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
  • Monex reduces margin trading commissions forex news
  • Fraudulent trading lands Ian Hudson in prison forex news
  • Alpha FX reports growth in Corporate & Institutional FX Risk Management divisions forex news
  • Central Bank of Russia introduces temp rules for foreign currency operations forex news
  • TP ICAP to present new remuneration policy forex news
  • SEC’s distribution plan for $10.4M Poloniex fair fund not ready yet forex news
  • OneCoin co-conspirator pushes for new trial forex news
  • Admirals becomes shirt sponsor of Estonian club FCI Levadia Tallinn 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

  • HKEX appoints Yang Qiumei as Managing Director, Advisor to CEO forex news
  • Investors take Forex platform ROFX and its founders to Court forex news
  • Stripe builds crypto capabilities adding Matt Huang to its BoD forex news
  • Binance secures Dubai Virtual Asset License forex news
  • Warning: Anto Global this broker currently has no valid regulation, please stay away! forex news
  • ASIC investigation prompts MyBudget to apply for AFS license 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
  • eToro enhances withdrawal process forex news
  • Citi ordered to produce material related to DOJ FX spot market investigation forex news
  • Warning: Anto Global this broker currently has no valid regulation, please stay away! forex news
  • Barinboim Group not giving up on Finalto purchase forex news
  • Interactive Brokers expands range of funds and fund families forex news
  • IG makes changes to Smart Portfolios forex news
  • big xyt hires SocGen veteran Gilles Meyruey for Europe Bus Dev forex news
  • eToro adds 65 new stocks and ETFs to lineup of trading instruments forex news

Copyright © 2025 wikifx.

Powered by PressBook News WordPress theme