Nicholas Palumbo Investigation
December 2021- Armonk, NY
According to publicly available records Nicholas R. Palumbo, a former stockbroker who last worked for Park Avenue Securities discloses that he has been sued by a client who alleges that he made material misrepresentations and omitted material facts concerning the features of a variable annuity. Palumbo was permanently barred from the securities industry by FINRA
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 6/2021 FINRA permanently barred Palumbo from the industry to resolve allegations that he failed to cooperate with a FINRA investigation.
In 6/2021 a customer of Park Avenue Securities filed FINRA case #21-02035, alleging that Palumbo made material misrepresentations and omitted material facts in a variable annuity that she purchased in 2009. That matter is still pending according to FINRA records.
Palumbo was employed by Park Avenue Securities from 05/1999-05/2020. Palumbo was permitted to resign from Park Avenue Securities while under investigation for failure to disclose an unapproved private securities transaction and soliciting clients to invest in same. Palumbo discloses affiliations with Empowered Mastery Consultants of Purchase, NY, and Truvian Financial Group of Armonk, NY.
If you have losses in an investment account handled by Nicholas Palumbo, call to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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