Lim Ruger Wins $45 Million Jury Verdict For Ponzi Scheme

March 30, 2009 - A Los Angeles Superior Court jury awarded over $45 million to Lim Ruger’s client against real estate developer Charles Yi for fraud and breach of fiduciary duty.

Beginning in 2003, Charles Yi induced Lim Ruger client Dr. Frank Kim to invest in six real estate development projects in Southern California. Charles Yi falsely represented that his company had contributed most of the capital for the real estate investments when in fact he pulled millions of dollars out of the projects to pay himself and repay other investors. Because Charles Yi shifted money from the development projects that Dr. Kim invested in, they failed, and Dr. Kim lost his investments.

Defendant Yi also admitted to backdating documents to secure bank loans on the development projects. Lim Ruger obtained a jury verdict against Yi awarding to Dr. Kim over $11.25 million in compensatory damages and over $33.76 million in punitive damages. Defendant Charles Yi has often targeted Asian American investors. He also claims to be an ordained minister.

Lim Ruger’s trial lawyers were Bruce Iwasaki and Yvonne Ballesteros. Lim Ruger has extensive trial experience representing clients before various state and federal courts, arbitration panels and mediators.