Brian F. Gimelson of Princeton, New Jersey, a stockbroker registered with North Nassau Advisors, LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he failed to cooperate in a FINRA investigation into allegations of his outside business activities. Letter of Acceptance, Waiver and Consent, No. 20170548448-01 (Nov. 21, 2017).
According to the AWC, in July of 2017, an investigation was launched by FINRA into accusations of Gimelson’s unapproved outside business activities. Apparently, on October 25, 2017, a request was sent by FINRA to Gimelson, requesting Gimelson provide recorded testimony in that regard, according to Rule 8210.
The AWC revealed that Gimelson spoke with FINRA personnel on November 1, 2017, where he confirmed his receipt of FINRA’s request but stated that he would not be providing testimony for FINRA at any point in time. FINRA found that Gimelson’s failure to make an appearance and testify was conduct violative of FINRA Rules 2010 and 8210.
This is not the first time that Gimelson has been sanctioned by a regulator for misconduct. Particularly, he has been fined $5,000.00 and suspended from associating with any National Association of Securities Dealers (NASD) member in any capacity supported by consenting to findings that while he was associated with Sterling Financial Group, Inc., he recklessly executed cross agency transactions in a market manipulation strategy. Letter of Acceptance, Waiver and Consent, No. C07040018 (Feb. 20, 2004). NASD found that Gimelson’s conduct was violative of NASD Rules 3310, 2120 and 2110.
As a result of Gimelson’s wrongdoing, the State of Illinois assessed a $500.00 fine and revoked Gimelson’s securities sales registration according to a Consent Order. Case No. 0400284 (July 6, 2004). Gimelson was also sanctioned by the State of Massachusetts through a Consent Order, which required him to be subject to heightened supervision restrictions and prohibited Gimelson from having any discretionary authority in Massachusetts investors’ accounts. Case No. R-2007-55 (Aug. 3, 2007).
FINRA Public Disclosure also reveals that on March 15, 2001, a customer filed an investment related written complaint involving Gimelson’s conduct, in which the customer sought $137,000.00 in damages based upon allegations that while Gimelson was associated with Sterling Financial Investment Group, he effected excessive trades in the customer’s account, and placed over-the-counter equities trades in the customer’s margin account without authorization. Gimelson is also subject of a customer initiated investment related written complaint on February 13, 2017, where the customer requested $35,688.14 in damages supported by allegations that Gimelson effected unauthorized over-the-counter equity trades in the customer’s account.
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