Tr?id=566623520170033&ev=PageView&noscript=1

ÍøÆØ³Ô¹Ï

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 ÍøÆØ³Ô¹Ï

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.

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I just wanted to say thanks again for preparing and executing my case in such a professional manner. It was a pleasure to watch two professionals take such pride in their work, as well as becoming personally in tune with your client (Me). I would personally recommend you and your firm to anyone.

John O.

LATEST NEWS AND ARTICLES

1783615970 Law
July 9, 2026
FINRA Suspends Former Branch Manager for Supervisory Failures Linked to Excessive Trading and Churning

A former regional branch manager at a broker-dealer has agreed to Financial Industry Regulatory Authority (FINRA) sanctions after the regulator found that he failed to supervise registered representatives who engaged in excessive trading and churning of customer accounts.

1783525964 Law
July 8, 2026
SEC Sanctions David Lerner Associates for Regulation Best Interest Violations

David Lerner Associates has agreed to settle Securities and Exchange (SEC) charges alleging violations of Regulation Best Interest (Reg BI) that resulted in unnecessary costs to retail investors, according to InvestmentNews.

1783434190 Law
July 7, 2026
Private Credit Funds Face Mounting Redemption Pressure as Investor Sentiment Shifts

A surge in investor redemption requests has intensified pressure on private credit funds, raising concerns about liquidity and long-term stability across the asset class, as reported by The Wall Street Journal.