United States Of America vs Stephen Young Kang
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United States Of America | vs. | Stephen Young Kang |
Filing Date:August 11, 2015
Case:United States Of America Vs. Stephen Young Kang
Jurisdiction:California State Court
Status:Resolved
Civil / Criminal:Criminal
Fraud
Over at least the past four years, federal investigators say Stephen Young Kang took millions of dollars from Korean clients who asked him to invest their money and instead used it for his own expenses or paid other victims in a Ponzi-like scam stretching from Orange County, Calif., to Houston. This week a California federal grand jury indicted Kang, who lives in Newport Beach but has a law office in the Galleria. The 46-year-old is charged with 20 counts of wire fraud and five counts of money laundering, though investigators say evidence suggests more victims exist in Texas, California and South Korea and urged them to come forward. The complicated case centers on a financial dispute between Kang and Ottogi America, a California distributor of Korean food products. The company hired the lawyer in 2012 after it was accused of fixing ramen noodle prices in Korea, according to Los Angeles state court documents. It sued him last year on allegations of fraud and malpractice. In response, Kang charged executives of hiring him to conceal assets from its shareholders, including diverting funds from real estate to oil and gas ventures. The civil suit is ongoing.
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