Brian Kim who made two appearances on CNBC’s financial news show “Squawk Box” in 2009 to promote his business has been indicted by Manhattan District Attorney, Cyrus Vance, for perpetrating a $4 million Ponzi scheme. Kim, 35, was indicted on charges of grand larceny and scheme to defraud for a scam that started in 2003 involving 45 West Coast investors mostly in the Silicon Valley technology industry. His business, Liquid Capital Management promised returns of 240% through doctored financial statements and fake “pitch books”.
Federal regulators have also filed a civil suit against Kim for allegedly stealing over $2.1 million from 37 investors in 2009 and 2010. Much of the money was funneled through business accounts to cover investor losses. He then allegedly spent it on ski vacations, gambling trips to Las Vegas, cars and lavish shopping sprees and risky investments. As reported by Melissa Grace for NYDailyNews.com in her article entitled “CNBC Pundit and Hedge-Fund Operator at Heart of $4 Million Ponzi Scheme”, Brian Kim is still on the run after failing to show up in January for a Manhattan trial on another theft of $438,000 in 2008 from an East Village condominium where he lived.
If convicted, Kim faces up to 25 years in prison. However it is a small consolation to those who were robbed of hundreds of thousands of dollars.
Page Perry, is an Atlanta-based law firm with over 125 years of collective experience representing investors in securities-related litigation and arbitration. While past results are not indicative of future success, Page Perry’s attorneys have assisted dozens of investors in recovering over $130 million from brokerage firms since 2005. Page Perry’s attorneys are actively involved in counseling institutional and individual investors regarding their investment problems. For further information, please contact us.