The Financial Industry Regulatory Authority (“FINRA”) announced it expelled UBS Financial Services Inc. securities broker Nicolas Barrios (CRD#: 2122824, Winter Haven, Florida). Evidently, Barrios – who worked for UBS as a Production Branch Manager from November 14, 2008 to May 15, 2019 – consented to the sanction of a bar by executing a Letter of Acceptance, Waiver, and Consent (“AWC”) #: 2019061655701 on May 31, 2019, which FINRA accepted June 11, 2019. FINRA determined that Barrios violated FINRA Rules by being unresponsive to FINRA requests while under investigation. Here’s more on the disciplinary action suggesting Barrios may have defrauded an investor:

FINRA Investigates Nicolas Barrios’ Potential Fraud, Mismanagement Of Investor’s Assets


Evidently, FINRA asked Nicolas Barrios in April 2019 to provide documents and information relating to allegations of Barrios’ fraud and mismanagement of an investor’s account. FINRA had authority to request this information pursuant to Rule 8210. Indeed, FINRA has the power to impose sanctions, including a bar, when securities brokers don’t comply.

Here, FINRA says it asked Nicolas Barrios to respond by May 10, 2019. However, Barrios did not give FINRA any information or documents by then. The AWC confirms that Barrios did not respond to a second request either. Evidently, Barrios’ attorney told FINRA that Barrios would not cooperate with its requests. Eventually, Barrios executed the AWC to confirm his refusal to follow FINRA’s instructions when under investigation. As a result, FINRA indefinitely barred Barrios from acting as a broker or associating with securities firms.

UBS Discharges Barrios On April 25, 2019 For Possible Private Securities Transactions

FINRA’s bar of Nicolas Barrios comes on the heels of UBS Financial Services disaffiliating with the securities broker. According to FINRA BrokerCheck, UBS Financial Services Inc. says it discharged Barrios because he helped a client invest in a private company. Notably, UBS alleged that the client did not make this investment through the firm – the firm never approved the investment. Also, UBS alleged that Barrios communicated privately with a client’s family so UBS would not know about it. UBS says that Barrios ended up helping seven clients transfer their UBS assets to unaffiliated banks. After the assets were placed into the outside bank accounts, those clients supposedly made payments to a company who maintained ties to Barrios.

Clients Files Disputes About Nicolas Barrios’ Sales Practice Violations

Evidently, a client of UBS Financial Services complained about Nicolas Barrios in April 2019. Particularly, the client stated that Barrios, or a financial advisor he supervised, made unreasonable investments with the client’s money. Supposedly, those investments were unsuitable because of the client’s risk tolerance. Not only that, but the client suggested that Barrios “took her money” to trade away from UBS. Also, Barrios allegedly made trades that the client did not authorize. Because of the alleged unsuitable and unauthorized transactions, the client requested undisclosed compensatory damages.

FINRA shows that two Merrill Lynch clients and one Wachovia Securities client challenged Nicolas Barrios’ sales practices as well. Notably, the Merrill Lynch clients accused Barrios of making unauthorized trades and failing to follow instructions. The Wachovia client suggested that Barrios invested the client’s assets in unsuitable investments. However, those claims closed without resolution.

Did Barrios Sell You Unsuitable Investments?

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Have you experienced losses by investing with securities broker Nicolas Barrios? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.