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Maui accountant gets 20-year sentence for Ponzi scheme

By Associated Press

POSTED:
LAST UPDATED: 12:48 a.m. HST, Aug 05, 2011



State Circuit Court Judge Joseph Cardoza has sentenced a Maui accountant who led a long-running Ponzi scheme to 20 years in prison and ordered him to pay more than $8 million in restitution to his victims.

The Hawaii attorney general's office said Thursday that Lloyd Kimura would serve the sentence concurrently with a federal sentence resulting from the same case.

Last month, U.S. District Judge David Ezra sentenced Kimura to nearly 12 years without the possibility of parole.

Prosecutors say Kimura used his business, Maui Industrial Loan and Finance Co., to attract investments since 1986. They say he took money collected from later customers to pay initial clients.

The Ponzi scheme lasted until Kimura's business ran out of money in 2009.






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