Park Avenue Securities Broker Misconduct and Investor Claims

Last updated: August 12, 2025

The White Law Group is investigating potential securities claims involving Park Avenue Securities LLC (CRD#: 46173 / SEC#: 801-58108, 8-51324), a dual-registered broker-dealer and investment advisory firm headquartered in New York, NY. The firm reportedly generated $318 million in revenue in 2022 and manages approximately $10 billion.

According to FINRA BrokerCheck, Park Avenue Securities has 23 disclosure events, including 20 regulatory actions and 3 arbitrations, raising concerns about the firm’s compliance and supervision of its registered representatives.

Recent Broker Bars

There have been several cases of registered representatives employed by Park Avenue Securities who were allegedly involved in broker misconduct and fraudulent activities. Broker-dealers are required to supervise their employees; if they fail to do so, they may be held liable through a FINRA arbitration claim.

• Keith C. Baron (CRD#: 3231494) – On January 15, 2025, FINRA barred Baron from associating with any member firm for omitting material information and making misrepresentations to two investors, to his employer, and to FINRA—violating Rules 2010 and 8210. The Extended Hearing Panel also found he engaged in an undisclosed outside business activity and unapproved private securities transactions. While additional suspensions and fines were considered, they were not imposed due to the permanent bar. Baron was ordered to pay disgorgement of $284,890 plus prejudgment interest.
• Glenn Ngo (CRD#: 7200876) – On March 4, 2025, Ngo was permanently barred by FINRA after refusing to produce information in an investigation into potential unapproved private securities transactions away from his member firm. Ngo was most recently registered with Park Avenue Securities from March 2023 to March 2025.
• Nicholas R. Palumbo (CRD#: 1069948) – In June 2021, FINRA reportedly barred Palumbo after he refused to produce information and documents in connection with an alleged private securities transaction and potential Outside Business Activities (OBAs). According to his BrokerCheck, Palumbo left Park Avenue Securities in May 2020, “permitted to resign” while under investigation for failure to disclose an unapproved private securities transaction and soliciting clients to invest in the same.
• Robert Lax (CRD#: 1985758) – In June 2021, Lax was reportedly barred after he refused to provide information and documents requested by FINRA regarding his outside business activities, per a Letter of Acceptance, Waiver, and Consent.

Regulatory History of Park Avenue Securities

• Sept. 24, 2024 – Fined for Regulation Best Interest (Reg BI) violations related to unsuitable mutual fund share class recommendations to retirement plan customers.
• June 5, 2023 – Censured and fined $30,000 for failing to supervise an advisor’s outside business activity involving a cannabis business and private securities transactions.
• July 2019 – Ordered remediation of $640,552 for failing to provide sales charge waivers to eligible retirement plan and charitable accounts.
• April 2018 – Fined $300,000 for inadequate supervision of variable annuity sales, resulting in the sale of high-fee L-share contracts to customers.
• October 2015 – Fined $300,000 for overcharging UIT customers by $443,255 due to failure to apply discounts.
• March 2012 – Fined $175,000 for failing to investigate representatives’ involvement in an alleged Ponzi scheme.

Investor Lawsuits and FINRA Arbitration

Brokerage firms like Park Avenue Securities have a duty to supervise their financial advisors. If a broker engages in misconduct such as selling away, unauthorized trading, unsuitable investments, or misrepresentation, the firm may be liable for resulting investment losses.

Investors can pursue claims through FINRA arbitration, a dispute resolution forum for securities-related claims. The process can be complex, and having an attorney experienced in securities law can improve your chances of recovery.

The White Law Group’s Experience

The White Law Group has handled 800+ FINRA arbitration cases since 2010, helping investors nationwide recover losses caused by broker misconduct. Our offices are in Chicago, Illinois and Seattle, Washington, and we represent investors across the country.

Free Consultation: If you invested with Park Avenue Securities and believe you were misled or suffered losses, contact our securities attorneys at (888) 637-5510 or visit The White Law Group.

Frequently Asked Questions: Park Avenue Securities

1. Why was Keith C. Baron barred by FINRA?

Baron was barred for omitting material facts and making misrepresentations to investors, his firm, and FINRA, as well as engaging in undisclosed outside business activities and private securities transactions.

2. Why was Glenn Ngo barred by FINRA?

Ngo was permanently barred after refusing to provide documents and information requested by FINRA during an investigation into possible unapproved private securities transactions.

3. Can I recover losses from investments made through Park Avenue Securities?

Possibly. If your financial advisor engaged in misconduct or recommended unsuitable investments, you may be able to recover losses through FINRA arbitration.

4. What is “selling away” in securities law?

Selling away occurs when a broker sells investments not approved by their firm, often without the firm’s knowledge. This can expose investors to high-risk or fraudulent schemes.