SEC Charges Former Financial Adviser with Defrauding Life Settlement Fund Investors
SEC Release LR-21872
March 3, 2011
The SEC announced the filing of a civil enforcement action against a former UBS financial adviser for allegedly misappropriating $3.3 million dollars from a pooled investment fund that invested in life insurance policies. The complaint alleges that the financial adviser used customer funds as his own and induced additional customers to invest in the fund to pay back the funds he misappropriated.
Cross References
SEC PR 2011-60
Exchange Act §§ 10(b), 15(a)
Exchange Act Rule 10b-5