(CRD #1089038, Mont Vernon, New Hampshire)

June 30, 2025 – An AWC was issued in which Nannicelli was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for eight months. Without admitting or denying the findings, Nannicelli consented to the sanctions and to the entry of findings that he circumvented his member firm’s procedures prohibiting registered representatives or their immediate family members from being named as a beneficiary on a customer’s account without the firm’s approval. The findings stated that Nannicelli assisted a customer, to whom he was not related, with designating his immediate family members as beneficiaries on six of the customer’s accounts held at the firm. Following the death of the customer’s husband, the customer signed and submitted forms changing the beneficiaries on the accounts. The primary beneficiary on each account was changed to Nannicelli’s wife, and the contingent beneficiaries were changed to Nannicelli’s four children. The forms, which Nannicelli prepared, identified each of the new beneficiaries as a family friend, despite the fact that Nannicelli’s wife and children had never met the customer in person. Nannicelli did not seek the firm’s approval for the beneficiary designations. Nannicelli certified on firm compliance questionnaires that he was not aware of an immediate family member being a beneficiary on any client accounts. Subsequent to Nannicelli’s resignation from the firm, the customer complained to it about the beneficiary designations and closed all of her accounts. Nannicelli and his family did not benefit financially from the beneficiary designations. The suspension is in effect from July 7, 2025, through March 6, 2026. (FINRA Case#2023080478101) If you have suffered losses as a result of Paul Xavier Nannicelli act and/or actions, we would like to hear from you. We are currently investigating claims on behalf of clients who have suffered significant losses in their portfolios that are managed by Paul Xavier Nannicelli. The Schwartz Law Firm represents investors in claims against financial advisors and their firms. If you have questions about your potential claim or need assistance from an investment fraud lawyer, please contact us at 866-330-6707 or email Matthew Schwartz directly at mschwartz@tslfirm.com.