FINRA, in September 2020, following the death of the client’s spouse, Nannicelli reportedly prepared and submitted forms changing the primary and contingent beneficiaries to his immediate family members. He reportedly listed his wife and children as “family friends” on the forms, despite the fact that they had never met the client. The firm’s policies prohibited registered representatives or their family members from being named beneficiaries without prior approval.
FINRA also found that Nannicelli allegedly falsely certified on compliance questionnaires that he was unaware of any such beneficiary designations involving his family. After the alleged misconduct came to light, the client closed all of her accounts and filed a complaint with the firm.
Without admitting or denying the findings, Nannicelli consented to a $5,000 fine and an eight-month suspension.
Paul Nannicelli Employment Separation
Nannicelli reportedly voluntarily resigned from LPL Financial LLC in August 2023 after the firm received the client’s complaint regarding the unauthorized beneficiary changes. He later joined Ameriprise Financial Services but is no longer registered as a broker or investment adviser.
Risks of Broker Misconduct and Beneficiary Abuse
Improperly designating beneficiaries without disclosure and approval violates industry regulations and firm protocols designed to protect clients—especially vulnerable or elderly investors. Firms are required to implement and enforce strict compliance procedures to detect and prevent these types of abuses.
Recovery Options for Investors
If you invested with Paul Nannicelli and have concerns about the handling of your accounts or improper beneficiary changes, you may be able to pursue a claim through FINRA arbitration. The White Law Group is reviewing whether LPL Financial or Ameriprise Financial Services failed in their supervisory responsibilities.
FINRA Arbitration vs. Class Action – What’s the Difference?
FINRA Arbitration provides a faster, more private, and more individualized process for investors to recover damages. Class actions are slower, involve large groups of investors, and often result in smaller per-person settlements.
Free Consultation
The White Law Group has represented investors in over 800 FINRA arbitration claims across the country. If you suffered losses while working with Paul Nannicelli, contact our firm at 1-888-637-5510 for a free, confidential consultation.
Visit us at www.whitesecuritieslaw.com to learn more.
Frequently Asked Questions (FAQs) – Paul Nannicelli
What were the allegations involving Paul Nannicelli?
Nannicelli was accused of executing unauthorized beneficiary changes that designated his family members as recipients of a client’s accounts. He also allegedly submitted false attestations and failed to follow firm policies related to beneficiary restrictions.
Can I recover losses if I invested with Paul Nannicelli?
Yes. Investors who suffered losses due to unauthorized or improper account changes by Nannicelli may be able to recover damages through FINRA arbitration.
How does FINRA arbitration work compared to a class action?
FINRA arbitration is an individual process tailored to your specific situation. It usually resolves faster than a class action and may result in higher recovery for investors with strong claims.
Last modified: July 7, 2025
