Ali Baba – A partner in KL Group, a now-defunct Florida hedge fund company, was sentenced on Friday to nearly 25 years in prison for a scheme that defrauded investors of $194 million, U.S. prosecutors said.
Won Sok Lee, who was captured in South Korea in February after more than two years on the run, also was ordered to pay $78.5 million in restitution.
Lee was indicted in 2006 on nearly three dozen charges including conspiracy, wire fraud, mail fraud and money laundering. The criminal indictment followed a civil securities fraud case filed by the U.S. Securities and Exchange Commission, which moved to shut down his company in 2005.
