Nicolas Jesus Barrios (CRD# 2122824) has been permanently barred from the securities industry for not providing requested documents and information in connection with a FINRA investigation into allegations that he mismanaged and committed fraud in regard to a customer account.
Barrios was employed by UBS Financial Services Inc. in Winter Haven, Florida at the time of the alleged misconduct, and had been registered with UBS from November 2008 to May 2019.
FINRA’s BrokerCheck database shows six regulatory disclosures for Barrios, including four customer disputes, one termination, and the regulatory investigation and ban.
- FINRA Bar – Barrios was barred by FINRA on June 11, 2019 after he consented, through an Acceptance, Waiver & Consent (AWC), to findings that he failed to provide regulators with requested documents and information concerning claims that he mismanaged and committed fraud in regard to a customer account.
- UBS Termination – Barrios had been a registered Broker with UBS Financial Services from 2008 through 2019. He was discharged by UBS on April 25, 2019 following an internal review which found that he arranged for a client to invest away from the brokerage firm in a private company, that he personally invested in said company without UBS’ approval, and that he used a personal e-mail account to communicate with the client’s family in an attempt to evade detection by his brokerage firm. UBS reported at least 7 of Barrios’ clients moved money away from UBS to outside bank accounts from which they issued checks to an entity affiliated with Barrios.
- Customer Disputes – Barrios has four customer disputes on his record. A pending dispute initiated on April 23, 2019 claims Barrios made risky and unsuitable stock investments for a client given their age, and that Barrios took the client’s money and traded it outside of UBS without the client’s authorization. Alleged damages are estimated in excess of $5,000, and occurred while Barrios was employed by UBS from January 3, 2012 through January 15, 2019. Barrios has an additional three customer complaints from his time at Wachovia Securities and Merrill Lynch, all of which were denied.
Selling away occurs when brokers solicit investors to purchase investments or securities which are not held, offered, or approved by their brokerage firm. In addition to risks of investment losses, selling away is generally a violation of securities laws, and may be an indication that brokerage firms failed to adequately supervise brokers. Supervisory failures may result in broker-dealer liability in selling away cases.
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