Thursday, March 3, 2011

SEC Press Release: Life Settlement Fund Fraud

SEC Charges Former UBS Financial Adviser With Defrauding Life Settlement Fund Investors

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.

No comments:

Post a Comment

Please keep comments appropriate. Malicious comments or solicitations will be removed.