The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that
charged a former financial adviser at UBS Financial Services LLC with misappropriating $3.3 million in a scheme that included bilking investors in a private investment fund he established.Kobayashi of UBS, Walnut Creek office, California, established Life Settlement Partners LLC, a pooled investment fund that invested in life insurance policies. Kobabyashi stole the investors’ money that was intended for the fund for personal uses. He then liquidated other clients’ securities to funnel the money back to the investors and the fund. Here are the SEC Complaint and the Litigation Release No. 21872.