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
  • ASIC matches EU regulators with 30x CFD leverage cap forex news
  • eToro Money app issues resolved forex news
  • Exclusive: IG promotes Nicos Demetriades to head Cyprus operation BrightPool forex news
  • Securities Commission Malaysia SC issues warning against 6 illegal companies forex news
  • Dukascopy expands lineup of crypto trading instruments forex news
  • Court orders Steven Seagal to pay full fine for illegal ICO touting forex news
  • KX adds Google BigQuery integration to KX Insights forex news
  • PayPugs partners with Huntli for AML screening and fraud detection 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

  • FCA warns against clone of Interactive Brokers forex news
  • Report shows many US broker-dealers cling to risky products despite Reg Best Interest forex news
  • Stripe expands to Canada, opens Toronto office forex news
  • Nomura to invest in Crypto Garage forex news
  • Robinhood responds to market manipulation claims in short squeeze lawsuit forex news
  • Saxo Bank OpenAPI to introduce Extended Asset Types 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
  • CFTC amenable to settlement talks in ForexNPower case forex news
  • Fiserv registers 11% Y/Y rise in revenues in Q4 2021 forex news
  • USGFX bankruptcy update: $14M missing with UPay, $137M deposit claims forex news
  • Canada’s IIROC warns of unlicensed broker RxD Options forex news
  • Alpha FX names Nick Maton as Managing Director, Luxembourg forex news
  • Nukkleus adds Jamie Khurshid as COO forex news
  • Finablr placed into administration forex news
  • TradeStation adds Micro WTI Crude Oil futures from CME to offering forex news

Copyright © 2025 wikifx.

Powered by PressBook News WordPress theme