Nicholas Richard Palumbo (also known as Nick 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 because he failed to cooperate with FINRA’s investigation into his alleged selling away activities. Letter of Acceptance Waiver and Consent No. 2020066651001 (June 2, 2021).
According to the AWC, on May 13, 2020, Park Avenue Securities filed a Form U5 indicating that Palumbo was permitted to resign as he was under investigation for failing to disclose an unauthorized private securities transaction and for soliciting clients to invest in that private securities transaction. On April 27, 2021, as a result of Park Avenue Securities filing the Form U5, FINRA sent a request to Palumbo seeking the production of documents and information. On April 27, 2021, through his counsel, Palumbo indicated that he received FINRA’s request but refused to provide the requested documents and information. Therefore, Palumbo violated FINRA Rules 2010 and 8210.
Public Disclosure shows that Palumbo is referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $37,500.00 in damages based upon allegations that Palumbo made misrepresentations with regard to the recommendation and sale of variable annuities when Palumbo was associated with Park Avenue Securities LLC. FINRA Arbitration No. 21-02035 (March 24, 2022).
Palumbo was permitted to resign on April 17, 2020, when he was investigated by Park Avenue Securities for possibly engaging in private securities transactions.
