FINRA Fines and Suspends Ex-UBS Advisor for Trading in Deceased Client's Account

Posted on August 28th, 2024 at 10:25 AM
FINRA Fines and Suspends Ex-UBS Advisor for Trading in Deceased Client's Account

From the desk of Jim Eccleston at Eccleston Law

As reported by AdvisorHub, the Financial Industry Regulatory Authority (FINRA) has fined a former UBS advisor Luis E. Nin $5,000 and suspended him for one month after he placed unauthorized trades in a deceased client’s account.

According to the settlement, known as an Acceptance, Waiver, and Consent (“AWC”), Nin executed ten trades between June 29 and July 25, 2022, liquidating the entire $260,000 account. Nin claimed he made the trades to "prevent further market losses" after learning of the client’s death. Despite confirming the trades with a relative of the deceased, FINRA noted that this individual lacked the necessary trading authority on the account. Additionally, Nin falsely stated to UBS that he had spoken directly with the deceased client.

These actions violated FINRA Rule 2010, which mandates that brokers maintain high ethical standards. In addition to the fine and suspension, Nin was required to forfeit $2,551 in commissions earned from the unauthorized trades.

He accepted the penalties without admitting or denying FINRA’s findings in the AWC and currently is not registered in the industry.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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