UPDATE, April 14, 2022: UBS Advisor German Nino Reportedly Pleads Guilty to $5 Million Fraud
According to a press release on January 24, 2022, German Nino, a former UBS Financial Advisor of Broward County, Florida, is facing charges of defrauding over $5 million from a family who were UBS customers. According to the U.S. Attorney’s Office of the Southern District of Florida on April 14, Nino pled guilty in federal court in Miami to defrauding over $5 million from a family who maintained several accounts at UBS.
From around 2012 until 2020, while working as a financial advisor at UBS branch office Miami, Nino allegedly oversaw and managed the accounts of three family members who had various investment accounts at UBS. Nino was purportedly the financial advisor assigned to oversee and manage the victims’ money in these accounts, according to the charges.
Between May 2014 and February 2020, Nino allegedly made a total of 62 unauthorized transfers from three UBS accounts belonging to the victims, which totaled $5,833,218.59, according to the press release.
Nino’s alleged scheme included lying to his victims and misrepresenting the true performance, balance, and rate of return of the accounts he managed; he also allegedly forged the signature of his clients on documents to transfer money out of their accounts.
The charges also allege that Nino created a fraudulent land purchase contract to make it appear that one of his alleged victims were purchasing land in Colombia by using money from the victim’s account.
To hide his alleged fraudulent activity, Nino reportedly removed one of the victim’s email addresses from the victim’s UBS email account profile so that the victim would not receive email notifications from UBS about unauthorized transfers; and purportedly prepared fraudulent UBS account statements and client review statements, which falsely inflated the balance and value of the victims’ accounts, according to the announcement.
According to his FINRA broker profile, German Nino (also known as German Nio) was affiliated with the following firms, during his career in the securities industry, among others:
07/02/2012 – 08/12/2020, UBS FINANCIAL SERVICES INC. (CRD#:8174), CORAL GABLES, FL,
10/31/2006 – 07/03/2012, HSBC SECURITIES (USA) INC. (CRD#:19585), CORAL GABLES, FL
2/17/2003 – 10/27/2006, ATLAS ONE FINANCIAL GROUP, LLC (CRD#:124057), MIAMI, FL
He has one customer complaint filed on 7/13/2020 for the following allegations: Between February 23, 2018 to July 13, 2020 the client alleges “his Financial Advisor stole money from him.” The settlement amount was $5,833,218.59, according to his broker report.
Potential Lawsuits to Recover Financial Losses
The White Law Group is investigating potential securities claims involving German Nino and the liability his employers may have for failure to properly supervise him.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
To learn more about the firm’s investigations, please see:
If you are concerned about investments with German Nino and UBS Financial Services, the securities attorneys at The White Law Group may be able to help you. For a free consultation with an attorney, please call (888) 637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle Washington. For more information, please visit our website, www.whitesecuritieslaw.com.