The president of a money management firm has been indicted in Los Angeles on charges of money laundering and mail and wire fraud in connection to an investment scheme that authorities say duped investors out of four (m) million dollars.
Kangsan Kim had been previously indicted on ten counts of mail fraud and five counts of wire fraud, but a federal grand jury in Los Angeles returned a superseding indictment adding eleven counts of money laundering.
Kim is the president of money manager Unus Capital Management and chief financial officer of brokerage firm PeopleN Investment Corporation.
He faces a maximum federal prison term of 520 years and up to five and a-half (m) million dollars in fines if convicted on all counts.
http://www.kesq.com/Global/story.asp?S=5842579&nav=9qrxGhpZ
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