SEC Drops Civil Claims Against KL Group Fraudster

Law360, New York (July 8, 2010, 3:24 PM EDT) -- The U.S. Securities and Exchange Commission has dropped the remainder of its lawsuit seeking civil penalties and disgorgement against a former hedge fund adviser who was a principal in KL Group LLC and participated in a $194 million Ponzi scheme.

Judge Kenneth L. Ryskamp of the U.S. District Court for the Southern District of Florida granted the SEC's motion to dismiss its case against Won Sok Lee on Wednesday. Lee was sentenced in December to nearly 25 years in prison and ordered to pay $78 million...
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