Former GMS Group Broker Nicholas Armellino Barred By FINRA

Nicholas Armellino (CRD# 3189691), a broker working for GMS Group in Jersey City, New Jersey, was recently barred because he refused to appear for on-the-record testimony requested by FINRA in connection with an investigation that originated from a regulatory tip submitted to FINRA. This refusal to provide testimony during a regulatory investigation violated FINRA Rule 8210. He did not admit or deny the findings. Armellino did initially cooperate with FINRA’s investigation, but then he stopped.

Nicholas Armellino had 11 disclosures during his 25 years of working as a broker. Five of these investor disputes from 2006 through 2016 were settled by the brokerage firm giving the client money in return for the damages.  They included allegations such as unauthorized trading, making unsuitable investments and misrepresentations regarding certain securities, failing to provide the client with several notices of material events prior to the customer’s purchase of a bond and excessive trading in an unsuitably leveraged account. Two of the investor disputes were denied, which means that the broker and or their firm revied the customer’s complaint and determined that it is unfounded or lacks merit. It does not necessarily mean the complaint was false, but they did not find sufficient evidence to support the customer.

Investors need to be very careful of who we trust and give access to our money. Broker backgrounds are public – investors can review a broker’s employment history, licensing status, and past disputes through FINRA’s BrokerCheck database an important step when deciding whom to trust with investments.

Did You Invest With Nicholas Armellino?

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.