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Former hedge fund manager held in South Florida

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By The Associated Press

Published: April 10, 2009

WEST PALM BEACH - A former hedge fund manager accused of swindling investors of nearly $200 million will remain held in federal custody.

An attorney for Won Sok Lee sought a continuance for his arraignment Friday so Lee can obtain a local lawyer.

He is due back in court April 17.

Authorities say Lee was arrested earlier this year while trying to board a plane from South Korea. He was returned to West Palm Beach last week, and ordered held without bail.

Lee was indicted in 2006 along with two partners who are now in federal prison for conspiracy and wire fraud.

Authorities say Lee fled the country before he could face charges.

Prosecutors say the men set up hedge fund offices in Florida and California and defrauded investors of more than $194 million.

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