According to Bloomberg, Brian Kim, founder and operator of the hedge fund Liquid Capital Management LLC, pleaded guilty to grand larceny after being accused by Manhattan prosecutors of running a $6 million Ponzi scheme.
Kim entered the plea today before Justice Charles Solomon of New York State Supreme court in Manhattan, admitting nine of 26 counts against him. The punishment for the most serious is as much as 25 years in prison. Sentencing was set for April 20.
Kim, 36, who fled overseas when he was about to be tried in another case, apologized for dragging out the proceedings.
Find out more at http://www.bloomberg.com/news/2012-03-16/hedge-fund-founder-kim-admits-larceny-in-6-million-fraud.html
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