A Ponzi scheme has finally shown its ugly face in Hawaii. A 60-year-old Kauai man faces life in prison after a federal jury found him guilty of defrauding about 140 people in a Ponzi scheme.
David Ruskjer was found guilty of 22 counts of money laundering, 12 counts of mail fraud, four counts of wire fraud and other charges. This according to the U.S. Attorney’s Office for the District of Hawaii.
Federal prosecutors are saying that Ruskjer operated fraudulent investment program on Kauai from September 2004 to December 2008. They also went on to say that Ruskjer collected millions from these clients, promising them various interest rate returns on their money.
Instead of delivering on his promises, he bought himself a condo, car and motorcycle while losing money on investments. He also paid earlier clients with money he collected from later clients.
This goes to show that you can never be too careful with your money. Make sure you have a good financial advisor before you invest your money in anything.
The case was filed after an investigation by the Internal Revenue Service on Ruskjer.
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