SEC charges former UBS financial adviser with stealing $5.8 million

The Securities and Exchange Commission (SEC) has brought up charges against German Nino, a former securities broker and investment adviser representative for UBS Financial Services Inc. for stealing $5.8 million from a long-standing client.

The regulator alleges that over a six-year period, Nino stole the funds from his client’s accounts. He used $4.2 million of the money on gifts for several women with whom he had romantic relationships.

He used a range of methods to hide his theft from his client. He created fake account statements, forged signatures, and even changed UBS’s records to prevent electronic notifications of wire transfers.

SEC fraud

Eric I. Bustillo, Director of the SEC’s Miami Regional Office, commented:

As a financial advisor, Nino was entrusted with millions of dollars belonging to his client. As alleged in our complaint, Nino took advantage of that trust by abusing his access to his client’s accounts for personal gain.

The financial markets regulator explained that Nino spend the money on vacations, luxury cars, private school tuition for his romantic partners. Furthermore, he allegedly used the remaining $1.6 million to repay funds he had taken from another client.

As a result from his misconduct, the SEC charges Nino with violations of the antifraud provisions of the federal securities laws. The Commission seeks disgorgement of ill-gotten gains and civil penalties. Criminal charges have also been raised against him.


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