Nathan Balassiano Suspended By FINRA For Allegedly Executing Unauthorized Trades
Nathan Balassiano (CRD #: 7238162), a broker formerly registered with BTG Pactual US Capital, was suspended by FINRA, according to his BrokerCheck record, accessed on February 14, 2022.
This suspension stems from allegations that Nathan Balassiano executed sales of securities in a customer's account without obtaining authorization. Unauthorized trading occurs when a broker executes securities transactions without authorization from their client. Unless an account has been approved for discretionary trading, a broker must always have authorization from an investor before executing any trades.
Read on for more details regarding the suspension.
According to the findings, between March 25, 2021, and May 24, 2021, an imposter posing as an employee of a financial advisory company with signature authority for the customer's accounts emailed Nathan Balassiano requests to wire funds from the customer's accounts to third parties, including parties in Turkey, Indonesia, and Hong Kong.
Nathan Balassiano was allegedly unaware that an imposter sent the requests. On three separate occasions, he reportedly sold securities in the customer's accounts, totaling $1,067,271.87, to fund the wire transfers. The findings further allege that he liquidated the customer's securities positions, even though the imposter did not request the sale and even though he lacked the authorization to sell those securities.
Executing unauthorized trades violates FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade.
As part of the terms of the AWC, Nathan Balassiano consented to:
- A 60-calendar-day suspension
- A $7,500 fine
You can read the full copy of the AWC here.
Nathan Balassiano has passed the following exams:
- Series 7TO - General Securities Representative Examination
- SIE - Securities Industry Essentials Examination
Besides BTG Pactual US Capital, Nathan Balassiano has not worked with any other firm.
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