Former Purshe Kaplan Sterling Investments broker Lilia Nia (CRD# 6018019) faces a $12 million customer complaint related to unsuitable transactions. She has been registered with Purshe Kaplan Sterling Investments in Fairfield, New Jersey, from 2013 to 2021.
In August 2023, FINRA sanctioned him to pay a $5,000 civil and administrative penalty and fine and $150,000 in disgorgement. He was also suspended for one year after she “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.” FINRA found that she “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.” These actions caused the bank to take excessive risk. In doing so, it generated $1 million in commissions for the broker, of which more than $370,000 she transmitted to the other representative through a series of separate business and financial transactions. Additionally, FINRA found that, “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.”
In November 2023, the New Jersey Bureau of Securities suspended her for 7.5 months. This is currently on appeal.
Lilia Nia Customer Complaints
She has been the subject of one customer complaint, according to her CRD report:
August 2021. “Alleges breach of fiduciary duty, fraud and unsuitable transactions.” The customer sought $12,000,000 in damages, and the case was settled for $425,000. The complaint was regarding debt-backed assets, and it took place while she was registered with Purshe Kaplan Sterling Investments.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Purshe Kaplan Sterling Investments may be liable for investment or other losses suffered by Lilia Nia’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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