Finra bars former UBS rep involved in trading away investigation

Finra bars former UBS rep involved in trading away investigation
Nicolas Barrios refused to take part in inquiry over private company he founded.
JUN 12, 2019

The Financial Industry Regulatory Authority Inc. has barred former UBS representative and branch manager Nicolas Barrios for declining to take part in an investigation into alleged trading away activities. (More:UBS confronts 'one of the worst' Q1 environments in recent history) In April, Mr. Barrios was discharged by UBS after stating in a firm review that he had arranged for a client to invest away from the firm in a private company, that Mr. Barrios that personally invested in that company with the approval of UBS, and that he used his personal email to communicate with the client's family in order to detection by UBS. UBS later learned that at least seven of Mr. Barrios' clients moved money from UBS to outside bank accounts from which they wrote checks to a company with which Mr. Barrios was affiliated. (More:Advisers with $876 million in AUM join UBS from U.S. Trust) Mr. Barrios began his securities career at Chatfield Dean in 1991, moved to Merrill Lynch later that year, and then to First Union Brokerage, a forerunner of Wachovia Securities, in 1999. He joined UBS in 2008.

Latest News

The power of cultivating personal connections
The power of cultivating personal connections

Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.

A variety of succession options
A variety of succession options

Whichever path you go down, act now while you're still in control.

'I’ll never recommend bitcoin,' advisor insists
'I’ll never recommend bitcoin,' advisor insists

Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.

LPL raises target for advisors’ bonuses for first time in a decade
LPL raises target for advisors’ bonuses for first time in a decade

“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.

What do older Americans have to say about long-term care?
What do older Americans have to say about long-term care?

Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound