Burnaby NewsLeader - Fined record $47 million for fraud: "Surrey resident who stole nearly $16 million from investors by promising them a 60 per cent profit has been fined the full amount he stole plus a $31 million penalty.
At $47 million, the total penalty is the largest ever assessed by the BCSC.
Con artist Sung Wan (Sean) Kim is unlikely to ever pay any part of it.
Kim reportedly fled back to his native Korea after the B.C. Securities Commission (BCSC) issued a temporary ban against him in 2009.
Kim preyed upon well-off members of a Korean church in Burnaby, using fake letters and legal documents to convince 36 people to invest $15.7 million in his company, Cirplus Futures Inc.
His clients thought their money was being invested in U.S. treasury bills, stock market options and futures contracts that would produce a guaranteed five-per-cent monthly profit.
Instead, the money went straight into Kim's personal account."
DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.
You Might Also Like :
0 comments:
Post a Comment