Feds: Broward financial advisor stole millions, used money on extramarital affairs
MIAMI - A former financial advisor was sentenced in federal court Wednesday to 78 months behind bars for stealing millions of dollars from client accounts and using most of the money to fund extramarital affairs, according to federal officials.
Prosecutors said German Nino, a former UBS Financial Advisor, resident of Broward County, was a financial advisor working at a branch office in Miami, where he oversaw and managed 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," feds said.
Authorities said Nino concealed important facts from the victims, lied to them, and committed other fraudulent acts.
"Nino misrepresented 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."
Court records indicate Nino spent most of the money he stole from the accounts on funding his own extramarital affairs.