German Nino Charged with Stealing $5.8 Million

The Securities and Exchange Commission (SEC) has charged GERMAN NINO, a former broker and investment advisor for UBS Financial Services Inc., of Coral Gables Florida, with stealing $5.8 million from a client.
According to the January 24, 2022, SEC complaint, the allegations against GERMAN NINO, of Weston, Florida, were that he allegedly stole the investment funds from his client’s accounts over an approximately six-year period and used the majority of the money, $4.2 million, on gifts for several women with whom he allegedly had romantic relationships.
The SEC release noted that GERMAN NINO allegedly used various methods to conceal his misconduct from his client, which included 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. Bustillo, Director of the SEC's Miami Regional Office. "As alleged in our complaint, Nino took advantage of that trust by abusing his access to his client’s accounts for personal gain."
The SEC alleges that in addition to spending the money on vacations, luxury cars, and private school tuition, GERMAN NINO also allegedly used the remaining $1.6 million to repay money he had taken from another one of his clients.
The SEC’s complaint was filed in the U.S. District Court for the Southern District of Florida. It charged GERMAN NINO with violations of the antifraud provisions of the federal securities laws and seeks injunctive relief, disgorgement of ill-gotten gains, prejudgment interest, and civil penalties. In another action, the U.S. Attorney's Office for the Southern District of Florida  announced criminal charges against Nino.
According to FINRA’s BrokerCheck, GERMAN NINO, has been in the securities industry for 24 years and was listed with 5 firms. Nino was previously registered both as a broker and as an investment advisor, but is not registered at this time. Nino has one disclosure on his FINRA CRD report, a “Customer Dispute,” dated July 13, 2020.  The allegations were, “Time Frame: February 23, 2018 to July 13, 2020 What were the allegations against the individual. The client alleges his Financial Advisor stole money from him.” The damage amount requested was $2,000,000.00.  The settlement amount was $5,833,218.59.
GERMAN NINO was previously registered with:
07/02/2012 -  8/12/2020

If you or a family member have experienced financial losses due to the actions or recommendations of the former UBS Financial of Coral Gables, Florida, broker GERMAN NINO, contact the South Florida-based, Soreide Law Group, and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.