- February 8, 2022
- UBS Financial Services, Inc.
German Nino (CRD#: 2653707) is a previously registered Broker and previously registered Investment Advisor at UBS Financial Services.
He entered the securities industry in 1995 and previously worked for UBS Financial Services, Inc.; HSBC Securities (USA), Inc.; Atlas One Financial Group, LLC; A.G. Edwards & Sons, Inc.; and Merrill Lynch, Pierce, Fenner & Smith, Inc.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in January 2022, the United States Securities and Exchange Commission initiated an enforcement action against UBS Financial Advisor, German Nino, for allegedly stealing $5.8 million from a long-standing client.
The SEC Complaint states: “Plaintiff Securities and Exchange Commission (“Commission”) alleges that this case concerns a multi-year fraud by German Nino (“Nino”), a registered representative and investment adviser representative associated with UBS Financial Services Inc. (“UBS”), a financial services firm dually-registered with the Commission as a broker-dealer and an investment adviser. Between May 2014 and February 2020, Nino stole approximately $5.8 million from a long-standing advisory client. As part of this scheme, Nino represented to the client that he would invest the client’s funds in securities, but, instead, Nino used the funds for personal expenses—primarily gifts and travel and living expenses for women with whom he had romantic relationships. Nino also used a portion of the stolen funds to fully repay another client from whom he had previously misappropriated funds. To conceal his fraud, Nino created and provided the client with fictitious account statements purporting to show the client’s investment portfolio and related balances, when in fact the accounts had significantly smaller balances. Nino also manipulated UBS’s records to ensure that the client did not receive notifications for wire transfers out of one of the client’s accounts. To effectuate larger fraudulent transfers, Nino forged the client’s signature on letters of authorization. As a result of the conduct described in this Complaint, Nino violated Section 10(b) of the Exchange Act and Rules 10b-5(a), 10b-5(b), and 10b-5(c) thereunder, Sections 17(a)(1), 17(a)(2), and 17(a)(3) of the Securities Act, and Sections 206(1) and 206(2) of the Advisers Act.”
UBS previously resolved the theft claim with the client.
For a copy of German Nino’s FINRA BrokerCheck, click here.
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