The Securities and Exchange Commission has issued an emergency action against a Palm Beach Florida based hedge fund manager. According to the SEC press release, the defendants conducted a fraudulent scheme that has resulted in the loss of most, if not all, of the $81 million raised from investors. The Complaint filed by the SEC named many defendants, for the various roles they played in the alleged fraud. In the filings, the SEC named K.L. Group, LLC, KL Florida, LLC and KL Triangulum Management, LLC, for their violations while acting as investment advisers to the hedge fund defendants. The complaint also named the hedge funds, KL Group Fund, LLC, KL Financial Group Florida LLC, KL Financial Group DB Fund, LLC, KL Financial Group DC Fund, LLC, KL Financial Group IR Fund, LLC, and KL Triangulum Group Fund, LLC, as defendants. The SEC complaint also named several principals as well as investment advisers and hedge funds including Won Sok Lee (of Singer Island, Fla.), John Kim (of Jupiter, Florida), and Yung Bae Kim (of Irvine, Calif.) as defendants in the case. Others named by the Commissions complaint were Shoreland Trading LLC, of Irvine, California, a broker-dealer controlled by defendant Lee. Judge Kenneth L. Ryskamp of the United States District Court for the Southern District of Florida in West Palm Beach has issued temporary restraining orders, and granted that the assets of the named defendants be frozen. The court also appointed a receiver for all the entities named in the SEC complaint. According to the court, starting in 1999, and continuing through February 2005, the named hedge funds raised over $81 million in investment assets from about 250 investors through falsified statements. Such statements showed that the defendants earned consistent high returns, while at the same time the hedge funds in question were experiencing significant losses. David Nelson, Director of the Commissionâ?Ts Southeast Regional Office in Miami commented, this fraud was fueled by brazen lies about the hedge funds investment track record. Our priorities now are to hold these defendants accountable and to return as much as we can to defrauded investors.
there are plenty of countries without signed extradition clauses with the us. nothing to do, but kidnapp the guy in that case
Told ya (if these press stories are real that is). These guys called me on the phone and BSd me to death (KL basically mislead me from the beginning wehn they were talking to me). Once you get mislead from someone that calls you about a prop shop, hang up and run. I did it with these guys because I know this business. Sorry for the guys that got burned but prop shops are mainly shady. Plain and simple. A few good ones around that are reputable are Bright and Hold Brothers. Both Bright and Hold do not BS people, they tell it as it is and your money is safe. They don't make false promises and the people in the firm will meet you face to face. Many other prop firms out there are just trying to scoop up your money. To all you pople that bash Don, you are all fools. He is actaully one of the most honest people in this business.
Shouldn't be a problem finding them. I'll bet there no one in Korea with the last names of Kim and Lee.
What is wrong with people now adays... you squander a few hundred million due to horrible trading and a bald head, and your best friend and brother steal the rest and the whole world is mad at you. Geez... i say get over it folks. Everyone says it all came as a surprise. B/S!!! Everyone that worked with me knew i didn't know a darn thing about trading. I couldn't even explain how stochastics or oscillators worked. I knew nothing about trading. Sheesh... i shorted GOOG at $130 and held till $200 before getting out. Moreover, I lied to clients about my background and used an employees references as my own. I'd like to say that I am not a fool, just an idiot. *****The real idiots are the people that stuck around the firm and only got your $1500 draw!! I cannot believe that people still believe that JK is the real deal. He only shorts and does nothing else...can't we teach a monkey that? And to those that think he has nothing to do with stealing the money... BS!!! In court he stated that he believed he traded on mock screens setup by his brother and partner. B/S ...don't you think JK would have at least guessed that things were not right when for the 6 months prior he was getting daily margin calls for clearing firms??? If your partner told you that the accounts were full and you were getting margin calls, wouldn't you at least call and find out the problem?? IDIOTS!