National investment loss lawyers KlaymanToskes is investigating former UBS Financial Services broker and branch manager Nicolas Barrios (CRD # 2122824) after he was barred from the securities industry for refusing to cooperate with a FINRA investigation.
According to FINRA’s Letter of Acceptance, Waiver and Consent (No. 2019061655701), as of June 2019, Barrios was barred from associating with any Financial Industry Regulatory Authority (“FINRA”) member in any capacity. The disciplinary action followed Barrios’ refusal to provide documents and information requested by FINRA in connection with its investigation into the circumstances surrounding his termination from UBS. The firm had discharged Barrios after he admitted to facilitating client investments in a private company away from UBS, personally investing in that same company without approval, and using personal email to avoid detection.
Investors that suffered losses with broker Nicolas Barrios are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss potential recovery options. KlaymanToskes offers free and confidential consultations.
Investors who suffered losses under the recommendations of former UBS Financial Services broker and branch manager Nicolas Barrios may have grounds to pursue a financial recovery.
Barrios was permanently barred from the securities industry by the Financial Industry Regulatory Authority (FINRA) after he failed to cooperate with an investigation into allegations of fraud and account mismanagement. Despite multiple requests and deadline extensions, Barrios refused to provide documents and information to aid FINRA in their investigation of such allegations as required under FINRA Rules 8210 and 2010.
Prior to the bar, UBS terminated Barrios in April 2019 following admissions during a Firm review that he: (1) arranged for a client to invest in a private company away from the firm; (2) personally invested in the same company without authorization; and (3) used personal email to communicate with a client’s family to avoid Firm detection. UBS later discovered that at least seven of his clients transferred funds from their UBS accounts to external accounts from which they wrote checks to an entity affiliated with Barrios.
These actions raise serious concerns about “selling away”—a violation that occurs when a broker solicits investments outside of their firm’s oversight. Brokerage firms like UBS may be held liable for failing to supervise their representatives and protect clients from potential misconduct.
If you invested with Nicolas Barrios and experienced financial losses, you may be eligible to recover your funds through FINRA arbitration. Contact KlaymanToskes for a free, confidential consultation to discuss your legal options.
As an investor, there are a few signs that you should look out for if you believe you may have been involved in a “selling away” transaction. These signs could potentially indicate misconduct, a brokerage firm’s failure to supervise their broker, or other securities violations. Investors are encouraged to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Nicolas Barrios, or have concerns regarding your investment portfolio at UBS Financial Services, or with any other financial advisor or firm, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.