Nicholas Richard Palumbo (also known as Nick Palumbo), of Armonk, New York, a stockbroker formerly registered with Park Avenue Securities LLC, is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought $220,000.00 in damages supported by accusations of omissions and misrepresentations by Palumbo relating to a variable annuity that was sold to the customer when Palumbo was employed by Park Avenue Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-02035 (August 9, 2021).
This is the first customer dispute since Palumbo has been barred by FINRA. Palumbo was barred from associating with any FINRA member in any capacity based upon findings that he hindered a FINRA investigation into allegations of his termination as a stockbroker of Park Avenue Securities. Letter of Acceptance, Waiver, and Consent No. 2020066651001 (June 2, 2021).
According to the AWC, on April 27, 2021, Palumbo was asked to provide documents and information concerning the circumstances of his resignation at Park Avenue Securities. On April 17, 2020, the securities broker dealer alleged that Palumbo was internally investigated for possibly soliciting private securities transactions and for failing to notify the firm about his selling away activities. Palumbo was permitted to resign before Park Avenue Securities’ investigation was concluded.
The AWC states that Palumbo was supposed to respond to the regulator by May 18, 2021. But by April 27, 2021, his lawyer made FINRA aware that he would not provide any documents or information requested of him. FINRA determined that the stockbroker violated FINRA Rules 2010 and 8210 by failing to cooperate in its investigation.
Palumbo was registered with Park Avenue Securities between May 3, 1999, and May 13, 2020.
