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Article: Promises, promises: a hedge fund scam takes Palm Beach's wealthy for millions.(INVESTING)
- Article from:
- Florida Trend
- Article date:
- October 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 Trend Magazines, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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From their nearly 11,000 square feet of luxury office space in downtown West Palm Beach, the principals of the KL Group hedge fund had a panoramic view of the mansion-studded island from which they could draw well-heeled clients.
Principals Won Sok Lee, John Kim and Yung Bae Kim made appearances count. Clients who visited their 17th floor office in the swanky Esperante building saw a $47,000-a-month office suite furnished in $13,000 designer couches and $30,000 executive desks. The office even included its own trading floor, from which the principals made the magic that was supposed to have yielded returns of up to 150% a year.
It was all very "feng ...