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Ponzi scheme operator sentenced to 4 years in prison

By Star-Advertiser staff

LAST UPDATED: 3:39 p.m. HST, Sep 12, 2013

A federal judge sentenced a 39-year-old man this afternoon to a four-year prison term for running a Ponzi scheme that defrauded more than 30 victims of more than $1 million.

U.S. District Judge Leslie Kobayashi also ordered Jason Pascua to pay $1 million in restitution to the victims.

Pascua, a state House candidate from Kaneohe in 2010 and a former president of the Filipino Chamber of Commerce of Hawaii, was ordered to surrender at a federal prison on Oct. 24 to start serving his sentence.

Pascua pleaded guilty earlier this year to a wire fraud charge in connection with his Ponzi scheme.

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