Wed, Aug 5, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Hedge fund founder Brian Kim gets 15 years for Ponzi scheme

Monday, April 23, 2012

Bailey McCann, Opalesque New York: Brian Kim, founder of the now defunct hedge fund Liquid Capital Management, was sentenced to 15 years in prison by New York Supreme Court Judge, Charles H. Solomon, today after being convicted of charges that his fund was really a Ponzi scheme. He was convicted of sending monthly statements to investors showing that their accounts had inflated gains, according to prosecutors in the case.

He also pleaded guilty to stealing $435,000. Kim fled to Hong Kong on the eve of his trial but was caught and returned to New York 10 months later. According to the ruling, Kim will serve a five-to-15 year sentence in state prison but will remain in federal prison for another seven months, on an earlier passport fraud conviction related to his escape to Hong Kong. According to an account in BusinessWeek Kim used investor money to fund lavish shopping trips, travel and lifestyle expenses.

An account in Advanced Trading notes that Kim told the judge that when he is released he hopes to find gainful employment and repay all of his victims. Kim told investors that he was putting their money into stable investments and instead put investors funds into highly speculative futures contracts causing massive losses without their knowledge and ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Activist News - Celgene says patent-fighting hedge fund manager wants to short its shares[more]

    From Reuters.com: Celgene Corp, one of the world's largest biotechnology companies, has accused U.S. hedge fund manager Kyle Bass of attempting to profit from his attempts to wipe out several major drug patents through his Coalition for Affordable Drugs. The company asked the U.S. Patent and T

  2. Einhorn's Greenlight Capital hedge fund slumps 6.1 percent in July[more]

    From Reuters/Thefiscaltimes.com: Hedge fund mogul David Einhorn's Greenlight Capital slumped 6.1 percent in July and is now down 9 percent for the year after gold, one of the fund's top holdings, tumbled to five-year lows last week. Greenlight notified clients of its returns late on Friday, ac

  3. Performance - Some hedge fund small-cap energy stocks have been free falling, Dan Loeb's simple strategy destroys the market, Baupost lost 1.4% last quarter as energy bargains proved elusive[more]

    Some hedge fund small-cap energy stocks have been free falling From Marketrealist.com: According to a July 28, 2015, Bloomberg article, there was a 34% fall in small-cap energy stocks over the past three months. These shares are tracked by the Russell 2000 Energy Index. Small-cap energy

  4. Legal - Hedge funds hit Rothstein Kass with $75m malpractice suit, JPMorgan questioned on private bank’s hedge fund disclosures, Kijani fund, seized by regulators in Cayman Islands, spotlights risks in lightly regulated market[more]

    Hedge funds hit Rothstein Kass with $75m malpractice suit From Law360.com: Two investment funds have sued Rothstein Kass & Co. PC for at least $75 million, claiming the New Jersey auditing firm committed accounting malpractice by failing to properly scrutinize overblown valuations of the

  5. Assets - Hedge funds are getting smoked by the commodities slump, Global ETF assets could more than double by 2020[more]

    Hedge funds are getting smoked by the commodities slump From Businessinsider.in: The collapse in commodity prices has burnt another hedge fund. Vermillion, a commodity hedge fund backed by Carlyle Group, has seen its flagship fund's assets fall from nearly $2 billion to less $50 million,

 

banner