NASHVILLE (CN) - Securities broker Michael Jinyong Park defrauded investors of more than $6 million, the SEC says in Federal Court. It also sued his company, Park Capital Management Group.
The SEC says Park was still running the scam as recently as June. It says he took the money from at least 20 suckers and used it "to subsidize his lifestyle and to finance a mortgage business that he owned and controlled."
Park, 41, of Brentwood, Tenn., was a registered rep with a registered broker-dealer until June 26, when it "terminated its relationship with Park after it audited Park's offices," the SEC says.
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