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...
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