A West Palm Beach, Fla., grand jury has indicted the three men who ran hedge fund KL Group on charges of mail and wire fraud, conspiracy and money laundering. The jury also indicted KL Group and subsidiaries KL Forida and Triangulum Management.

The U.S. Attorney's Office for the Southern District of Florida, in cooperation with the Federal Bureau of Investigation and the Florida Office of Financial Regulation, has sued Won Sok Lee and brothers John Bae Kim and Yung Bae Kim for allegedly defrauding 250 investors of $195 million between 2000 and 2005.

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