Former GMS Group Broker Nicholas Armellino Barred by FINRA After Failing to Cooperate With Investigation
The Financial Industry Regulatory Authority (FINRA) has barred Nicholas Armellino (CRD #3189691), a former broker with GMS Group in Jersey City, New Jersey, after he refused to provide testimony requested as part of a regulatory investigation.
According to FINRA’s findings, the investigation began after receiving a regulatory tip suggesting possible misconduct. While Armellino initially cooperated, he later failed to appear for on-the-record testimony, a direct violation of FINRA Rule 8210, which requires registered representatives to fully comply with information requests.
A Pattern of Investor Complaints
During his 25-year career in the securities industry, Armellino accumulated 11 disclosures, including multiple investor disputes. Between 2006 and 2016, five customer complaints were settled, often involving serious allegations such as:
- Unauthorized trading
- Making unsuitable investment recommendations
- Misrepresenting securities
- Failing to disclose material risks prior to purchase
- Excessive trading in leveraged accounts
While some claims were denied, denials do not necessarily mean the allegations were unfounded—only that firms determined there was insufficient evidence to confirm them.
Investor Protection and Due Diligence
FINRA’s action against Armellino serves as a reminder of why investors must vet brokers carefully. Anyone can review a financial advisor’s employment history, licenses, and disciplinary records for free through FINRA’s BrokerCheck before investing.
Silver Miller Investigates Broker Misconduct
If you invested with Nicholas Armellino or any broker at GMS Group and suffered losses, you may have legal options to recover your funds.
Silver Miller represents investors nationwide in cases of broker fraud, investment misrepresentation, and financial advisor misconduct. Our attorneys help clients pursue recovery through FINRA arbitration and civil litigation.
Contact Silver Miller to discuss your potential claim in a free, confidential consultation. We work on a contingency fee basis, meaning you don’t pay unless we recover for you.
