Brother of L.A. Commissioner Accused of Bilking Investors

A Beverly Hills man who is the brother of a Los Angeles city commissioner was arraigned Friday on suspicion of bilking South Korean investors of more than $20 million and fleeing with the money to the United States.

Kyung Joon Kim, 37, was arrested at his home Thursday by FBI agents, U.S. marshals and Beverly Hills police. Jimell Griffin of the U.S. Marshals office identified Kim as the brother of Erica Kim, president of the Korean American Chamber of Commerce and appointed this month to the Los Angeles Human Rights Commission by Mayor James K. Hahn.

Kyung Kim is charged with embezzlement, counterfeiting, fraud and securities violations. The South Korean government has asked that he be extradited to face trial there.

He was arraigned before U.S. District Judge Fernando M. Olguin and will return June 3 for a bail hearing.

According to the complaint filed by Assistant U.S. Atty. John E. Lee, Kim was working as an investment manager in South Korea when the alleged fraud occurred in 2001 and 2002.

The complaint said Kim made seven fake passports, then used them to establish foreign corporations and to open stock and security accounts. He then allegedly siphoned more than $20 million in investments to pay personal debts and transfer funds to overseas accounts. Then, the complaint says, Kim and his wife fled to the United States just as Korean authorities were about to issue an arrest warrant.

Griffin said Korean officials expect the estimated amount of embezzled money to grow as the investigation continues. According to the complaint, Kim is also known as Kyungjoon Kim, Kyung June Kim, Christopher Kim and Chris Kim.

Erica Kim could not be reached for comment.

She is a Los Angeles lawyer specializing in civil and business litigation. She also has served on the Asian Pacific Advisory Committee to the Los Angeles Police Department and had her own talk show on Radio Korea for eight years.