The Securities and Exchange Commission has charged German Nino, a former broker and investment adviser representative for UBS Financial Services Inc., with stealing $5.8 million from a client.
In a parallel action, the U.S. Attorney's Office for the Southern District of Florida has announced criminal charges against Nino.
The SEC’s complaint alleges that Nino, of Weston, Florida, stole the investment funds from his client’s accounts over nearly a six-year period and used $4.2 million on gifts for several women with whom he had romantic relationships.
Nino allegedly employed various methods to conceal his misconduct from his client, including creating fake account statements, forging signatures on letters of authorization, and altering UBS’ records for an affected account to prevent electronic notifications of wire transfers. He allegedly used the remaining $1.6 million to repay funds he had taken from another client.
Nino worked at UBS for eight years, leaving in August 2020.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
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A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
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