The U.S. Securities and Exchange Commission sued a former UBS AG (UBSN) financial adviser, accusing him of misappropriating $3.3 million in a scheme that included bilking investors in a private investment fund he established.
Steven T. Kobayashi, who worked in UBS Financial Services LLC’s office in Walnut Creek, California, stole money from a pooled investment fund and spent it on extravagances including expensive cars, prostitutes, and large gambling debts, the SEC said in a statement yesterday. He concealed the fraud by liquidating his customers’ securities and funneling the money back to the fund and its investors, the SEC said.
WHAT TO WATCH *Starrag-Heckert holds press conference *Basellandschaftliche Kantonalbank holds press conference
EQUITIES *Novartis’ Lucentis fails to win the backing of the U.K. national Institute for Health and Clinical Excellence *SEC Sues Former UBS Financial Adviser for Defrauding Investors *CNBC Says Glencore May Get as Much as $15 Billion in IP0 *Crealogix first-half sales increase to 28 million francs *Pargesa Holding AG reports net profit of 464 million francs *UBS agrees to sponsor the 2011 Formula One Chinese Grand Prix, the Shanghai Daily reports. *Partners Group invests in Magasin du Nord property in Copenhagen *Bell purchases Germany’s Hoppe GmbH
ECONOMY/POLITICS *Swiss central bank publishes foreign currency holdings *Swiss government holds weekly meeting in Bern *SNB’s Jordan says large banks would need to make “big efforts” to meet too-big-to-fail rules, Tages-Anzeiger reports
MARKETS *The SMI rose 0.1 percent to close at 6599.21 *The SPI gained 0.7 percent to close at 5964.12 *The Stoxx Europe 600 Index advanced 0.3 percent to 283.58 *Euro -- Franc at 1.3009 at 7:26 a.m. Zurich time
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