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Kauai man gets 10 years in prison for $16M Ponzi scheme

By Star-Advertiser staff

LAST UPDATED: 3:40 a.m. HST, Jan 6, 2012

 A 60-year-old Koloa man started serving a 10-year prison term for collecting about $16 million in a Ponzi scheme that victimized 140 people mostly on Kauai.

A federal judge sentenced David E Ruskjer to the 10-year term Thursday afternoon for mail and wire fraud and money laundering.

U.S. District Judge Helen Gillmor also ordered Ruskjer to repay his victims $11,586,834.

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