{"id":10710,"date":"2022-06-21T14:48:58","date_gmt":"2022-06-21T18:48:58","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=10710"},"modified":"2022-06-21T14:48:58","modified_gmt":"2022-06-21T18:48:58","slug":"finra-suspends-eric-nicolassy-after-churning-customer-accounts","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-eric-nicolassy-after-churning-customer-accounts\/","title":{"rendered":"FINRA Suspends Eric Nicolassy After Churning Customer Accounts"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-10711 size-full\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/06\/Eric-Nicolassy.png\" alt=\"Eric Nicolassy (Eric Edward Nicolassy CRD# 6244539) is a broker currently registered with Network 1 Financial Securities Inc. (CRD#: 13577) of Red Bank, NJ. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095), also of Red Bank, NJ, Alexander Capital, L.P. (CRD#:40077) and Woodstock Financial, both of Staten Island, NY. He has been in the industry since 2014.  On 10\/04\/2021, a client filed a dispute with allegations of \u201cSuitability, Excessive Trading, Unauthorized Trading, Breach of Fiduciary Duty.\u201d \u00a0The client\u2019s requested damages total $103,056.69. Nicolassy denies the allegations. This dispute is currently pending.  FINRA initiated an investigation into this client dispute. Its findings concluded that from August 2018 through July 2019, Nicolassy excessively and unsuitably traded in four customer accounts, one of whom was an 83-year-old retired real estate broker.  Between 5\/29\/2019 and 5\/16\/2019, Nicolassy also exercised discretionary authority to effect at least 18 trades in four customer accounts without getting prior written authorization from them. This activity occurred during his employment at Woodstock Financial Group. The elderly customer paid $71,409.09 in commissions and $10,410 in trade costs and margin interest, experiencing losses of more than $125,000.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/06\/Eric-Nicolassy.png 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/06\/Eric-Nicolassy-180x120.png 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Eric Nicolassy (Eric Edward Nicolassy CRD# <a href=\"https:\/\/brokercheck.finra.org\/individual\/summary\/6244539\" target=\"_blank\">6244539<\/a>) is a broker currently registered with Network 1 Financial Securities Inc. (CRD#: 13577) of Red Bank, NJ. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095), also of Red Bank, NJ, Alexander Capital, L.P. (CRD#:40077) and Woodstock Financial, both of Staten Island, NY. He has been in the industry since 2014. <a href=\"https:\/\/www.silverlaw.com\/blog\/finra-suspends-eric-nicolassy-after-churning-customer-accounts\/#more-10710\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eric Nicolassy (Eric Edward Nicolassy CRD# 6244539) is a broker currently registered with Network 1 Financial Securities Inc. (CRD#: 13577) of Red Bank, NJ. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095), also of Red Bank, NJ, Alexander Capital, L.P. (CRD#:40077) and Woodstock Financial, both of Staten Island, NY. He has been in the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[589,580],"tags":[],"class_list":["post-10710","post","type-post","status-publish","format-standard","hentry","category-churning-2","category-stockbroker-misconduct"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FINRA Suspends Eric Nicolassy After Churning Customer Accounts &#8212;<\/title>\n<meta name=\"description\" content=\"Eric Nicolassy is a broker currently registered with Network 1 Financial Securities Inc. (CRD#: 13577) of Red Bank, NJ.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/finra-suspends-eric-nicolassy-after-churning-customer-accounts\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FINRA Suspends Eric Nicolassy After Churning Customer Accounts &#8212;\" \/>\n<meta name=\"twitter:description\" content=\"Eric Nicolassy is a broker currently registered with Network 1 Financial Securities Inc. (CRD#: 13577) of Red Bank, NJ.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/06\/Eric-Nicolassy.png\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Silver Law Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FINRA Suspends Eric Nicolassy After Churning Customer Accounts &#8212;","description":"Eric Nicolassy is a broker currently registered with Network 1 Financial Securities Inc. (CRD#: 13577) of Red Bank, NJ.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-eric-nicolassy-after-churning-customer-accounts\/","twitter_card":"summary_large_image","twitter_title":"FINRA Suspends Eric Nicolassy After Churning Customer Accounts &#8212;","twitter_description":"Eric Nicolassy is a broker currently registered with Network 1 Financial Securities Inc. (CRD#: 13577) of Red Bank, NJ.","twitter_image":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/06\/Eric-Nicolassy.png","twitter_misc":{"Written by":"Silver Law Group","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-eric-nicolassy-after-churning-customer-accounts\/#article","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-eric-nicolassy-after-churning-customer-accounts\/"},"author":{"name":"Silver Law Group","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"headline":"FINRA Suspends Eric Nicolassy After Churning Customer Accounts","datePublished":"2022-06-21T18:48:58+00:00","mainEntityOfPage":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-eric-nicolassy-after-churning-customer-accounts\/"},"wordCount":778,"image":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-eric-nicolassy-after-churning-customer-accounts\/#primaryimage"},"thumbnailUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/06\/Eric-Nicolassy.png","articleSection":["Churning","Stockbroker Misconduct"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-eric-nicolassy-after-churning-customer-accounts\/","url":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-eric-nicolassy-after-churning-customer-accounts\/","name":"FINRA Suspends Eric Nicolassy After Churning Customer Accounts &#8212;","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-eric-nicolassy-after-churning-customer-accounts\/#primaryimage"},"image":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-eric-nicolassy-after-churning-customer-accounts\/#primaryimage"},"thumbnailUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/06\/Eric-Nicolassy.png","datePublished":"2022-06-21T18:48:58+00:00","author":{"@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"description":"Eric Nicolassy is a broker currently registered with Network 1 Financial Securities Inc. 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