FINRA suspended Aliso Viejo-based broker Luis Nin for unauthorized trades while associated with UBS Financial Services in Newport Beach, California, assessing fines and an order to pay deferred disgorgement of commissions received for the improper transactions.
UBS terminated Nin in 2023, writing he "knowingly traded in [a] deceased client's account" and that he "falsely attested" to receiving instructions from said client to engage in those transactions.
According to the investigation, Luis E Nin (CRD #4372587) placed unauthorized trades in a customer account after learning that the account's authorized party had died, resulting in the liquidation of the entire account, approximately $260,000.
The report states that Nin received $2,551.10 in commissions and sales credits as the result of the trades, which FINRA ordered he repay as disgorgement. The findings also state that Nin inaccurately told UBS that the trades were authorized by the customer.
If you invested with Luis Nin or with any broker or investment adviser whose unauthorized trades in your or a loved one's accounts have resulted in losses, excessive commissions, or otherwise proven harmful to your investments or financial interests, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.