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FBI Raids Office of L.A. Money Manager

May 28, 2004|E. Scott Reckard

The FBI on Thursday raided the office of a Los Angeles money manager who allegedly defrauded members of the Korean community, officials said. State regulators also filed to revoke his investment advisor certificate and the Securities and Exchange Commission had his assets frozen.

Won Charlie Yi, 34, the owner of C+ Capital Management, raised $36 million over the last two years by promising to trade stocks for investors at a discount, the California Department of Corporations said.

In fact, Yi deposited most of the funds in his personal bank account while sending investors false statements that appeared to be from Carlin Equities Corp., a registered broker-dealer, the SEC alleged in a federal lawsuit.

Calls to the Figueroa Street office of C+ Capital Management went unanswered Thursday afternoon.

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E. Scott Reckard

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