{"id":15170,"date":"2015-09-01T18:15:25","date_gmt":"2015-09-02T01:15:25","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=15170"},"modified":"2015-09-01T18:15:25","modified_gmt":"2015-09-02T01:15:25","slug":"l-a-attorney-charged-with-allegedly-stealing-millions-of-dollars-of-investment-money","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=15170","title":{"rendered":"L.A. Attorney Charged With Allegedly Stealing Millions of Dollars of Investment Money"},"content":{"rendered":"
\"FBI<\/a>
FBI Photo Image<\/figcaption><\/figure>\n

LOS ANGELES<\/strong><\/p>\n

\n

Federal officials allege that Stephen Young Kang<\/strong>, 46, of Newport Beach, took several million dollars of investment money\u00a0from clients and spent the money on personal expenses and luxury items.<\/p>\n

A federal grand jury indicted Kang today and charged with\u00a020 counts of wire fraud and five counts of money laundering, officials said.<\/p>\n

FBI and IRS agents arrested Kang on Aug. 10 at the Los\u00a0\u00a0Angeles International Airport as he attempted to board a flight to Seoul, Korea.<\/p>\n

Kang is currently free on a $750,000 secured bond.<\/p>\n

If convicted of the charges in the indictment, Kang is facing up to 20 years in prison for each of the wire fraud charges and up to 10 years in prison for each of the money laundering offenses, officials.<\/p>\n

The evidence indicated that Kang defrauded a\u00a0Gardena-based food distribution company, Ottogi America, Inc.<\/strong>, whose representatives hired the attorney to help the company purchase additional properties near its distribution center.<\/p>\n

Between October 2012 and March 2014, Ottogi wire transferred approximately $3.7 million to a trust account in Houston, Texas, to be used for the purchase of the properties.<\/p>\n

But Kang allegedly did not use the money to invest in properties.<\/p>\n

Rather, Kang allegedly caused the vast majority of the funds to be transferred to other accounts that he controlled, and then used a substantial portion of Ottogi\u2019s money to pay for personal expenses and business ventures, as well as to make partial payment to other victims, according to authorities.<\/p>\n

Kang is also alleged to have defrauded other victims.<\/p>\n

According to the indictment, Kang agreed to provide legal and investment services to a married couple who wanted to invest money that would help them obtain EB-5 visas, which requires the applicant to invest at least $500,000 in a commercial enterprise that creates or preserves at least 10 permanent, full-time jobs.<\/p>\n

The indictment alleges that these victims wired more than $1 million to Kang in 2011, but Kang failed to invest the money as promised.<\/p>\n

Instead, Kang used the funds for personal and business expenses, as well as to pay other individuals who previously invested money with him, officials said.<\/p>\n

When the victims demanded the return of their investment, Kang allegedly concealed the fraud by using money he received from other clients, including Ottogi, to repay a portion of their investment.<\/p>\n

Kang is scheduled to be arraigned on the indictment on September 8.<\/p>\n

Federal investigators believe Kang may have victimized others in locations where he practiced law or resided, including California, Texas, and Seoul, Korea.<\/p>\n

Anyone who believes they may have been victimized by Kang should contact the FBI\u2019s Los Angeles Field Office at (310) 477-6565.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

LOS ANGELES Federal officials allege that Stephen Young Kang, 46, of Newport Beach, took several million dollars of investment money\u00a0from clients and spent the money on personal expenses and luxury items. A…<\/p>\n","protected":false},"author":1,"featured_media":7261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3],"tags":[661,1722,315,1725,189],"class_list":["post-15170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-main-slider","category-u-s-department-of-justice","tag-bank-fraud","tag-fbi","tag-indicted","tag-irs","tag-u-s-district-court"],"yoast_head":"\nL.A. 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