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Paul Nannicelli of Amherst, NH Suspended Regarding Designations on Elderly Client Beneficiary Forms
You may have legal options to recover your losses if you were investing with Paul Nannicelli in Amherst, New Hampshire. According to FINRA, this advisor allegedly submitted beneficiary change forms designating his own family members as beneficiaries of customer’s accounts without notice to and approval from” LPL Financial. Our securities and investment fraud law firm is reviewing this FINRA regulatory action involving Paul Nannicelli and LPL Financial.
FINRA Allegations Against Paul Nannicelli
FINRA brought a regulatory action against Nannicelli, alleging that he circumvented LPL Financials’ policies by having his immediate family members named as beneficiaries of his customer’s accounts. In August 2023, LPL Financial allowed him to resign while under internal investigation.
FINRA alleged that in September 2020, following the death of a customer’s husband, the customer signed and submitted new beneficiary forms on the customer’s six accounts. Nannicelli’s wife and four children were named as the beneficiaries of each account, and the new beneficiaries were listed as “family friends”, according to documents that were allegedly prepared by Nannicelli.
As a result of the investigation, Nannicelli was suspended from the securities industry for eight months and fined $5,000.
Advisor Background
Paul Nannicelli was a representative of LPL Financial from 1993 to August 2023. He worked at an Amherst, New Hampshire office. He then briefly worked at Ameriprise from August 2023 to December 2023 in a Hingham, Massachusetts office.
What If I Have Investment Losses or Suspect Fraud?
New Hampshire investors have the right to pursue claims through FINRA arbitration, a legal forum designed to help recover funds lost due to broker misconduct or unsuitable investment recommendations.
Paul Nannicelli may be individually liable for misrepresentation, unsuitable advice, or breach of fiduciary duty. However, LPL Financial may also bear responsibility if they failed to properly supervise this advisor or ignored warning signs.
We Represent Investors in Amherst and Across New Hampshire
At Israels & Neuman, we have helped thousands of investors nationwide recover money lost due to financial advisor misconduct and represent investors throughout New England. Attorneys Dave Neuman and Aaron Israels have extensive experience handling claims involving LPL Financial.