British Columbia levies record fine against fraudster

Sung Wan (Sean) Kim promised members of his church high returns — as much as 5 percent a month — if they let him invest their money in futures and options and U.S. Treasury bills. But, as is too often the case, the money apparently never went where he said it was going. “Kim diverted the money he collected from 35 British Columbia investors and one Korean investor into his own bank account and fled late last year to South Korea, where he is behind bars,” according to the Vancouver Sun. The BRitish Columbia Securities Commission fined him $15.7 million and then added an administrative penalty of $31.4 million, bringing the total to just over $47 million. They’ve not collected any of it yet and, according to the Sun, aren’t holding out hopes that they ever will. Kim is banned from the securities industry in Canada for life, however.

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