An Alexandria federal jury returned a verdict on Oct. 27, 2011 of $96,400,000 in favor of Honua Investment Management, Inc. and its bondholders who were defrauded by Man Ki Kim, a McLean businessman. The case was tried over a period of four days by James Ringer of New York and Daniel L. Fitch of Harrisonburg. The verdict is the fifth largest ever returned in Virginia and the biggest in the commonwealth since 2002.
Attorneys Mentioned: James M. Ringer, James M. Ringer
The verdict included $48.2 million in compensatory damages and $48.2 million in punitive damages. The punitive award is subject to Virginia's $350,000 cap, reported one of the lawyers for the bondholders.
New York's Jim Ringer, lead counsel for the bondholders, said it appeared Kim was trying to keep his deals alive by borrowing from one entity to fund another.
"There are a lot of people who think if you keep the ball in the air long enough you can succeed," Ringer said. "Sooner or later the ball comes down."
Attorneys Mentioned: James M. Ringer