Former Financial Advisor Charged with Stealing $5.8 Million from Client

The Securities and Exchange Commission charged German Nino, a former securities broker and investment adviser representative for UBS Financial Services Inc., with stealing $5.8 million from a long-standing client. The SEC’s complaint alleges that Nino, of Weston, Florida, stole the investment funds from his client’s accounts over nearly a six-year period and used the majority of the money, $4.2 million, on gifts for several women with whom he had romantic relationships. Nino allegedly employed various methods to conceal his misconduct from his client, including creating fake account statements, forging signatures on letters of authorization, and altering UBS’s records for an affected account to prevent electronic notifications of wire transfers. "As a financial advisor, Nino was entrusted with millions of dollars belonging to his client," said Eric I.