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

Ä¢¹½´«Ã½

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 Ä¢¹½´«Ã½

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.

 

Ä¢¹½´«Ã½ 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

Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. Ä¢¹½´«Ã½ will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

1786734880 Law
August 14, 2026
Cash Sweep Litigation Continues to Drive Legal Costs

Cash sweep litigation continues to increase legal costs for wealth management firms despite the Securities and Exchange Commission's (SEC) decision under the Trump administration to close pending investigations without imposing enforcement penalties, according to AdvisorHub.

1786636784 Law
August 13, 2026
FINRA Orders Centaurus Financial to Pay $1.1 Million Over Variable Annuity Supervision Failures

The Financial Industry Regulatory Authority (FINRA) has ordered Centaurus Financial Inc.

1786553985 Law
August 12, 2026
Proposed FINRA Enforcement Reforms Draw Mixed Reactions From Industry Participants

A new report recommending changes to the Financial Industry Regulatory Authority's (FINRA) enforcement program has generated mixed reactions from investor advocates, securities attorneys and industry professionals, according to ThinkAdvisor.