{"id":4586,"date":"2006-06-15T00:00:00","date_gmt":"2006-06-15T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"ex-kl-trader-ignored-asset-freeze","status":"publish","type":"post","link":"https:\/\/staging.hedgeco.net\/news\/06\/2006\/ex-kl-trader-ignored-asset-freeze.html","title":{"rendered":"Ex-KL trader ignored asset freeze"},"content":{"rendered":"<p>  <span class=\"body\">Palm Beach Post &#8211; In the latest twist in the saga of failed hedge fund KL Financial, head trader John B. Kim admits he defied a federal asset freeze by using money earmarked for  investors to speculate on futures contracts \u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u009d and that he quickly lost $650,000.<\/span><\/p>\n<p>  <span class=\"body\">KL Financial either lost or stole $213 million, and its collapse made waves in Palm Beach, where many of its well-heeled clients lived.<\/span><\/p>\n<p>  <span class=\"body\">Kim, one of the founders of the West Palm Beach hedge fund, acknowledged in a court document that he sold his wife&#8217;s Mercedes for $70,000 last year and began trading futures  based on U.S. stocks and the euro.<\/span><\/p>\n<p>  <span class=\"body\">After losing that money, he pawned his Porsche 911 for $40,000 and used $384,658 from the sale of his condo in Korea to trade futures. Kim said he traded profitably at first,  boosting his account to $650,000. Then, he said in a court document and an interview, he lost it all.<\/span><\/p>\n<p>  <span class=\"body\">All of this happened after a federal judge in March 2005 froze Kim&#8217;s assets and ordered the proceeds from the Korean condo to be returned to investors.<\/span><\/p>\n<p>  <span class=\"body\">Now, the Securities and Exchange Commission and the court-appointed receiver for the case are asking U.S. District Judge Kenneth Ryskamp to put Kim in jail for contempt of  court.<br \/><\/span><\/p>\n<p><a href=\"http:\/\/news.google.com\/news\/url?sa=T&amp;ct=us\/9-0&amp;fd=R&amp;url=http:\/\/www.palmbeachpost.com\/business\/content\/business\/epaper\/2006\/06\/15\/a1d_kl_0615.html&amp;cid=0&amp;ei=xe6QRPCPOYz8oQKlwM2OBg\">ReadComplete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Palm Beach Post &#8211; In the latest twist in the saga of failed hedge fund KL Financial, head trader John B. Kim admits he defied a federal asset freeze by using money earmarked for investors to speculate on futures contracts [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4586","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4586"}],"version-history":[{"count":0,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4586\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}