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

Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says
Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says

Counting advisor moves in and out of firms requires some art as well as science.

Carson Group's M&A head sees '10-to-15 year bull market' for RIAs
Carson Group's M&A head sees '10-to-15 year bull market' for RIAs

“I'm just a big believer that based on demographics alone, we are looking at a 10-to-15 year bull market in M&A in the RIA and independent wealth space,” said Michael Belluomini, SVP of M&A at Carson Group.

Nationwide finds Medicare myth on long-term care could cost Americans dearly
Nationwide finds Medicare myth on long-term care could cost Americans dearly

As a tsunami of retirees comes crashing in, three-fifths of those surveyed believe – wrongly – that the federal safety net will cover their LTC needs.

Fintech bytes: Orion, Altruist unveil new RIA-focused integrations
Fintech bytes: Orion, Altruist unveil new RIA-focused integrations

Orion's latest update, a partnership with 11th.com, focuses on an underserved area of compliance for advisors and wealth firms.

Raymond James reels in advisors managing $1B+ in Colorado
Raymond James reels in advisors managing $1B+ in Colorado

The latest arrivals, including a 10-advisor ensemble from Ameriprise, bolster the firm's independent contractor and employee advisor channels.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave