FINRA Bars Former UBS Adviser Nicolas J. Barrios for Refusing to Provide Documents

Posted on June 17th, 2019 at 4:28 PM
FINRA Bars Former UBS Adviser Nicolas J. Barrios for Refusing to Provide Documents

From the Desk of Jim Eccleston at Eccleston Law LLC:

The Financial Industry Regulatory Authority (“FINRA”) recently barred Nicolas J. Barrios (CRD No. 2122824) from the industry for refusing to provide documents and information requested by FINRA in connection with a fraud investigation.

According to FINRA’s BrokerCheck, Barrios had been with UBS Financial in Winter Haven, Florida for over ten years, from November 7, 2008 until May 15, 2019. UBS dismissed Barrios after allegations that “(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.” A FINRA inquiry followed.

The Letter of Acceptance, Waiver, and Consent (“AWC”) reveals that FINRA staff sent Barrios a letter requesting documents and information related to FINRA’s investigation “into allegations that Barrios mismanaged and committed fraud with respect to a customer’s account.” The AWC further details that Barrios, through his lawyer, acknowledged the receipt of the FINRA request but refused to produce the documents and information demanded.

FINRA Rule 8210 gives FINRA staff the right to require associated persons to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation, complaint, examination or proceeding.” Similarly, the rule authorizes FINRA to “inspect and copy the books, records, and accounts of such member or person with respect to any matter involved in the investigation, complaint, examination, or proceeding that is in such member’s or person’s possession, custody or control.” Importantly, FINRA Rule 8210 in absolute terms states, “No member or person shall fail to provide information or testimony or to permit an inspection and copying of books, records, or accounts pursuant to this Rule.”

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, nicolas barrios, awc, finra, brokercheck, ubs financial, fraud investigation

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Thank you for your professional assistance with this matter. You are very good at what you do.

John T.


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