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Home  Investments Investment fraud Investment fraud
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KL Financial's Receiver Collects $4.6M out of $213M in Alleged Investor Losses |
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Assets recovered by the KL receiver: In the KL Financial Group scandal, $213 million from investors was lost or stolen. No one has been indicted, and a receiver has so far managed to recover only $4.6 million By Alexandra Clough, Palm Beach Post Staff Writer (PalmBeachPost.com) (May 17, 2006)  KL Financial's Trading Room The Palm Beach Post article stated that "the bait" included "[a] $100,000 conference table; seven 50-inch, high-definition plasma TVs; and a $47,000-a-month office in the Esperante office towerin downtown West Palm Beach.... By the time hedge fund KL Financial Group came crashing down last year amid a swirl of federal scrutiny, $213 million in investor money had been either lost or stolen. It could be the largest investor fraud in Palm Beach County history." "The U.S. Securities and Exchange Commission last year sued KL principals Won Sok Lee and brothers John and Yung Bae Kim, charging them with securities fraud. The civil complaint accuses KL and its principals of misrepresenting the fund's performance and possibly misappropriating money. A federal court froze the defendants' assets and appointed a receiver...." |
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Last Updated ( Friday, 26 May 2006 )
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C+ Capital Management's Charlie Yi Pleads Guilty |
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MONEY MANAGER AT C+ CAPITAL MANAGEMENT PLEADS GUILTY, ADMITTING HE DEFRAUDED CLIENTS OUT OF OVER $20 MILLION PRESS RELEASE (December 21, 2005) Los Angeles, CA - The owner and operator of the now-defunct downtown investment advisor firm C+ Capital Management, LLC has pleaded guilty to a host of federal charges related to an investment fraud scheme in which he fleeced primarily Korean-American investors out of more than $20 million. Won Charlie Yi, 35, of Los Angeles, pleaded guilty late Tuesday to 19 charges. Appearing before United States District Judge A. Howard Matz, Yi pleaded guilty to four counts of bank fraud, 11 counts of mail fraud, two counts of investment advisor fraud and two counts of criminal forfeiture. |
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Last Updated ( Friday, 26 May 2006 )
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Judge approves extradition of Kyung Joon Kim, KA man accused of fraud |
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Judge approves extradition of South Korean man accused of fraud (AP), Los Angeles (Oct. 26, 2006) - "A federal judge has approved the extradition of a South Korean man wanted in his home country for an alleged investment fraud that authorities say netted at least $20 million.... U.S. Magistrate Judge Paul Abrams said there was sufficient evidence to extradite Kyung Joon Kim. 'At the outset, the sheer number of witnesses who implicate Kim in the criminal offenses makes it improbable that they could all be lying,' Abrams wrote in a ruling dated Friday. It was unclear when Kim, 39, might be extradited.... |
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Last Updated ( Friday, 26 May 2006 )
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SEC Moves Against KL Financial Group of Companies |
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SEC BRINGS EMERGENCY ACTION AGAINST THREE RELATED HEDGE FUND INVESTMENT ADVISERS, AFFILIATED HEDGE FUNDS AND REGISTERED BROKER-DEALER S.E.C. Litigation Release No. 19117 (March 3, 2005) The Securities and Exchange Commission announced today that it filed an emergency enforcement action to halt an ongoing hedge fund fraud concerning three related hedge fund investment advisers, multiple hedge funds, a registered broker-dealer and the principals that control these entities. The Commission's complaint names as defendants the hedge funds, KL Group Fund, LLC , KL Financial Group Florida, LLC, KL Financial Group DB Fund, LLC, KL Financial Group DC Fund, LLC, KL Financial Group IR Fund, LLC and KL Triangulum Group Fund, LLC (collectively "the Funds"), the unregistered hedge fund investment advisers, K.L. Group, LLC, KL Florida, LLC and KL Triangulum Management, LLC (collectively "the Advisers"), the principals of the investment advisers and hedge funds, Won Sok Lee (Lee), John Kim and Yung Bae Kim (Yung Kim) and Shoreland Trading, LLC (Shoreland), an Irvine, California based broker-dealer that defendant Lee controlled and that conducted all of the trading for the various hedge funds. |
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Last Updated ( Friday, 26 May 2006 )
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Kyung Joon Kim, KA man accused of fraud, detained pending extradition hearing |
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U.S. Magistrate Judge Paul Abrams granted the U.S. Government's request to detain Kyung Joon Lee, a Korean-American man accused of fraud and other legal violations in Korea, during the pendency of the extradition hearings. The Judge also denied Mr. Kim's request for bail. The Opinion and Order Re: Request for Detention and Motion for Bail is available here. (Please disable pop-up blockers). (July 1, 2004) In the Matter of Extradition of Kyung Joon Kim (a/k/a Kyungjoon Kim, Kyung June Kim, Christopher Kim, or Chris Kim), U.S. District Court, C.D. Cal. No. CV 04-3886-ABC(PLA)
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Last Updated ( Friday, 26 May 2006 )
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SEC Moves Against C+ Capital Management & Won Charlie Yi |
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SEC OBTAINS EMERGENCY RELIEF TO HALT A $36 MILLION AFFINITY FRAUD SCHEME TARGETING KOREAN INVESTORS S.E.C. Litigation Release No. 18729 (May 28, 2004)
The United States Securities and Exchange Commission filed an emergency action on May 25, 2004 to halt an affinity fraud scheme perpetrated by Won Charlie Yi and his investment advisory firm, C+ Capital Management, LLC. The scheme targeted primarily members of the Korean community in Los Angeles. The Honorable Gary A. Feess, United States District Judge for the Central District of California, granted the Commission's request for a temporary restraining order as well as orders freezing the assets of Yi and C+ Capital. |
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Last Updated ( Friday, 26 May 2006 )
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