KL Group's Won Sok Lee Sentenced to 25 Years in Prison for $194m Ponzi Scheme

January 3rd, 2010
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After two years as a fugitive Won Sok Lee, Partner at the Florida-based KL Group fund, has been sentenced to 25 years in prison for a Ponzi scheme that defrauded investors of $194 million. The firm ran a number of funds from offices in Florida and Nevada that misled investors to believe the firm had invented a proprietary trading system capable of achieving 100% annualized returns.

Won Sok Lee will also be ordered to pay $78.5 million to partially cover investor losses. His two accomplices Jung Bae Kim and Yung Bae Kim were sentenced to 18 years and six years, respectively.
For Detailed Investor Profiles on these Investors, click below:
K.L. Group, LLC
Related People: John & Yung Kim; Won Sok Lee
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

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