When communicating online or investing with any professional, make sure you know who you’re dealing with. Imposters might link to sites like BrokerCheck from phishing or similar scam websites, or through social media , trying to steal your personal information or your money. Please contact FINRA with any concerns.
The representative was previously registered both as an investment adviser and as a broker. Visit BrokerCheck for more information on this individual's Broker record. Go to BrokerCheck Site
NIA IS THE SUBJECT OF AN ORDER OF A SELF-REGULATORY ORGANIZATION EXPELLING HER FROM A SELF-REGULATORY ORGANIZATION.
Resolution
Order
Sanctions
Suspension
Registration Capacities Affected
All Capacities
Duration
7.5 Months
Duration Explanation
The investment adviser representative registration of Nia is SUSPENDED through
August 6, 2024 or the date of full payment of all FINRA fines and disgorgement specified in the AWC, whichever date is later.
Start Date
11/15/2023
End Date
8/6/2024
Sanctions
The investment adviser representative registration of Nia is SUSPENDED through August 6, 2024 or the date of full payment of all FINRA fines and disgorgement specified in the AWC, whichever date is later. All exemptions contained in N.J.S.A. 49:3-50 subsection (a) paragraph 9, 10, and 11, and subsection (b), are hereby DENIED as to Lilia Nia through August 6, 2024 or the date of full payment of all FINRA fines and disgorgement specified in the AWC, whichever date is later. The exemptions to the registration requirements provided by N.J.S.A. 49:3-56(b), N.J.S.A. 49:3-56(c), and N.J.S.A. 49:3-56(g), are hereby DENIED as to Lilia Nia through August 6, 2024 or the date of full payment of all FINRA fines and disgorgement specified in the AWC, whichever date is later.
8/2/2023
Regulatory
Final
Initiated By
FINRA
Allegations
Without admitting or denying the findings, Nia consented to the sanctions and to the entry of findings that she effected unauthorized transactions in a community bank account, which was her member firm customer, without obtaining instructions from any person authorized to conduct trading for the bank. The findings stated that Nia accepted orders for the bank's trading from a firm registered representative who was not authorized to place orders for the bank and permitted him to place orders for the bank. As an advisory board member for the bank, the other representative was not authorized to accept or place securities orders for the bank's accounts due to the conflict of interest posed by his affiliation with the bank and the firm. The trading effected by Nia, based upon instructions from the other representative, caused the bank to take excessive risk. The trading for the bank generated approximately $1 million in commissions for Nia, more than $370,000 of which she transmitted to the other representative through a series of separate business and financial transactions. Because the firm lacked its own fixed-income trading desk, it was frequently required to use a "broker's broker" to acquire fixed income securities for the bank, which resulted in it paying approximately $1.25 million in markups to the broker's broker, in addition to commissions to the firm. As a result of this trading, the bank also spent more than $600,000 to remediate the risk of its investment portfolio.
Resolution
Acceptance, Waiver & Consent(AWC)
Sanctions
Civil and Administrative Penalty(ies)/Fine(s)
Amount
$5,000.00
Sanctions
Disgorgement
Amount
$150,000.00
Sanctions
Suspension
Registration Capacities Affected
All capacities
Duration
one year
Start Date
8/7/2023
End Date
8/6/2024
Sanctions
In light of Nia's financial status, the sanctions do not include full disgorgement or interest.
8/16/2021
Customer Dispute
Settled
Allegations
Alleges breach of fiduciary duty, fraud and unsuitable transactions.
Damage Amount Requested
$12,000,000.00
Settlement Amount
$425,000.00
Broker Comment
**** DRP filed in error
License(s)
The broker is not currently registered with any state or SRO.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.