Ex-NY hedge fund head who fled admits $4M swindle

March 16, 2012 - 1:45 PM

NEW YORK (AP) — A former New York hedge fund manager has admitted bilking more than $4 million from investors.

Brian Kim also admitted Friday that he stole hundreds of thousands of dollars from his condominium board and fled to Hong Kong as a trial loomed.

Kim told the judge he "never acted with any vicious intent."

He says some of the money went to pay clients who were pulling out of his fund, Liquid Capital Management LLC.

Kim pleaded guilty to charges including grand larceny. He's expected to get a five-to-15-year prison sentence.

Kim was charged with the condo theft in 2009. He fled shortly before a January 2011 trial on that allegation. He returned to the U.S. in October. By then, he'd also been indicted in the hedge fund swindle.