Gregg Nussbaum Permanently Barred by FINRA for Exceeding His Trading Authority
Gregg N. Nussbaum, a former Registered Representative with West Palm Beach, Florida-based First Integrity Capital Partners Corp. (First Integrity Capital), submitted a Letter of Acceptance, Waiver and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) sanctions and findings that he intentionally exceeded his trading authority while a proprietary trader at First Integrity Capital. According to FINRA, Mr. Nussbaum, of Deerfield, Florida, had the firm’s authority to engage in riskless principal trading, in which he could simultaneously open and close a U.S. Treasury position of less than $5 million par value. FINRA claims Mr. Nussbaum did not open and close positions simultaneously but instead left the positions open for extended periods throughout the day. Moreover, it alleged he exceeded his firm’s $5 million par value limit. In order to accomplish this misconduct, FINRA found that Mr. Nussbaum intentionally submitted order tickets containing false execution times, in violation of FINRA Rule 2010 and NASD Conduct Rule 3110(a). Mr. Nussbaum’s alleged fraudulent activity caused First Integrity Capital to conduct securities business while net-capital deficient, which is in violation of the required minimum net capital of $100,000. As a result of his unlawful conduct, Gregg Nussbaum was permanently barred from association with any FINRA member in any capacity.
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