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Financial advisor pleads guilty to swindling more than 20 city employees

By Star-Advertiser staff

LAST UPDATED: 01:37 a.m. HST, Jul 31, 2013

A financial advisor pleaded guilty Tuesday to securities fraud and money laundering to charges related to swindling $2.2 million from more than 20 active and retired city employees. 

Bruce M. Harada, 55, now faces up to 30 years in prison and a fine of up to $75,000. Circuit Judge Rom Trader scheduled Harada’s sentencing for Jan. 14.

According to the Oahu grand jury indictment, Harada committed the crimes from April 2007 to May 2012. During that time he was an independent financial adviser for ING North America Corp. 

Harada convinced at least 22 people to withdraw money from their deferred compensation accounts to reinvest in a mutual fund he said was authorized by ING, according to prosecutors. Instead, Harada put it in his personal account and spent it for his own use, prosecutors said.

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mochiko wrote:
I hope they hang his butt. Wow, taking money fraudulently. I hope these people get their hard-earned retirement funds back.
on July 30,2013 | 12:21PM
palani wrote:
If he swindled $2.2 million, shouldn't the fine be at least equal to that amount, not a mere $75,000?
on July 30,2013 | 12:41PM
allie wrote:
Lot of fraud out there..please be careful
on July 30,2013 | 12:43PM
fiveo wrote:
This yo yo will never pay the fine let alone any restitution he may be ordered to pay if he has not spent all the money he swindled already. Probably spent it on gambling or women. Under Hawall law, those ordered to pay restitution or fines cannot be made to pay anymore than what they can afford, per Hawaii Supreme Court decision, Hirotoshi Yamamoto vrs State of Hawaii. Those poor fools he swindled can forget about getting any restitution.
on July 30,2013 | 01:45PM
RetiredWorking wrote:
IRT fiveo. "Those poor fools he swindled can forget about getting any restitution". Sorry to disappoint you, but they WERE given restitution.
on July 30,2013 | 06:54PM
HawaiiCheeseBall wrote:
I love the guy's facial expression in the picture. he kind of h as that "What do you mean I could do 30 years!" look to him.
on July 30,2013 | 03:39PM
IAmSane wrote:
That's messed up.
on July 30,2013 | 04:34PM
sailfish1 wrote:
Why does it take until Jan 14 for his sentencing? Is our court system so backed up with cases?
on July 30,2013 | 08:40PM
goodvibrations wrote:
30 years? (Maybe) and fined $75,000? What about those people who lost their retirement savings? What do they get out of that sentencing?
on July 31,2013 | 02:26PM
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