Written by The White Law Group• June 12, 2019• 7:32 pm• Blog

Nicolas Barrios, UBS Financial | Broker Investigation

FINRA Reportedly Bars Nicolas Barrios, of UBS Financial in Winter Haven, FL

Are you concerned about your investments with Nicolas Barrios & UBS Financial? If so, the securities attorneys at The White Law Group may be able to help you through FINRA Arbitration.

According to a Letter of Acceptance, Waiver & Consent signed on June 11, 2019, the Financial Industry Regulatory Authority (FINRA) has reportedly barred Nicolas J. Barrios from associating with any FINRA member at any time.

On April 25, 2019, FINRA staff reportedly sent Barrios a letter requesting documents and information, in connection with FINRA’s investigation “into allegations that Barrios mismanaged and committed fraud with respect to a customer’s account.” As reportedly confirmed by Barrios’s lawyer and according to the AWC, Barrios acknowledges that he received FINRA’s request and will not produce the documents and information requested.

According to Barrios’ FINRA BrokerReport, he was allegedly registered with UBS Financial in Winter Haven, FL from November 2008 until May 2019 when he was reportedly dismissed after allegedly “(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.”

Further, UBS reportedly learned that at least seven of Barrios’ clients allegedly moved money from UBS accounts to outside bank accounts from which they wrote checks to an entity with which Barrios was purportedly affiliated, according to FINRA.

Under “Other Business Activities” on hisbroker record, Barrios was reportedly involved in an Auto Boat Broker Dealer.

For FINRA’s full findings see FINRA Case Number 2019061655701.

Investigation – Investors may have claims.

The White Law Group is investigating potential securities fraud claims involving the liability that Barrios’ former employers may have for failure to properly supervise him.

Brokers have a fiduciary duty to make investment recommendations that are consistent with the clients net worth, investment experience and objectives. Risk tolerance, age, and liquidity needs also need to be considered.

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including Florida. Our attorneys have recovered millions of dollars from many brokerage firms in the past, including UBS Financial.