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Man in Hawaii Ponzi scheme to be sentenced

By Associated Press

LAST UPDATED: 4:20 a.m. HST, Jan 24, 2011

A Florida man who pleaded guilty to federal charges of bilking four Hawaii investors out of $250,000 and scores of others in a Ponzi scheme is set to be sentenced.

Patrick Rakotonanahary (rah-KOO'-tahn-ah-nah-hah-ree) of Punta Gorda, Fla., will go before U.S. District Judge J. Michael Seabright on Monday at 1:30 p.m.

Victims may provide statements to the court on the impact of Rakotonanahary's actions.

Rakotonanahary was president and CEO of Virginia-based Cyber Market Group LLC.

Prosecutors say his clients were told their money would be invested in foreign currency markets, but he actually lost money on the investments and spent most of the remainder for personal benefit.

They say the scheme took in a total of more than $10 million.

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