North Nassau Advisors Broker Brian Gimelson Guilty Of Tax Evasion

Brian Frederick Gimelson (CRD#: 2262474, Princeton, New Jersey) was a registered representative of North Nassau Advisors LLC between June 12, 2014 and November 21, 2017. Gimelson recently pled guilty to two counts of attempting to defeat or evade tax in connection with the sale of a Michelangelo Merisi da Caravaggio painting estimated to be worth millions of dollars. United States District Court for the Southern District of Indiana Docket #: 1:17-CR-0094TWP-MJD.

Brian Gimelson Of North Nassau Advisors Pleads Guilty To Tax Evasion

The federal indictment stated that Gimelson arranged for the “David with the Head of Goliath” painting to be sold to two companies, Southport Specialty Finance and Southport Lane Management, in return for a $38,500,000.00 promissory note. Evidently, to complete the transactions, the companies paid $2,800,000.00 to Gimelson between October 2012 and October 2015, and Gimelson subsequently paid the Caravaggio Trust (the original seller) an estimated $1,570,000.00. Apparently, Gimelson was compensated $1,230,000.00 to facilitate the transaction; however, taxes were evidently left unpaid by Gimelson on that sum.
During the time that the transactions were being consummated, Gimelson apparently established Green Moss Partners – a company he controlled that had been held in his spouse’s name. The prosecutors claimed that Gimelson instructed his spouse to make cash withdrawals from the accounts owned by the company to purchase items such as precious metals and collectibles – all in an effort to avoid the tax liability. Gimelson now faces a five year prison sentence.
Gimelson has a history of regulatory infractions. For example, Financial industry Regulatory Authority (“FINRA”) barred Gimelson in all capacities pursuant to a Letter of Acceptance, Waiver and Consent #20170548448-01 executed on November 21, 2017. Gimelson was found liable for failing to make an appearance and provide on-the-record testimony for FINRA investigators regarding allegations of his outside business activities.
The AWC stated that FINRA investigated Gimelson in July 2017 concerning his possibly unapproved outside business activities. FINRA asked Gimelson to testify under Rule 8210. Gimelson evidently acknowledged FINRA’s request but declined to participate in the investigation. FINRA found that Gimelson violated FINRA Rules 8210 and 2010.
In addition, at least two customers have lodged disputes concerning Gimelson’s sales practice violations. In one case, on March 15, 2001, a Sterling Financial Investment Group customer filed a complaint alleging unauthorized margin trading and excessive trading of equities in the customer’s account. The customer demanded $137,000.00 in damages as a result. The claim was denied by Sterling Financial Investment Group.
Also, a Point Capital customer filed a complaint on February 13, 2007. The customer contended that Gimelson made trades without the customer’s permission. The customer requested $35,688.14 in damages as a result. Pointe Capital denied the allegations.

Have you experienced losses from Brian Frederick Gimelson or other registered representatives based on unauthorized transactions? If so, contact Soreide Law Group at (888) 760-6552 and speak with an experienced attorney about the possibility of recovering your investment losses. Soreide Law Group represents clients nationwide and only charges a fee upon recovery of investment losses.