La Commodity Futures Trading Commission a publié un communiqué de presse dans lequel elle annonce qu'elle souhaite révoquer Brian Kim et sa société, Liquid Capital Management, exploitant d'un pool de produits de base, suite à la découverte en février dernier d'une chaîne de Ponzi de près de 2 millions de dollars.
Le tribunal a également ordonné que Brian Kim et LCM dédommagent leurs victimes à hauteur de 3.129.161 $ et payent une amende au civil de 9.387.483 $.
The U.S. Commodity Futures Trading Commission (CFTC) announced today that it filed a notice of intent to revoke the registrations of Brian Kim and Liquid Capital Management, LLC (LCM). LCM is a registered Commodity Pool Operator and Commodity Trading Advisor. Kim is registered as an Associated Person of LCM and is the sole principal of LCM.
The notice, filed on July 24, 2012, alleges that Kim and LCM are subject to statutory disqualification from CFTC registration based on a default judgment and permanent injunction entered by the U.S. District Court for the Southern District of New York on April 15, 2011 (see CFTC News Release 6028-11, April 21, 2011). That injunction prohibits defendants from committing further fraud, among other violations. Additionally, the default judgment includes findings that Kim fraudulently misappropriated at least $2 million of pool participant funds, fraudulently solicited prospective pool participants, and made material false statements to pool participants.
In the default judgment order, Kim and LCM were held liable for fraud in connection with operating a Ponzi scheme. The court also ordered that Kim and LCM pay $3,129,161 in restitution to victims of the fraud and a $9,387,483 civil monetary penalty.
The registration revocation action is further based on Kim’s and LCM’s multiple felony convictions in state criminal actions arising out of the operation of the Ponzi scheme (see People v. Brian Kim, case No. 05965-2009 (N.Y. Sup. Ct.); People v. Brian Kim and Liquid Capital Management, LLC, Case No. 00086-2011 (N.Y. Sup. Ct.) and a federal criminal action against Kim for making a false statement in a passport application (see United States v. Kim, 1:11-cr-00642-CM-1 (S.D.N.Y.)).
Kim and LCM each entered guilty pleas in connection with the various criminal charges against them. Kim was sentenced to federal and state prison terms totaling more than 16 years.
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