On April 15th, the CFTC obtained a federal order from a federal court in New York to force Brian Kim and Liquid Capital Management LLC to pay in excess of $12 million in restitution and penalties for defrauding a commodity pool. $3.1 will go to fraud victims, including Kim’s Condominium Association, and $9.3 million levied as a civil monetary penalty. Additionally, the defendants are forbidden from commodities trading or registering with the CFTC.
The order comes as a result of a complaint filed by the CFTC on February 15th of this year, charging Kim and Liquid Capital Management with a host of crimes, including fraudulent solicitation, misappropriation and misrepresentation, and falsifying records.
Read more about this CFTC enforcement action.
