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Justice News

Department of Justice
U.S. Attorney’s Office
Southern District of Florida

FOR IMMEDIATE RELEASE
Thursday, June 23, 2022

Former Financial Advisor Sentenced to Prison for Defrauding Close to $6 Million Dollars from Clients and Spending it on Extramarital Affairs

Miami, Florida – Yesterday, a federal district judge in Miami sentenced German Nino, a former UBS Financial Advisor, to 78 months in federal prison for stealing millions of dollars from client accounts that he managed.  

According to court documents, Nino, a resident of Broward County, was a financial advisor working at a branch office of UBS Financial Services Inc. in Miami.  Nino oversaw and managed UBS investment accounts for various customers.  From about 2014 to 2020, Nino made 62 unauthorized transfers (totaling close to $6 million) from UBS accounts belonging to three clients.  To accomplish the fraud, Nino concealed important facts from the victims, lied to them, and committed other fraudulent acts.  For example, Nino misrepresenting the true performance, balance, and rate of return of the accounts he managed.  He also forged the signature of his clients on documents purporting to authorize transfers out of the accounts, prepared a fraudulent land purchase contract on which he forged a victim’s signature, removed one of the victim’s e-mail addresses from the UBS client account profile so that the victim would not receive email notifications about unauthorized transfers, and prepared fraudulent UBS account statements that falsely inflated the balance and value of the victims’ accounts.

As set out in court records, Nino spent most of the money he stole from the accounts on funding his own extramarital affairs.  Nino agreed to forfeit his interest in a home in Ave Marie, Florida as part of his sentence.   

Juan Antonio Gonzalez, U.S. Attorney for the Southern District of Florida, and George L. Piro, Special Agent in Charge, Federal Bureau of Investigations (FBI), Miami Field Office announced the sentence that U.S. Senior District Judge Donald L. Graham imposed.  

FBI Miami investigated the case.  Assistant U.S. Attorney Deric Zacca prosecuted the case.  Assistant U.S. Attorney Emily Stone is handling asset forfeiture.

Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 22-cr-20020.

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Topic(s): 
Financial Fraud
Contact: 
Marlene Rodriguez Special Counsel to the U.S. Attorney Public Affairs Officer USAFLS.News@usdoj.gov
Updated June 23, 2022