UBS Adviser Stole $3M For Cars, Hookers, Feds Claim

Law360, New York (March 3, 2011, 3:46 PM EST) -- Former UBS Financial Services Inc. financial adviser Steven Kobayashi was charged Thursday in Calfornia with stealing $3.3 million from investment clients and spending the money on cars, gambling debts and prostitutes.

Kobayashi forged clients' signatures and lied to them about why their money was being transferred into his accounts, according to a criminal information in the U.S. District Court for the Northern District of California.

Kobayashi, who worked in UBS’ Walnut Creek, Calif., office, created a pooled investment fund to invest in life insurance policies but...
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