Ex-UBS Financial Services Advisor Faces SEC and Criminal Charges
German Nino, a former UBS Financial Services (UBS) broker and investment advisor, is accused of stealing $5.8M from a customer. Nino, who left the broker-dealer in 2020, is now facing related civil charges brought by the US Securities and Exchange Commission (SEC), and parallel criminal charges.
Our Florida broker misconduct lawyers are looking into claims of significant investment losses by other ex-customers of the financial advisor, German Nino. Contact us at Shepherd Smith Edwards and Kantas today so that we can help you determine whether you have grounds for a FINRA arbitration claim to file for damages.
German Nino Allegedly Defrauded High-Net-Worth Investors
The SEC’s complaint, announced in January 2022, contends that German Nino stole $5.8M from a longtime UBS client that was a high-net-worth couple who invested about $11M through the firm. The regulator said the UBS financial advisor used $4.4M of their money on romantic gifts to women. Nino allegedly used the rest of the funds to support his lavish lifestyle and pay back another customer he had bilked.
In a parallel criminal case, the U.S. Attorney’s Office for the Southern District of Florida filed its own charges against German Nino. They are accusing the former Florida broker of wire fraud that was perpetuated via several forms of broker fraud:
- Misrepresentations and omissions
- Forging of client signatures
- Fraudulent transfers
- Other forms of alleged fraud and concealment
According to German Nino’s BrokerCheck record, in July 2020, a more than $5.8 million settlement was reached in which an ex-customer had requested $2M in damages for theft.
Nino worked for 24 years in the industry. Other firms where he used to work as a registered broker and/or investment adviser include HSBC Securities, Atlas One Financial Group, A.G. Edwards and Sons, and Merrill Lynch, Pierce, Fenner & Smith.
Who Should Be Held Liable for Losses Allegedly Caused by Ex-UBS Broker’s Fraud?
Investors who have lost money due to broker misconduct or negligence may be able to pursue damages from their financial advisor and their firm. Broker-dealers have a duty to oversee their registered representatives’ activities. Unfortunately, failure to supervise by a brokerage firm is an all too common reason why customers become the victims of securities fraud.
Call our Florida brokerage firm negligence attorneys at (813) 560-2992 if you suffered losses while working with ex-UBS Financial Services broker, German Nino. You can also reach SSEK Law Firm at (800) 259-9010 today.