Financial Advisor In Florida Charged With Stealing Nearly $6 Million From Client
On January 21st, 2022, the Securities and Exchange Commission (SEC) announced formal charges against German Nino (CRD#: 2653707). A previously registered securities broker and investment adviser (RIA), Mr. Nino stands accused of stealing nearly $6 million from a client. In this article, our Miami financial advisor fraud lawyer discusses the SEC’s complaint in more detail.
Background: SEC Charges Against German Nino Formerly of UBS Financial Services
Financial advisor German Nino entered the securities industry in 1995. During this time, he has been associated with broker-dealers in both Florida and New York. Most recently, he was a representative of UBS Financial Services in Coral Gables, Florida (2012 to 2020). Prior to that, Mr. Nino served as a registered financial advisor for HSBC Securities (USA) Inc (2006 to 2012).
Allegations: UBS Financial Services Advisor Stole from Client
The SEC filed a securities fraud complaint against former UBS Financial Services broker & advisor German Nino in the United States District Court for the Southern District of Florida. According to the allegations raised by the federal agency, the underlying fraud at issue in this case took place between May of 2014 and February of 2020. During that time, the SEC contends that Mr. Nino stole approximately $5.9 million from a long-time client. The SEC alleges that the converted funds were used for a wide range of different things, including to pay for personal expenses and to conceal a previous misappropriation of funds.
Allegations: Financial Advisor Tried to Conceal Fraud With False Documents
The SEC complaint alleges that a former UBS Financial Services advisor made an intentional effort to conceal the fraud scheme. The complaint from the federal agency states that various methods were used to try to cover up the fraud. Among other things, the SEC believes that the former South Florida financial advisor:
- Created false account statements;
- Forged signatures on official documents; and
- Altered internal brokerage firm records.
The SEC is Seeking All Appropriate Forms of Sanctions and Relief
The SEC is seeking all appropriate forms of sanctions and relief in this case. More specifically, the federal agency wants a finding that Mr. Nino violated federal securities law, disgorgement of any and all ill-gotten gains, payment of prejudgment interests, and payment of other civil financial penalties. It should be noted that former UBS Financial Services broker German Nino is also currently facing criminal charges related to the alleged securities fraud scheme.
Set Up a Confidential Consultation With a Financial Advisor Fraud Lawyer in Miami, FL
At Carlson & Associates, P.A., our Miami securities fraud lawyers have the skills and legal expertise to handle complex financial advisor fraud claims. If you or someone you know was a victim of financial advisory theft, we can help. Contact our law firm today for a completely confidential assessment of your case. We represent financial fraud victims throughout South Florida, including in Miami, Hollywood, Fort Lauderdale, Boca Raton, Delray Beach, Jupiter, and West Palm Beach.