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Former UBS Financial Services Inc. Broker Nicolas Barrios Barred by FINRA for Selling Away

Posted on Saturday, July 20th, 2019 at 8:05 pm    

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Erez Law is currently investigating former UBS Financial Services Inc. broker Nicolas Barrios (CRD# 2122824), who was recently barred by FINRA, regarding selling away. Barrios was registered with UBS Financial Services Inc. in Winter Haven, Florida from 2008 to May 2019, when he was terminated regarding, “Producing Branch Manager (“PBOM”) was discharged after stating during Firm review: (1) he arranged for client to invest away from firm in private company; (2) he personally invested in that company without firm approval; and (3) he used personal email to communicate with client’s family in an attempt to evade Firm detection. Firm subsequently learned that at least seven of PBOM’s clients moved money from UBS accounts to outside bank accounts from which they wrote checks to an entity with which PBOM is affiliated.”

In June 2019, FINRA barred Barrios after he consented to the sanction and to the entry of findings that he failed to provide FINRA with requested documents and information in connection with FINRA’s investigation into allegations that Barrios mismanaged and committed fraud with respect to a customer’s account.

Barrios has been the subject of four customer complaints between 1997 and 2019, three of which were denied, according to his CRD report:

April 2019. “Time Frame: January 3, 2012 to January 15, 2019 What were the allegations against the individual? The client’s beneficiaries allege the Financial Advisor invested in risky stocks for her age. She further alleges the FA stated he took her money and traded it outside of UBS. She finally alleges the client did not authorize stock trades and thought her money was safe.” The case is currently pending.

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, UBS Financial Services Inc. may be liable for investment or other losses suffered by Barrios’ customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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.