Korean Businessman To Pay $50M For Stock Scandal

Law360, New York (February 6, 2008, 12:00 AM EST) -- A former business partner of the president-elect of South Korea will have to pay $50 million in damages to investors in his venture capital firm, after a U.S. federal court ruled Wednesday that he had manipulated stock prices and embezzled from the firm.

The U.S. District Court for the Central District of California found that Kim Kyung-joon and his family colluded to manipulate stock prices of Optional Capital and misappropriated around 38 billion won ($40 million) of company funds in 2001.

The lawsuit by minor investors...
To view the full article, register now.

Related

Sections

Case Information

Case Title

Optional Capital Inc v. Kyung Joon Kim et al


Case Number

2:04-cv-03866

Court

California Central

Nature of Suit

Racketeer/Corrupt Organization

Judge

Audrey B. Collins

Date Filed

June 1, 2004

Law Firms

Government Agencies

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.