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SEC Files Enforcement Action Against German Nino For Alleged $5.8 Million Theft

German Nino (CRD#: 2653707) is a previously registered Broker and previously registered Investment Advisor at UBS Financial Services.

Broker’s Background

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.

We Help Investors Recover Investment Losses

To the extent a Financial Advisor converts client assets or otherwise engages in misconduct during the course and scope of his employment and/or registration with the brokerage firm, that brokerage firm may be held liable for any attendant losses because of the fraud.   The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]