{"id":2551,"date":"2025-09-25T07:18:13","date_gmt":"2025-09-25T07:18:13","guid":{"rendered":"https:\/\/www.silvermillerlaw.com\/?post_type=disciplinary_actions&#038;p=2551"},"modified":"2025-10-15T22:09:36","modified_gmt":"2025-10-15T22:09:36","slug":"broker-nicholas-armellino-barred-by-finra","status":"publish","type":"disciplinary_actions","link":"https:\/\/www.silvermillerlaw.com\/finra-disciplinary-actions\/broker-nicholas-armellino-barred-by-finra\/","title":{"rendered":"Former GMS Group Broker Nicholas Armellino Barred by FINRA After Failing to Cooperate With Investigation"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Financial Industry Regulatory Authority (FINRA) has barred <\/span><b>Nicholas Armellino (<a href=\"https:\/\/brokercheck.finra.org\/individual\/summary\/3189691\" target=\"_blank\" rel=\"noopener\">CRD #3189691<\/a>)<\/b><span style=\"font-weight: 400;\">, a former broker with <\/span><b>GMS Group<\/b><span style=\"font-weight: 400;\"> in Jersey City, New Jersey, after he refused to provide testimony requested as part of a regulatory investigation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to FINRA\u2019s findings, the investigation began after receiving a regulatory tip suggesting possible misconduct. While Armellino initially cooperated, he later failed to appear for <\/span><b>on-the-record testimony<\/b><span style=\"font-weight: 400;\">, a direct violation of <\/span><b>FINRA Rule 8210<\/b><span style=\"font-weight: 400;\">, which requires registered representatives to fully comply with information requests.<\/span><\/p>\n<h3><b>A Pattern of Investor Complaints<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">During his 25-year career in the securities industry, Armellino accumulated <\/span><b>11 disclosures<\/b><span style=\"font-weight: 400;\">, including multiple <\/span><b>investor disputes<\/b><span style=\"font-weight: 400;\">. Between 2006 and 2016, five customer complaints were settled, often involving serious allegations such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unauthorized trading<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Making unsuitable investment recommendations<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Misrepresenting securities<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Failing to disclose material risks prior to purchase<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Excessive trading in leveraged accounts<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">While some claims were denied, denials do not necessarily mean the allegations were unfounded\u2014only that firms determined there was insufficient evidence to confirm them.<\/span><\/p>\n<h3><b>Investor Protection and Due Diligence<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">FINRA\u2019s action against Armellino serves as a reminder of why investors must <\/span><b>vet brokers carefully<\/b><span style=\"font-weight: 400;\">. Anyone can review a financial advisor\u2019s employment history, licenses, and disciplinary records for free through <\/span><b>FINRA\u2019s BrokerCheck<\/b><span style=\"font-weight: 400;\"> before investing.<\/span><\/p>\n<h3><b>Silver Miller Investigates Broker Misconduct<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you invested with <\/span><b>Nicholas Armellino<\/b><span style=\"font-weight: 400;\"> or any broker at <\/span><b>GMS Group<\/b><span style=\"font-weight: 400;\"> and suffered losses, you may have legal options to recover your funds.<\/span><\/p>\n<p><a href=\"https:\/\/www.silvermillerlaw.com\/\"><b>Silver Miller<\/b><\/a><span style=\"font-weight: 400;\"> represents investors nationwide in cases of <\/span><b>broker fraud, investment misrepresentation, and financial advisor misconduct<\/b><span style=\"font-weight: 400;\">. Our attorneys help clients pursue recovery through FINRA arbitration and civil litigation.<\/span><\/p>\n<p><b><a href=\"https:\/\/www.silvermillerlaw.com\/contact-us\/\">Contact<\/a> Silver Miller<\/b><span style=\"font-weight: 400;\"> to discuss your potential claim in a free, confidential consultation. We work on a contingency fee basis, meaning you don\u2019t pay unless we recover for you.<\/span><\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"class_list":["post-2551","disciplinary_actions","type-disciplinary_actions","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Former GMS Group Broker Nicholas Armellino Barred by FINRA | Silver Miller<\/title>\n<meta name=\"description\" content=\"FINRA barred GMS Group broker Nicholas Armellino for refusing testimony in a misconduct probe. 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