POSTED: 11:32 a.m. HST, Jul 13, 2011
A Maui accountant who led a long-running Ponzi scheme that cost his investors $8 million is being sentenced to serve nearly 12 years imprisonment without the possibility of parole.
U.S. District Judge David Ezra handed down the sentence Wednesday against 61-year-old Lloyd Y. Kimura, who previously pleaded guilty.
Kimura, the brother of Hawaii County Prosecuting Attorney Jay Kimura, told the judge he’s sorry for his crimes.
Kimura used his business, Maui Industrial Loan and Finance Co., to attract investments since 1986, with money collected by later customers used to pay initial clients.
Kimura was ordered to repay his 50 victims the $8 million they lost.
His assets amount to only a fraction of the amount he owes, so his income will be garnished after he’s released from prison.