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Nicholas Armellino of GMS Group Has 7 Customer Complaints For Alleged Broker Misconduct

Who is Nicholas Armellino of GMS Group?

Nicholas Armellino (CRD #3189691) who is currently registered with GMS Group and located in Jersey City, New Jersey is a subject of one of our many securities industry sales practice abuse investigations.  He was disbarred as an attorney for allegedly misappropriating escrow funds in New Jersey.

Nicholas Armellino Customer Complaints

Nicholas Armellino has been the subject of 7 customer complaints that we know about. Five of Nicholas Armellino’s 7 customer complaints were settled in favor of investors. Two of Nicholas Armellino’s customers’ complaints were denied and, to date, the customers have not taken any further action.

Allegations Against Nicholas Armellino

A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows:

  • Allegation of Nicholas Armellino engaged in unauthorized trading.
  • Customer alleged that Nicholas Armellino told her the Terra Vantage notes that she purchased for her account was a bond, but she states it was actually a limited partnership, and as a result she incurred a loss of $254,000.00.
  • Customer alleged that Nicholas Armellino made certain unauthorized trades in his account.
  • The client alleged Nicholas Armellino engaged in excessive trading  and unsuitably leveraged account.
  • The client alleged Nicholas Armellino made unsuitable investments and misrepresentations regarding certain securities purchased.
  • The customer alleged that Nicholas Armellino failed to provide the client with several notices of material events prior to the customer’s purchase of a West Virginia Economic Development Bond.

Nicholas Armellino Red Flags & Your Rights As An Investor

Of course, Nicholas Armellino did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Nicholas Armellino at GMS Group on alert to review carefully the activity and performance of their accounts and question whether Nicholas Armellino has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at GMS Group also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

File A Claim To Recover Your Investment Losses At GMS Group Due To Nicholas Armellino

If you have questions about GMS Group and/or Nicholas Armellino and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

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Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $170 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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