{"id":80545,"date":"2022-01-25T01:36:26","date_gmt":"2022-01-25T06:36:26","guid":{"rendered":"https:\/\/www.hedgeco.net\/news\/?p=80545"},"modified":"2022-01-25T01:39:27","modified_gmt":"2022-01-25T06:39:27","slug":"former-financial-advisor-charged-with-stealing-5-8-million-from-client","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/01\/2022\/former-financial-advisor-charged-with-stealing-5-8-million-from-client.html","title":{"rendered":"Former Financial Advisor Charged with Stealing $5.8 Million from Client"},"content":{"rendered":"\n<p>(HedgeCo.Net)  The Securities and Exchange Commission has charged German Nino, a former securities broker and investment adviser representative for <strong>UBS Financial Services<\/strong> Inc., with stealing <strong>$5.8 million<\/strong> from a long-standing client.<\/p>\n\n\n\n<p>The SEC\u2019s complaint alleges that Nino, of Weston, Florida, stole the investment funds from his client\u2019s 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\u2019s records for an affected account to prevent electronic notifications of wire transfers.<\/p>\n\n\n\n<p>&#8220;As a financial advisor, Nino was entrusted with millions of dollars belonging to his client,&#8221; said Eric I. Bustillo, Director of the SEC&#8217;s Miami Regional Office. &#8220;As alleged in our complaint, Nino took advantage of that trust by abusing his access to his client\u2019s accounts for personal gain.&#8221;<\/p>\n\n\n\n<p>In addition to spending the money on vacations, luxury cars, and private school tuition for his romantic partners, Nino also allegedly used the remaining $1.6 million to repay funds he had taken from another client.<\/p>\n\n\n\n<p>The SEC\u2019s complaint, filed in the U.S. District Court for the Southern District of Florida, charges 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 a parallel action, the U.S. Attorney&#8217;s Office for the Southern District of Florida today announced criminal charges against Nino.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(HedgeCo.Net) The Securities and Exchange Commission has 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\u2019s complaint alleges that Nino, of Weston, Florida, [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048,16047,1],"tags":[],"class_list":["post-80545","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news","category-insider-trading-2","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/80545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=80545"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/80545\/revisions"}],"predecessor-version":[{"id":80546,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/80545\/revisions\/80546"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=80545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=80545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=80545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}