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Sunday, May 26, 2024 | Back issues
Courthouse News Service Courthouse News Service

Newport Beach Attorney|Is Really in the Soup

LOS ANGELES (CN) - A 30-count superseding indictment added identity theft charges against a Newport Beach attorney accused of stealing millions of dollars from clients.

Stephen Young Kang, 46, was arrested at Los Angeles International Airport on Aug. 10 as he was about to board a flight to Seoul, Korea. He is free on $750,000 bond, awaiting a trial set for Nov. 3.

The 25-count indictment on Sept. 1 accused him of defrauding clients of at least $4.7 million by taking their money for investment purposes, then spending "the vast majority" of it on himself, or to soothe other victims. His victims are believed to live in California, Texas and Seoul, and perhaps elsewhere, federal prosecutors said.

The new indictment adds tax fraud and more allegations of wire fraud and money laundering, and three more victims. It also claims Kang committed identity theft by forging the names of two clients.

He's facing hundreds of years in federal prison: 20 years for each count of wire fraud, 10 for each count of money laundering, 5 years for each tax evasion, and 2 years for ID theft.

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