Former US bank adviser admits to embezzling €5.1 million ($5.8 million) to pay for extravagant gifts

A former UBS Financial Services financial advisor has been charged with stealing $5.8 million (€5.1 million) from clients.

German Nino was charged by federal prosecutors and the Securities and Exchange Commission with stealing millions from his clients' accounts by forging their signatures, fabricating bank statements, and turning off transaction notifications.

According to Market Watch, the UBS employee, who has been with the bank since 2012, allegedly used the money to buy luxury cars and trips for women.

Mr Nino resigned, according to the investigators, after the bank requested an interview in which he admitted to stealing some of the money but stated that he intended to return it.

Authorities claim he used $4.6 million (€4 million) and another $1.2 million (€1 million) to repay money he stole from previous clients.

Nino was "entrusted with millions of dollars belonging to his client," according to Eric Bustillo, director of the SEC's Miami office.

He went on to say, "Nino took advantage of that trust by abusing his access to his client’s account for personal gain."

UBS has "compensated the affected customers for any losses from their UBS accounts," according to a spokesman.

By fLEXI tEAM