On August 14, 2024, former UBS Financial Services Inc. of Newport Beach, California, broker, Luis E Nin, was fined $5,000 and given a one-month suspension by FINRA. According to a recent article in AdvisorHub, the ex-UBS broker placed 10 trades in a client’s account after allegedly finding out that the client had died. The article states that the trades took place between June 29 and July 25, 2022, and Nin allegedly liquidated the entire account. Luis E Nin was with UBS from 03/06/2009 - 03/01/2023.
Without admitting or denying FINRA’s findings, Luis E Nin consented to the sanctions and to the entry of findings that he allegedly placed unauthorized trades in a client account after learning that the authorized party on the account had died.
FINRA’s findings stated that although Nin allegedly confirmed the trades with a relative of the deceased, that person did not have trading authority on the account. According to the FINRA report, the trades liquidated the entire account value of over $260,000 to cash and was allegedly done in order to prevent further market losses. Nin received $2,551.10 in commissions and sales credits as a result of the trades. In connection with placing the trades allegedly, Luis E Nin inaccurately indicated to his member firm that he had received instructions for the trades from the client.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, Luis E Nin, has been in the securities industry for 19 years and was listed with 3 firms. Nin has 2 disclosures on his FINRA CRD report, one of the disclosures is the “Regulatory,” fining and suspending him, the other is an, “Employment Separation after Allegations,” discharging him from UBS dated 1/31/2023. The allegations were, “Discharged after review determined that he knowingly traded in deceased client's account, falsely attested to having spoken to the client, and was not forthcoming when questioned about the trades.”
If you or an elderly loved one have experienced investment losses due to the actions or recommendations from the former UBS Financial Services Inc. of Newport Beach, California, broker, Luis E Nin, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.
