Saturday, 25 June 2016
Last updated 1 day ago
Mar 19 2012 | 12:02pm ET
One-time CNBC contributor Brian Kim has pleaded guilty to a hedge fund fraud, among other charges.
The Liquid Capital Management founder on Friday entered pleas of grand larceny, forgery, scheme to defraud, falsifying business records and other counts, as part of a plea deal with prosecutors. Kim will be sentenced to between five and 15 years in prison; he had faced up to 45 years.
Kim had been facing three separate cases filed by Manhattan prosecutors: For running a $6 million Ponzi scheme at LCM, for stealing $430,000 from his New York condominium association and for bail-jumping, the latter stemming from his disappearance in January 2011, prior to his capture and return to the U.S. in September.
In December, Kim pleaded guilty to federal charges for fraudulently obtaining a passport. He'll be sentenced in both state and federal court next month.