Indicted lawyer accused of stealing $6M from clients

Indicted lawyer accused of stealing $6M from clients

A California lawyer has been federally indicted on 25 counts, accused of misappropriating a total of nearly $6 million from three clients in South Korea.

Stephen Young Kang, 46, was arrested by federal agents last month as he tried to board a flight to South Korea at Los Angeles International Airport and subsequently freed on $750,000 secured bond. He was indicted Tuesday by a grand jury and faces 20 wire-fraud counts and five counts of money laundering, according to OC Weekly’s KABC and the Navel Gazing blog.

One of the three clients, a company that distributes Korean food products in the U.S., provided Kang with $3.7 million to purchase California real estate near an existing distribution center, the U.S. attorney’s office in Los Angeles says. Instead, he allegedly used the money for other purposes.

Two other clients, who are married, gave him $1 million to invest in a U.S. business in an effort to qualify for U.S. visas, the Metropolitan News-Enterprise reports. Again, the money was not used as intended by the clients, the government says.

It appears that the South Texas College of Law graduate is also licensed to practice in Texas. He reportedly has no attorney disciplinary history.


http://www.abajournal.com/mobile/article/indicted_lawyer_accused_of_stealing_6m_from_clients

Mentions

Litigation Cases

States

  • California


Securities Disclaimer

This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.