Palumbo is also facing a pending customer dispute alleging material misrepresentations and omissions.
Nicholas R. Palumbo (CRD#: 1069948) was registered as a broker with Park Avenue Securities from 1999 until 2020. Previously, Palumbo was registered as a broker with Guardian Investor Services from 1987 until 1999.
Palumbo has three disclosures on his BrokerCheck report.
January 2021 Customer Dispute
- Status: Pending
- Allegations: Claimant alleges the RR made material misrepresentations and omitted material facts concerning the features of the variable annuity she purchased in 2009.
- Damage Amount Requested: $220,000.00
June 2021 Regulatory Judgment
- Status: Final
- Initiated By: FINRA
- Allegations: Without admitting or denying the findings, Palumbo consented to the sanction and to the entry of findings that 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. The findings stated that FINRA also requested documents and information in order to investigate his potential involvement with OBAs.
- Resolution: Acceptance, Waiver & Consent (AWC)
- Sanctions: Bar
- Registration Capacities Affected: All Capacities
- Duration: Indefinite
- Start Date: 6/2/2021
April 2020 Employment Separation After Allegations
- Firm Name: Park Avenue Securities LLC
- Termination Type: Permitted to Resign
- Allegations: The RR was permitted to resign while under investigation for failure to disclose an unapproved private securities transaction and soliciting clients to invest in same.
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The Sonn Law Group is currently investigating allegations surrounding Nicholas R. Palumbo. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.
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