On January 21, 2022, the Securities and Exchange Commission filed a complaint in the U.S. District Court for the Southern District of Florida against German Nino, a former investment advisor with UBS Financial Services, Inc.
The SEC alleges that, over a period of 6 years, Nino stole approximately $5.8 million from an advisory client. The client invested $11 million with UBS through Nino. He gradually wired large sums of money into a personal account. This account was, naturally, separate from his shared marital accounts, as Nino spent most of the money ($4.6 million) on various gifts for women with whom he was having affairs. These gifts ranged from vacations to luxury cars to an apartment in Colombia. The rest of the funds went towards paying back another client from whom he previously stole.
Nino doctored account statements to conceal his fraud. In meetings with the client, he lied about account performance and account balances to perpetuate his scheme. Nino’s crimes were not revealed until the client’s son noticed discrepancies in the accounts.
One must always remain diligent in regard to one’s investments. If you wish to discuss any securities related question, please contact David A. Weintraub, P.A., 7805 SW 6th Court, Plantation, FL 33324. By phone: 954.693.7577 or 800.718.1422.