The Securities and Exchange Commission has filed civil fraud charges against a pair of Palm Beach, Fla., hedge fund executives, but it appears they may have fled the country.
According to the SEC, Won Sok Lee and Yung Bae Kim, as well as an unidentified third person, "defrauded investors through misrepresentations and omissions concerning the profitability and security of their investments in hedge funds."
Earlier this year, the SEC filed an action to halt Lee and Kim from raising more than $81 million from investors. Those assets have been frozen. The whereabouts of Lee and Kim are unknown and it also unknown whether they have retained legal counsel, an SEC official told The New York Times yesterday.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.