Nicholas Richard Palumbo of Armonk New York a stockbroker formerly registered with Park Avenue Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that he did not provide any documents or information to FINRA when it investigated him for potentially selling away from Park Avenue Securities. Letter of Acceptance Waiver and Consent No. 2020066651001 (June 2, 2021).
According to the AWC, Palumbo’s actions became the subject of a FINRA investigation around the time that his stockbroker registration was terminated from Park Avenue Securities on April 17, 2020. According to the securities broker dealer, Palumbo was under an internal investigation. Park Avenue Securities sought information about Palumbo possibly soliciting customers for private securities transactions. The securities broker dealer indicated that Palumbo had been permitted to resign when its internal probe took place.
Palumbo received correspondence from FINRA on April 27, 2021. His information and documents were requested by FINRA regarding a possible private securities transaction referenced by Park Avenue Securities. Palumbo was expected to cooperate with FINRA’s request by providing all of this no later than May 18, 2021.
On April 27, 2021, the regulator received a response from Palumbo’s legal counsel. FINRA learned that Palumbo would not provide the documents or information. By failing to comply with FINRA, Palumbo violated Rules 2010 and 8210.
Palumbo was registered with Park Avenue Securities between May 3, 1999 and May 13, 2020.
