PAUL X NANNICELLI Fined and Suspended

PAUL XAVIER NANNICELLI (PAUL X NANNICELLI) was suspended for eight months and fined $5,000.00 by the Financial Industry Regulatory Authority (FINRA), according to FINRA’s BrokerCheck dated 6/30/2025. Nannicelli was with LPL FINANCIAL of Mont Vernon, New Hampshire, from 05/27/1993 - 08/28/2023.  According to FINRA’s BrokerCheck, PAUL X NANNICELLI has 40 years of experience in the securities industry and was listed with 3 firms.

Without admitting or denying FINRA’s findings, PAUL X NANNICELLI consented to the sanctions and to the entry of findings that he allegedly circumvented his members firm's procedures prohibiting registered representatives or their immediate family members from being named as a beneficiary on a client's account without the firm's approval.

FINRA’s findings alleged that PAUL X NANNICELLI circumvented these procedures when he assisted a client, to whom he was not related, with designating his immediate family members as beneficiaries of the client's accounts held at the firm.

According to the FINRA report, in September of 2020, following the death of the client's husband, the client signed and submitted forms changing the beneficiaries on the accounts. FINRA states that the primary beneficiary on each account was changed to PAUL X NANNICELLI's wife, and the contingent beneficiaries were changed to Nannicelli's four children.

FINRA states that the forms, which PAUL X NANNICELLI prepared, identified each of the new beneficiaries as a family friend, even though Nannicelli's wife and children had never met the client in person. According to FINRA, Nannicelli did not seek the firm's approval for the beneficiary designations and certified on firm compliance questionnaires that he was not aware of an immediate family member being a beneficiary on any client accounts.

According to FINRA, after PAUL X NANNICELLI's resignation from his member firm, the client complained to the firm about the beneficiary designations and closed all her accounts. FINRA states that Nannicelli and his family did not benefit financially from the beneficiary designations.

According to a recent article from AdvisorHub, PAUL X NANNICELLI, after leaving LPL, worked at Ameriprise Financial in Hingham, Massachusetts, for four months before leaving in December 2023. Nannicelli has not registered with another firm. 

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