A UBS financial adviser has been charged with stealing $5.8 million from a client. He allegedly forged one of his clients’ signatures to make it appear that the victim had purchased land in Colombia.
A financial adviser for UBS Financial Services Inc. UBS, +0.76% in Florida has been charged with stealing $5.8 million from a client in order to buy lavish gifts for multiple girlfriends.
Between 2014 and 2020, the clients — a high net-worth couple and their son — lost more than half of the $11 million they had parked at UBS, through the fraud, authorities said.“Ensuring the safety of assets our customers entrust to us is always paramount.
The family that was defrauded — who were not publicly identified — eventually caught on the theft when the son noticed some discrepancies in one account, the SEC said. When he questioned Nino, he admitted that he had misappropriated some of the family’s money but promised to return it from a signing bonus from a new job, investigators said.
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