Eric Edward Nicolassy (CRD #6244539, Staten Island, New York)

March 24, 2022 – An AWC was issued in which Nicolassy was suspended from association with any FINRA member in all capacities for four months and ordered to pay $32,134.09 in partial restitution to customers. In light of Nicolassy’s financial status, no monetary fine has been imposed. Without admitting or denying the findings, Nicolassy consented to the sanctions and to the entry of findings that he excessively and unsuitably traded a senior customer’s account. The findings stated that although the customer’s account had an average month-end equity of $106,293, Nicolassy executed purchases with a total principal value of $5,138,740. Collectively, the trades Nicolassy executed caused the customer to pay $71,409.09 in commissions and $10,410 in trade costs and margin interest, which resulted in an annualized cost-to-equity ratio in excess of 76 percent – meaning the customer’s account would have to grow by more than 76 percent annually just to break even. As a result, the customer suffered more than $125,000 in losses. The findings also stated that Nicolassy exercised discretion in customer accounts without having obtained prior written authorization from the customers. The suspension is in effect from April 18, 2022, through August 17, 2022. (FINRA Case #2019063382401)