Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Luis Nin (Nin), previously associated with UBS Financial Services Inc., has at least one disclosable event. These events include one tax lien, alleging that Nin recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on August 14, 2024.
Without admitting or denying the findings, Nin consented to the sanctions and to the entry of findings that he placed unauthorized trades in a customer account after learning that the authorized party on the account had died. The findings stated that although Nin confirmed the trades with a relative of the deceased, that person did not have trading authority on the account. The trades liquidated the entire account value of over $260,000 to cash and were 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, Nin inaccurately indicated to his member firm that he had received instructions for the trades from the customer.
