Skip to content
  • Home
  • About
  • Contact
  • Page
  • ​Master SEO Tactics
  • Top 9 Finance News Websites Ranking
wikifx

wikifx

  • Home
  • About
  • Contact
  • Page
  • ​Master SEO Tactics
  • Top 9 Finance News Websites Ranking
  • Toggle search form
  • Exclusive: Pepperstone names Alex Kolpokchi as head of Dubai DFSA entity forex news
  • GKFX parent GKG buys Turkish CFDs broker Isik Menkul forex news
  • The Netherlands to introduce restrictions on offering of turbos from Oct 2021 forex news
  • NAGA.com adds €0.99-per-trade stock trading, NFT platform forex news
  • Exclusive: Andreas Lambrou leaves HotForex to become CFO of Capex.com forex news
  • FCA issues statement on RTC Management Solutions Ltd forex news
  • Equiti Group adds multi-asset trading on MT5 forex news
  • Steven Harker to retire from Westpac Board forex news

SEC goes after former UBS adviser for $5.8M theft

Posted on 2022-01-24 By admin No Comments on SEC goes after former UBS adviser for $5.8M theft

The United States Securities and Exchange Commission (SEC) has taken German Nino, a registered representative and investment adviser representative associated with UBS Financial Services Inc, to Court over a theft of $5.8 million from a client.

According to the SEC’s complaint, submitted at the Florida Southern District Court on Friday, January 21, 2022, between May 2014 and February 2020, Nino stole approximately $5.8 million from a long-standing advisory client.

At UBS, Nino was the financial advisor for the accounts of a high-net-worth couple (“Client”) who had invested approximately $11 million with UBS through Nino. Nino had discretionary authority over several of Client’s securities brokerage accounts and represented to Client that he would invest their funds in securities.

In May 2014, Nino began making unauthorized wire transfers out of certain of Client’s UBS accounts, and would sometimes liquidate Client’s securities at or about the same time as the wire transfers. Nino ultimately deposited those funds into a bank account that Nino kept separately from his marital accounts.

As part of this scheme, Nino represented to the client that he would invest the client’s funds in securities, but, instead, Nino used the funds for personal expenses—primarily gifts and travel and living expenses for women with whom he had romantic relationships. Nino also used a portion of the stolen funds to fully repay another client from whom he had previously misappropriated funds.

To conceal his fraud, Nino created and provided the client with fictitious account statements purporting to show the client’s investment portfolio and related balances, when in fact the accounts had significantly smaller balances. Nino also manipulated UBS’s records to ensure that the client did not receive notifications for wire transfers out of one of the client’s accounts. To effectuate larger fraudulent transfers, Nino forged the client’s signature on letters of authorization.

In early 2020, Client’s son discovered discrepancies with the account balance in one account, and began to confront Nino. Eventually, Nino confessed to the son that he had stolen Client’s money, promising that he would pay Client back with a signing bonus he would receive when he joined a new firm.

Client subsequently alerted UBS, which began to investigate the issue. In February 2020, UBS requested that Nino submit to an interview as part of its investigation. Nino resigned instead.

The SEC alleges that by engaging in the conduct described herein, Nino directly violated numerous antifraud provisions of the federal securities laws. The Commission seeks injunctive relief, disgorgement and prejudgment interest, and civil penalties against Nino.

forex news Tags:forex-news

Post navigation

Previous Post: Investors accuse Robinhood CEO Vlad Tenev of unjust enrichment
Next Post: HotForex Granted License by the Capital Markets Authority (CMA) of Kenya

Related Posts

  • StoneX Financial launches Farm Advantage app forex news
  • Compagnie Financière Tradition reports rise in revenues in Q3 2021 forex news
  • Beeks announces entry into ASX’s Australian Liquidity Centre forex news
  • CFTC fails to secure default judgment against Forex fraudster Casper Mikkelsen forex news
  • ASIC secures Court orders against Melissa Caddick and Maliver forex news
  • Interactive Brokers running anti-PFOF TV ads forex news

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • EUR/USD Holds Near 1.05 as Fed, ECB Policies Shape Market Sentiment
  • Gold Prices Hold Steady Amid Global Economic Uncertainty
  • Australian Dollar: How RBA Policies, Commodity Prices, and Global Tensions Are Shaping the AUD’s Market Performance
  • EUR/USD: Understanding the Currency Pair’s Trends
  • USD Under Pressure: Navigating Economic Data and Global Uncertainties

TAG

Axiory Review 2022 B2B B2Broker News Basic Forex Knowledge broker brokers brokers in the UK Brokersview Broker tools CFDs coin News cryptocurrency Cryptocurrency News Crypto News dogecoin FCA news finance forex forex-news Forex Broker Forex Brokers Forex Demo Account Forex market forex news forex scams forex time Forex trading fx fxtrader fxtrading Global Forex Gold Analysis HotForex InstaForex LiteForex Review 2022 markets work MT4 MT5 news OctaFX Review Samtrade FX South Africa trade Forex traders Trading Forex
  • Crypto.com Announces Five-Year Partnership with Australian Football League forex news
  • FINSA Europe changes corporate name to Trade Nation Financial UK forex news
  • SEC joins CFTC in charging SwapStar Capital with fraud forex news
  • State Street elects DonnaLee DeMaio to its BoD forex news
  • London Capital Group Cyprus fined €40K by CySEC forex news
  • STC Trade View: Is STC Trade Broker Safe? forex news
  • Finablr placed into administration forex news
  • 24 Exchange completes first cryptocurrency NDF trades forex news

Copyright © 2025 wikifx.

Powered by PressBook News WordPress theme