The allegations read: 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.
