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Thursday, May 30, 2024

Task force: Pyramid scheme victims could reach 500 in John Kim case

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Flyer of a alleged Pyramid Scheme John Kim

Since the news report of the alleged pyramid scheme involving John Kim’s arrest, additional victims have come forward, reporting that they have been scammed by him.

A family member of an Atlanta victim, who claimed to have been defrauded by Kim last year, stated in a phone call with a reporter on June 8 that the victim task force’s estimate of damages last year was “higher than $10 million” and that “there are 220 people nationwide who have identified themselves as victims, and the actual number would probably be 500.”

The family member argued that among the 220 victims nationwide, there are more than 50 in Gwinnett County alone, and he believes that there are more victims who have not yet come forward with their names and losses.

Kim allegedly operated a pyramid scheme through his online investment company, Club Mega Plant (CMP), both directly and indirectly.

John Kim was arrested after over a year of investigation and is currently being held in Gwinnett County Jail on related charges, as stated in a new report by the Korean-American Victims Task Force. The victims range in age from 65 to 70 and are primarily retirees.

Meanwhile, John Kim’s attorney is pleading not guilty, according to court documents. The preliminary hearing, originally scheduled for July 7, has been postponed to July 14.

Jason Park, a lawyer specializing in criminal law, explains that the preliminary hearing is where the court examines whether there is a legal basis for the arrest based on the arrest warrant, and bail can be set.

BY JIAH YOON [support@koreadaily.com]