Contra Costa Times

Posted: 03/03/2011 01:10:15 PM PST

Updated: 03/03/2011 01:57:37 PM PST

http://www.mercurynews.com/breaking-news/ci_17531305?nclick_check=1

LIVERMORE -- A Livermore man is facing federal wire fraud and money laundering charges after being accused of scheming to defraud his bank clients of their money.

The U.S. Attorney's Office on Thursday charged Steven Kobayashi. From April 2006 to August 2009 while working as financial adviser at the Walnut Creek branch of United Bank of Switzerland, prosecutors said he made unauthorized wire transfers from his clients accounts into several of his Bank of America accounts.

Investigators say he was able to do this in some cases by falsely telling his clients that transfers were necessary for investing their money, or by forging or copying and pasting signatures of his clients on documents that allowed for the transfers.

According to court documents, the amounts involved were more than $10,000. Prosecutors declined to elaborate.

If found guilty, Kobayashi could face as much as 20 years in prison and a $250,000 fine for the wire fraud charge. The money laundering charge carries a penalty of as much as 10 years in prison and a fine of $250,000, or twice the value of the property involved.

Kobayashi, who is not in custody, no longer works for UBS as financial adviser.