Sunday, 14 September 2014
Last updated 2 days ago
Jul 18 2008 | 11:07am ET
The day of reckoning for two of the masterminds behind the KL Financial hedge fund fraud came yesterday in a federal courthouse in Palm Beach, Fla.
Jung Bae Kim, better known as John Kim, and his brother Yung Bae Kim, were sentenced to 18⅓ years and 6¼ years, respectively, and ordered to pay more than $75 million in restitution for their role in the Ponzi scheme.
The two brothers, along with Won Sok Lee, who remains at large, were principals at Palm Beach-based KL. Between 2000 and 2005, prosecutors say the men defrauded investors of some $194 million, of which just $6.5 million has been recovered.
In addition to the prison term and restitution order, the sentences include three years of supervised release. Both Kims struck a plea deal pleading guilty to wire fraud and Jung Kim pleading guilty to conspiracy to commit wire fraud.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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