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Sham Hedge Fund Operators Indicted

Law360 (January 11, 2007, 12:00 AM EST) -- A grand jury has indicted three hedge fund operators on charges of conspiracy, fraud and money laundering in a scam to embezzle $194 million from 250 unsuspecting investors.

The indictment alleges Won Sok Lee and brothers Jung Bae Kim (a.k.a. John Kim) and Yung Bae Kim went to elaborate lengths to fool victims into investing, and ultimately losing, money in their sham operation.

It is alleged that from 2000 to 2005 the trio convinced wealthy Florida investors their hedge funds earned massive profits from day-trading, when...
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