UBS Broker in Miami Accused Of Stealing $5.8 Million

German Nino (CRD#: 2653707, aka, “German Nio”), is a former broker and investment advisor last employed with UBS of Coral Gables, FL. His earlier employers include HSBC Securities (USA) Inc. (CRD#:19585), also of Coral Gables, Atlas One Financial Group, LLC (CRD#:124057) of Miami, and A. G. Edwards & Sons, Inc. (CRD#:4) of St. Louis, MO. He has been in the industry since 1995.

This case highlights the problem of brokers stealing clients money violating the trust investors put in their financial advisor and exemplifies many of the red flags that investors need to look out for including brokers who use bogus paperwork, false statements and make bizarre excuses to lull a client into a false sense of security. Our attorneys have represented multiple investors who have lost money by brokers stealing from accounts or directly asking clients for loans or investments in their personal projects. FINRA rules and regulations prohibit this type of borrowing from a client and brokerage firms have a duty to supervise this type of activity.

Nino, aged 56, has one disclosure on his record. Filed on 7/13/2020, it alleges that from February 23rd, 2018, to July 13, 2020, Nino manipulated the account of a high wealth client to prevent them from knowing that he was stealing more than $5.8 million from them. The client invested a total of $11 million with UBS. Nino worked for UBS from 2012 through 2020, when he resigned.

According to the SEC Complaint, by forging signatures and turning off email notifications to these clients’ funds transfers, Nino was able to acquire a total of $5.8 million from the client’s accounts. He also provided them with falsified statements, indicating that they had more money than they actually had in their accounts. Nino also forged the client’s signature on letters of authorization.

He told the clients that he was investing their money into securities. Instead, Nino misappropriated the funds for personal expenses, depositing the funds in a private account separate from his joint marital assets. Part of the stolen funds were used to repay a prior client from whom he had also misappropriated $1.2 million in funds in much the same fashion.

Nino spent the remaining funds, approximately $4.6 million, on women with whom he was conducting extramarital relationships. One female received private school tuition. Another received an apartment in Columbia, forging one of his clients’ signatures so that it appeared as if the victim had made the purchase. Still other women involved with Nino were the recipients of trips, luxury cars, and other gifts.

The son of the defrauded couple began noticing discrepancies in one of their accounts and confronted Nino with this information. Eventually, Nino confessed that he had been stealing the money, but would reimburse everything when he started a new job that included a large signing bonus. Rather than wait for Nino to repay, the son notified UBS, who began its own investigation.

In the process, UBS asked Nino to take part in an interview. However, at that point, he resigned, according to documents filed with the court.

Since then, UBS has settled with the client. The family has not been publicly named.

In the petition, the FCC alleges that Nino violated multiple anti-fraud provisions of federal securities laws. The SEC is seeking disgorgement, prejudgment interest, injunctive relief, and other civil penalties against Nino, as well as requesting a jury trial.

The case is Securities and Exchange Commission v. Nino, case number 0:22-cv-60162, in the U.S. District Court for the Southern District of Florida.

Did Your Financial Advisor Steal Your Money?

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