Hedge Funds Plead Guilty To $195M Scam

Law360, New York (July 23, 2007, 12:00 AM EDT) -- Three hedge funds on Friday pled guilty for their parts in a conspiracy that cost more than 250 investors nearly $195 million over the course of five years.

KL Group LLC, Shoreland Trading LLC and KL Triangulum Management LLC each admitted their roles in running a comprehensive hedge fund scam based out of southern Florida and California, Florida's Office of Financial Regulation said.

KL Group was a California limited liability company owned by principals Won Sok Lee and Jun Bae (a.k.a. John) Kim. Lee was also...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.