SEC Files Securities Fraud Lawsuit Against San Francisco Bay Area Financial Advisor

Thumbnail image for Thumbnail image for sec crest.bin.jpgToday, the Securities and Exchange Commission (SEC) filed securities fraud charges against Steven K. Kobayashi, a financial advisor working in the Walnut Creek, California, office of UBS Financial Services LLC. The SEC’s complaint alleges that Kobayashi raised several million dollars through a fund called “Life Settlement Partners LLC” that invested in life settlement policies. Kobayashi allegedly bilked customers out of $3.3 million dollars in a scheme where he misappropriated customer funds to support an extravagant lifestyle that included expensive automobiles, large gambling debts and prostitutes. Kobayashi agreed to settle the SEC’s charges against him without admitting or denying the allegations.