COVID-19 UPDATE: We're Open and Ready to Serve Our ClientsLearn More Here

Articles Tagged with Selling Away

Ex-Park Avenue Securities Stockbroker Was Allowed to Resign By Broker-Dealer Following Probe

If you suffered losses while working with Nicholas Richard Palumbo, our broker fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) would like to talk to you. The previously registered financial representative is based in New York and he was a Park Avenue Securities broker from 1999 to 2020.

Nicholas Palumbo was allowed by the firm to step down in the midst of an investigation into whether he did not disclose an unapproved private securities transaction in which he solicited clients to participate. This practice is known as selling away. It typically involves a broker recommending that clients buy securities not held or offered by their brokerage firm of record. 

Former Canonsburg, Pennsylvania Stockbroker Faces Selling Away Allegations

Three years after the Financial Industry Regulatory Authority (FINRA) barred him, Jonathan Douglas Freeze remains the subject of eight pending customer disputes. Most of these investor claims accuse him of selling away and investing customers’ funds in Alternative Investment Holdings, a North Carolina real estate and investment holdings company, without Fortune Financial Services’ authorization.  

Freeze worked 21 years in the industry. He also previously was a broker for Summit Brokerage Services, LPL Financial (LPLA), Lincoln Financial Advisors, and The Lincoln National Life Insurance Company.

James Anderson, an ex-Ameritas Investment Corp. adviser, is now barred by the Financial Industry Regulatory Authority (FINRA) after he failed to participate in a probe into allegations that he had taken part in selling away. Ameritas fired Anderson earlier this year after the brokerage firm’s own investigation found that he had engaged in selling promissory notes and indexed annuities that it had not approved.

Anderson was at Ameritas for 14 years. In April, a claimant filed a FINRA arbitration case accusing of making unsuitable recommendations by pushing promissory notes. The allegations are related to the selling away charges against him. The claimant is asking for $400K in damages.

Selling Away

Contact Information