Business owner arrested, charged in $9 million San Francisco investment fund fraud

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A federal grand jury in San Francisco has indicted a business owner for defrauding investors and a bank to the tune of over $9 million, the U.S. Department of Justice said Monday.

Joon Woo Kim, 57, of the City of Montebello in Los Angeles County, was arrested Monday in New Haven and appeared in U.S. District Court in Connecticut to face the charges.

For example, Kim is accused of advertising that he would invest assets from the M5 Doctors Fund in securities for Tesla, Inc. and other electric vehicle companies. Instead, he allegedly transferred nearly all the funds into a wholesale food company owned by he and his wife.

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