{"id":913,"date":"2011-07-13T18:25:36","date_gmt":"2011-07-13T18:25:36","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2011\/07\/exubs_financial_adviser_pleads_1"},"modified":"2022-03-09T16:07:03","modified_gmt":"2022-03-09T22:07:03","slug":"exubs-financial-adviser-pleads-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/exubs-financial-adviser-pleads-1\/","title":{"rendered":"Ex-UBS Financial Adviser Pleads Guilty to Defrauding Private Fund Investors"},"content":{"rendered":"

\t\t\t\tSteven T. Kobayashi has pleaded guilty to money laundering and wire fraud. The former UBS <\/a>financial adviser is accused of bilking his private investment fund investors. As part of his plea agreement, he will pay $5,431,600 in restitution and serve a 65-month prison term.<\/p>\n

Per the criminal charges, beginning in 2006 Kobayashi, who regularly made financial trades authorized by clients whose account he had access to, started transferring some of these funds into his own bank accounts without the investors’ “knowledge or authorization.” In some instances, clients gave their authorization because they were told the withdrawals were necessary to make investments. On other occasions, he forged their signatures on authorization forms. <\/p>\n

Earlier this year, the ex-UBS adviser settled SEC securities fraud <\/a>charges. The agency says that Kobayashi set up Life Settlement Partners LLC, which is a fund that invested in life settlement polices. He was able to raise millions of dollars for the fund from his UBS customers. However, he also started using the money to pay for prostitutes, expensive cars, and pay off gambling debts. <\/p>\n

The SEC says that to try and pay back the fund and investors before they discovered his misconduct, he convinced several other UBS clients to liquidate securities and transfer to the proceeds to entities under his control. This allowed him to steal more money from the investors. Kobayashi settled the SEC charges without denying or admitting to them.
\n
\nRelated Web Resources: <\/strong>
\nEx-UBS Adviser Pleads Guilty To Charges He Bilked Private Fund Investors, BNA Securities Law-Daily, June 10, 2011
\nEx-UBS Advisor Faces Criminal Charges, in Life Settlement Case, On Wall Street, March 3, 2011
\nSEC CHARGES FORMER UBS FINANCIAL ADVISER WITH DEFRAUDING LIFE SETTLEMENT FUND INVESTORS<\/a>, SEC.gov, March 3, 2011
\n
\nMore Blog Posts:<\/strong>
\nTexas Securities Fraud: Planmember Securities Corp. Registered Representatives Accused of Improperly Selling Life Settlement Notes<\/a>, Stockbroker Fraud Blog, June 27, 2011
\nLife Settlements or Viaticals should be Considered “Securities,” Recommends the SEC to Congress\u2028<\/a>, Stockbroker Fraud Blog, August 8, 2010
\nAIG Trying to Get More Investors to Buy Life Settlements, Institutional Investor Securities Blog, April 26, 2011 Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Steven T. Kobayashi has pleaded guilty to money laundering and wire fraud. The former UBS financial adviser is accused of bilking his private investment fund investors. As part of his plea agreement, he will pay $5,431,600 in restitution and serve a 65-month prison term. Per the criminal charges, beginning in 2006 Kobayashi, who regularly made […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3939,3741,3755],"tags":[],"class_list":["post-913","post","type-post","status-publish","format-standard","hentry","category-life-settlements","category-securities-fraud","category-ubs"],"yoast_head":"\nEx-UBS Financial Adviser Pleads Guilty to Defrauding Private Fund Investors — Investor Lawyers Blog — July 13, 2011<\/title>\n<meta name=\"description\" content=\"Steven T. 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