Tropical Paradise Becomes Nightmare for Victims of $8 Million Maui Ponzi Scheme
Lloyd Kimura, brother of Hawaii County Prosecuting Attorney Jay Kimura, was sentenced on July 13th for his alleged involvement in an $8 million dollar investment scam in Hawaii. According to officials, the long-running Maui Ponzi scheme was operated through Kimuri's Maui Industrial Loan & Finance Company and affected 50 investors.It is alleged that from 1986 - 2009, Kimuri kept up the appearance of legitimacy by paying earlier investors with money brought in from new investors. Kimuri is also said to have funneled some of the investment money into his personal businesses, including Maui Industrial & Finance Company, Wailuku Tire Company, and an accounting company.
Kimuri has been sentenced to 12 years in prison without parole and will pay restitution to his victims. Because Kimuri's assets will not even come close to covering the $8 million he owes, he will be required to pay 10% of his income toward restitution after he is released. Kimuri will be serving a previously determined sentence of 20 years, which was for breaking state securities laws, at the same time.
Regarding the harsh sentence, Judge David Ezra said "The defendant clearly betrayed the trust of his clients and friends in a scheme that lasted nearly two decades. I do hope this will send the right message to individuals that they had best not engage in inappropriate conduct. ... They will not receive a slap on the wrist."
The investment fraud lawyers with David P. Meyer & Associates represent victims of Ponzi schemes nationwide in stockbroker mediation, arbitration, and litigation claims.
Category: Investment Fraud
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