Wednesday, 25 May 2016
Last updated 32 min ago
Dec 12 2011 | 12:21pm ET
Prosecutors have offered accused hedge fund fraudster Brian Kim a deal: Agree to spend between six and 18 years in prison, and we won't try to send you away for 45.
Kim, who was arrested in October in Hong Kong almost a year after skipping bail, is mulling the offer, Bloomberg News reports. Kim, who is being held without bail, is expected to plead guilty this week to federal charges that he fraudulently obtained the passport with which he fled—his original passport having been surrendered after his first arrest—and will return to state court on Jan. 13.
The plea deal offered by prosecutors would resolve all three cases pending against Kim in state court, for ripping investors in his Liquid Capital Management off to the tune of $6 million, for stealing $430,000 from his Manhattan condominium association and for bail-jumping. He pleaded not guilty to those charges last month.
According to prosecutors, Kim, a former CNBC analyst, promised investors that he would put their money in “safe, stable and consistently profitable securities” but instead lost millions on futures contracts—and stole some of the rest.