Sounds like someone didn't get hired....KL was much more a prfessional operation than 98% of the firms here on Elite, (sorry Don they are light years ahead of BT) at least the San Fran operation was first class all the way. They had every knowledgable trader beating a path to their door, and they were "very" under the radar screen and liked it that way. I would love to have been associated with them.....but to be honest I am not that good a trader or that smart. rttrader1
KL is legit. i have buddies who work for them. They are one of the few places that take guys with no experience and teach them how to position trade. i think a few people are sour because they didn't get a job there. they have a website but you need a username and password. i think if you call them, they'll give you one.
Just kind of strange that when you do a web search for KL Financial Group, the ONLY link you get is to a help-wanted ad for Shoreland Trading. In this age of internet access, I would think a firm would have more of a presence than that. just my opinion though.
if you know anything about trading you'd know they are a hedge and cant advertise and that is why they dont have a bunch of stuff over the internet. but they have a website, you just have to type in the url to get to it.
Of course, everyone knows that! I can't believe I was so stupid. Please forgive my mistake? By the way, could you supply a link? Can't seem to get past the username/password page.
You work on a draw of 1500 a month on a 1099. We had about 3 traders out of 50 who were making more, everybody else was in the red. I think we were being overcharged on the trading charges plus 50 a month to park. The owners are 2 Koreans, one acts like the Rev Sung Yung Moon, and the other is his enforcer.
can someone explain what this means exactly? a woman there called me in for an interview, and they refused to reimburse me for the cost to come down there.....500 bucks is a chunk of change, and i want to know what i'm getting myself into before i commit..... i understand they don't take an initial investment up front, which is rare for a prop firm....how are they able to do this?....do they "nail" you somewhere else, making it more difficult to make a sincere profit?....
link didn't come up. here is the story: Principal of KL Financial investment firm apparently has fled country By David Sedore Palm Beach Post Staff Writer Tuesday, March 15, 2005 A West Palm Beach money manager under investigation for fraud fled the country last month for South Korea one day after being interviewed by the Securities and Exchange Commission. Won S. Lee, one of three principals of hedge fund firm KL Financial Group, apparently hopped aboard a Korean Air flight to Seoul on Feb. 23 with a one-way ticket in hand. More Business News ⢠Latest news ⢠Columnists ⢠Local stocks ⢠Market tools ⢠Mortgage rates ⢠Latest gas prices "He's gone forever," said Gary Klein, a Boca Raton attorney who represents more than 30 investors who lost more than $30 million invested with the firm that operated from Esperante office building downtown before abruptly closing Feb. 25. "The question is did he go with the money or without?" Earlier this month, the SEC sued KL Financial in federal court, calling it a "massive hedge fund fraud." The agency also sued Lee, a former resident of Riviera Beach, and brothers Yung Kim and John Kim, all principals in the firm. John Kim is a Jupiter resident. A federal judge has ordered the temporary freeze of the remaining assets of KL Financial and its principals. At least $81 million, perhaps as much $300 million, is gone as a result of the collapse of the firm that specialized in high-risk hedge fund investing. Lee's flight, paid for by cashing in frequent flier miles, came a day after SEC examiners visited the Irvine, Calif., offices of Shoreland Trading, a brokerage that Lee and the Kims controlled and that handled securities trading for KL Financial's various investment funds. On Feb. 22, the SEC examiners interviewed Lee and Yung Kim in Irvine about Shoreland's operations. The Shoreland brokerage, according to audits, showed huge trading losses â $16 million in 2003 and $46 million in 2004 â at the same time that KL Financial was telling its investors that it was making huge profits. Lee and Yung Kim told the SEC that Shoreland hired young, inexperienced traders and that the money they were trading was Lee's. Shoreland, they said, had no retail customers. The two men agreed to meet again with the SEC the next day. Yung Kim showed; Lee did not. The SEC was told that Lee was on a plane to Florida, and the examiners agreed to continue the interview that Feb. 25 in West Palm Beach, where KL Financial and Shoreland shared the 17th-floor of the Esperante building. Lee and Yung Kim didn't show. "Won Lee on the 22nd, Yung Kim on the 23rd. That's the last anybody has heard from either of them," said Ivan Harris, a staff attorney with the SEC in Miami. The FBI and the U.S. Attorney's office in Miami also are investigating the firm and its principals, though no charges have been filed. FBI spokesman Judy Orhuela would not comment Monday. John Kim, the other principal, remains in Jupiter. According to court documents, on Feb. 26, the day after the SEC shut down the West Palm Beach office, Kim told investors that Lee controlled everything and was responsible for the trading losses. He also said Lee had fled the country. John Kim also asked investors for more money, promising he would make back lost money. KL Financial raised $10.1 million in January and February. On Feb. 5, less than three weeks before its collapse, the firm had asked SEC for permission to raise $2 billion from investors. http://www.palmbeachpost.com/business/content/business/epaper/2005/03/15/a1d_hedge_0315.html