Ex-UBS rep who spent client’s money on girlfriend’s gifts pleads guilty

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What do you want to know

  • The ex-UBS representative accused of defrauding a family with several UBS accounts of $5.8 million has pleaded guilty.
  • Around $4.6 million of the money was reportedly spent on multiple girlfriends.
  • He is due to be sentenced on June 21 and could spend the rest of his life in prison.

A former UBS broker has pleaded guilty to defrauding a family out of $5.8 million, most of which was spent on gifts for girlfriends, according to the Securities and Exchange Commission.

The gifts included private school tuition, luxury cars and an apartment in Colombia, according to the SEC.

German Nino of Weston, Fla., was charged by both the Justice Department and the SEC in January with defrauding a family with multiple accounts at powerhouse. He pleaded guilty in U.S. District Court for the Southern District of Florida, according to court documents and the Justice Department.

Nino is due to be sentenced June 21, before U.S. District Judge Donald L. Graham in Miami. He faces up to 60 years in prison, according to an announcement made Thursday by Juan Antonio Gonzalez, U.S. Attorney for the Southern District of Florida, and George L. Piro, Special Agent in Charge of the FBI Miami. Nino was 56 when he was charged in January, so he could spend the rest of his life in prison.

UBS did not immediately respond to a request for comment Monday regarding Nino’s guilty plea.

In January, a UBS spokesperson told ThinkAdvisor, “Ensuring the security of the assets our clients entrust to us is always paramount. UBS has compensated the affected clients for any losses on their UBS accounts.

Nino was registered as a broker with UBS from July 2012 to August 2020, according to its report on the Financial Industry Regulatory Authority’s BrokerCheck website.

He resigned from UBS after a client alleged that Nino stole money from him from February 23, 2018 to July 13, 2020, according to a disclosure in his report. The client demanded $2 million from UBS but, as part of a settlement, received the full $5.8 million cited in the SEC and DOJ actions.

More details on advocacy

The plea was part of a deal with the Justice Department in which Nino agreed to plead guilty to three counts of wire fraud in exchange for five other counts being dismissed.

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