Former UBS rep charged with stealing $5.8 million

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.

The post Former UBS rep charged with stealing $5.8 million appeared first on InvestmentNews.

Andrew is half-human, half-gamer. He’s also a science fiction author writing for BleeBot.

Andrew Vincent
Andrew is half-human, half-gamer. He's also a science fiction author writing for BleeBot.
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