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In February 2020, Jung admitted to defrauding Kim and his company of $4,652,030, as determined by a forensic accountant. However, he only received $14 million of his money back, “in what the plaintiffs describe as a one-person Ponzi scheme.”
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Jung had gone to Arizona and then returned to Canada the next month.” $18 MILLION INVESTED IN COQUITLAM LUXURY USED CAR DEALERSHIPĪccording to the judgment, Kim believed he was investing in a business to purchase luxury vehicles through an auction house in Ontario for resale in B.C. Jung asked to stop at his home in North Vancouver and then fled into the woods. Jung had falsely suggested was involved in the sham auto-resale business, Mr. “While they were driving to the auto-dealership that Mr. Jung denied the fraud and offered to clear things up. Kim discovered the fraud on or about May 7, 2019, after receiving a tip from an employee at Mr. However, the business dealings soured in May 2019 when Kim learned he was being defrauded by Jung, the judgment states. The two had been in business for a few years, with Kim investing in the used car business in Coquitlam. Mayer ordered Wook Jun Jung (Eric Jung) to reimburse Hun Bae Kim an amount of $3,909,169 for funds obtained through fraud, as well as $185,000 in punitive damages. Now, one of them has been ordered to pay more than $4 million to their former investment partner and submit to an investigation of their financial dealings to comply with a Supreme Court decision. Two former business partners at a Coquitlam car dealership have been battling it out in court for two years over an investment scheme that went awry.