June 16, 2025
FINRA Barred
On May 20, 2025, the Financial Industry Regulatory Authority (FINRA) permanently barred General Securities Representative Nicholas Michael Armellino after he refused to cooperate with a regulatory investigation by declining to testify under oath.
Armellino has been registered in the securities industry since 1999 and was most recently associated with GMS Group. According to FINRA, the investigation originated from a regulatory tip and included a formal request issued on March 31, 2025, for on-the-record testimony. Armellino, through his legal counsel, acknowledged the request but stated he would not appear.
This refusal violated FINRA Rule 8210, which requires associated persons to provide testimony or documentation during regulatory investigations. The failure to comply also constituted a violation of FINRA Rule 2010, which mandates that members observe high standards of commercial honor.
By refusing to testify, Armellino has been barred from associating with any FINRA member firm in any capacity, including clerical or administrative roles.
If you invested with Nicholas Michael Armellino or GMS Group and suspect misconduct or unsuitable investment advice, you may have a right to pursue recovery. Contact the attorneys at ChapmanAlbin for a free case evaluation. We represent investors nationwide in FINRA and securities arbitration matters.
Call (877) 410-8172 or visit www.chapmanalbin.com to learn more.
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