The Levin Papantonio law firm is investigating fraud victims of former UBS employee Steven T. Kobayashi, an adviser who worked at the USB branch office in Walnut Creek, California. The SEC recently charged Kobayashi with misappropriating $3.3 million in a scheme that pumped investor money into a private investment fund that he established, Life Settlement Partners LLC (LSP). Kobayashi marketed LSP as a pooled investment fund that invested in life insurance policies. According to the SEC complaint, he used his UBS customers to raise several million dollars for the fund. The complaint also states that in early 2006, Kobayashi began using the LPS bank accounts as his personal stash, blowing more than $1.4 million of his investors' dollars on gambling debts, cars, houses, and prostitutes.
Kobayashi neither admits nor denies any wrongdoing and has settled the civil charges against him, agreeing to a permanent bar from any association with companies in the securities industry. The court will determine the monetary restitution and financial penalties that Kobayashi will face.
For more information regarding the SEC's charge against Steven Kobayashi, visit http://www.sec.gov/litigation/complaints/2011/comp21872.pdf .
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