Extra! Korea

October 23, 2009

Korean immigrant criminal referred to as “Canadian”

Filed under: crime, xenophobia — extrakorea @ 11:12 am

The Korea Times brings us a story entitled Canadian Caught for Swindling $27.8 Million. But wait.

Police said they arrested the Korean-turned-Canadian suspect in Seoul. According to police, the suspect, identified by his surname Kim, established an investment agency in Vancouver and raised funds amounting to nearly $27.8 million from 200 Koreans living there.

So if a Korean immigrates to Canada, then becomes a criminal, he’s a “Canadian.” Oookaaay. I’m sure that if he discovered the cure for cancer, he’d be hailed as a great “Korean” hero.

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3 Comments »

  1. He went to church on Sunday and sang in the choir.

    Today, Vancouver investment dealer Sean Kim sits in a Korean jail after allegedly scamming $30 million from Korean-Canadians in the Lower Mainland.

    Kim, 39, whose full name is Sung Wan Kim, was arrested by Korean police last weekend on fraud charges related to a Ponzi scheme.

    Korean police believe he has left behind up to 200 victims in B.C., and that the final damage could exceed $60 million.

    The RCMP’s Integrated Market Enforcement Team launched a criminal investigation after Burnaby Mounties got a complaint on Oct. 9.

    The B.C. Securities Commission has issued a temporary ban barring Kim from trading securities and exchange contracts in the province, and limited the activities of his futures trading company, Cirplus Futures Inc.

    It’s also scheduled a hearing for Nov. 3 into allegations Kim took money from at least 15 investors, some of whom have tried, and failed, to get their money back.

    Kim told investors their money would be put into U.S. T-bills and offered them annual interest of 32.4 per cent, or returns of three per cent a month.

    He allegedly showed one investor a forged government letter stating that the B.C. Securities Commission supervised the transactions, which is false.

    “It looks like false documents carrying our logo were sent to at least one investor,” said acting BCSC executive director Lang Evans.

    Kim also told investors to give him the money personally and said that he would pool their money.

    “It does have all the preliminary indications of a Ponzi scheme,” said Evans. “I take your money and I promise you a return. And you start getting your promised return. But really, you’re getting money that’s taken from other investors. Basically, [it’s] taking money from Peter to pay Paul.”

    Evans said the scheme may have been running for two or three years, and probably began to collapse this summer when payments to some investors stopped.

    Lang said he knows of at least 15 local investors, but there could be many more, both here and in Korea.

    Kim attended a Korean Christian Church in Vancouver and was a well-known figure there.

    Samuel Nam, pastor of the Foursquare Gospel Church in Vancouver’s Strathcona, couldn’t say how many of his congregation were scammed.

    “I don’t have any exact figure,” said Nam, before hanging up.

    Vancouver Korean-Canadian accountant Jin Lee said he warned a client not to invest his money with Kim, but the client did.

    “I was against it. Look, nobody pays you 30 per cent interest on your money,” Lee told the man. “I told him, ‘Look, this is not right’.”

    The client was getting paid six-per-cent returns every month, he said, but may now have lost $500,000.

    “He picked up the victims from the church because he went to church regularly,” said Lee. “They probably think that he’s a very good person. He just portrayed himself [that] he was living a humble life in the community.”

    Lee said the alleged fraud was all the buzz in the local Korean community and is a big story in the Korean media. “It’s a bad name for Canada,” said Lee.

    People in the community are in shock, he said.

    Rumours are swirling that individual victims invested anything from $20,000 to $2 million in the scheme. Some even mortgaged their homes.

    Kim owned a house in Surrey’s Fraser Heights, where he lived with his wife, Soo Kang Kim, and their two children. The Kims bought the house at 10832 164th Street in 2007 for $730,000. It was assessed this year at $667,000. Documents show the house was sold last month for $333,500.

    -The Province-

    Comment by JJ — October 30, 2009 @ 8:01 am

  2. Respectfully, I think this criticism is a bit unfair. First off, they clearly state in the second sentence that he’s a Korean-turned-Canadian; they don’t hide that fact.

    Second, his being a Canadian is relevant for the arrest of this former Korean national because the guy was allegedly doing the swindling in Canada, against Koreans living in Canada, and the police who arrested him in Korea for this crime are working with police in Canada.

    Yeah, if he discovered cancer, there’d be a whole thing on where he or his parents were from in Korea, but it’s not as if this guy’s Koreanness was obscured or went unreported.

    Comment by kushibo — November 1, 2009 @ 10:57 pm

  3. What [crap] Kushibo, just look at the Hines Ward [nonsense]. If he did something fantastic his name would be all over the news that he’s a super Korean or some crap like that. The fact that he did something bad means he’s Canadian. Typical [crap] from the Korean press.

    Comment by Gimmeabreak — November 15, 2009 @ 4:40 pm


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