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Former financial adviser sentenced for swindling retirees

By Nelson Daranciang

POSTED:
LAST UPDATED: 07:31 p.m. HST, Jan 14, 2014


A state judge sentenced financial adviser Bruce M. Harada this morning to 20 years in prison for swindling more than $2.5 million in retirement money from 21 current and former city employees.

Twenty years is the mandatory sentence for securities fraud involving $100,000 or more. The Hawaii Paroling Authority will decide how much of that time Harada will have to spend behind bars before he is eligible for parole.

Circuit Judge Rom Trader also ordered Harada, 57, to pay back his former employer ING North American Corp. the more than $1.8 million it reimbursed his victims.

Harada was a contract ING employee managing deferred compensation accounts for active and retired city employees when he convinced his victims to withdraw their money from the accounts from April 2007 to May 2012 to reinvest in a mutual fund.

Instead of reinvesting the money prosecutor Chris Van Marter said Harada spent it on the purchase of four cars, clothes, vacations, school tuition for his children, and more than $300,000 on home repairs. Van Marter said Harada also used money from some victims to pay off others.







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gobows wrote:
smart, but not smart enough
on January 14,2014 | 11:42AM
gsc wrote:
Boy this guy is UGLY .....
on January 14,2014 | 11:48AM
ezridah wrote:
that won't stop the attention he'll receive in prison...
on January 14,2014 | 12:30PM
gicnk wrote:
dumb too.
on January 14,2014 | 02:17PM
rayhawaii wrote:
The photographer could of at least used an updated photo.
on January 14,2014 | 04:39PM
GorillaSmith wrote:
This guy stole money from city employees - who of course stole money from us taxpayers by languishing at the public trough for years. By the way when is their trial?
on January 14,2014 | 11:59AM
cojef wrote:
ING indemnified some of the investors to the tune of $1.8 million, according to the article. So they are saying HA, Ha,ha. The public trough was the makings of guess what or whom, "Big Union???
on January 14,2014 | 12:07PM
ippikiokami wrote:
The city employees were victims, not criminals. The vast majority of city workers I come in contact with are hard working and law abiding citizens doing their best to earn a decent living, raising families and contributing to our community. If you are aware of any criminal activity by city employees, then do your part and report them to the authorities, rather than trying to be cute on this post.
on January 14,2014 | 12:22PM
Bdpapa wrote:
Thank You!
on January 14,2014 | 01:20PM
ellinaskyrt wrote:
*LIKE*
on January 14,2014 | 01:45PM
Jonas wrote:
I'm wondering how many city employees you know. I have known and experienced a lot that are certainly NOT hard working! I do believe that the majority are law abiding, doing their best to earn a decent living, etc. But not necessarily hard working.
on January 14,2014 | 02:43PM
wakempe wrote:
And of course, you are.
on January 14,2014 | 05:00PM
NanakuliBoss wrote:
Throw that monkey smith a banana. Gorilla s think their entitled to room and board at the zoo while city employees clean their filth. Put clothes on monkey, your Ala s stink.
on January 14,2014 | 02:00PM
HawaiiCheeseBall wrote:
Oooh what went wrong Gorilla, couldn't make it as a City garbage collector or parks grounds keeoer so you all sour grapes. No worry I heard they are going to hire more people to clean sewer pipes, you should apply.
on January 14,2014 | 02:19PM
bumba wrote:
Dial back the drama. What a whining t w a t.
on January 14,2014 | 04:45PM
lowtone123 wrote:
That's hilarious! How is he supposed to repay $1.8 mil in while in prison?
on January 14,2014 | 12:16PM
gobows wrote:
can they undo the $300k in home improvements?
on January 14,2014 | 01:11PM
gobows wrote:
sell the cars and home
on January 14,2014 | 01:11PM
iwanaknow wrote:
you'd get pennies on the dollar
on January 14,2014 | 03:17PM
gobows wrote:
i wonder if school tuition was to the buff n blue school?
on January 14,2014 | 01:12PM
ejkorvette wrote:
Wow, his facial expression is worth a thousand words. Here's a few statements that come to mind: "Say What"? 20 years? "Oh S..t! I'm gonna swindled in prison, and not for money. "Is it too late for me to start acting Crazy? "What happened to my plea bargain"? "Eh you lawyer, I'm F....ed right?
on January 14,2014 | 01:34PM
rayhawaii wrote:
Going to cost us tax payers $500,000.00 for his room and board. Best let him go free so he can get a job to pay off what he owes or at least pay off something. He will probably make less than $500 a year in prison if he can get a job in there.
on January 14,2014 | 01:42PM
gobows wrote:
He'll be 77 when he gets out. omg!
on January 14,2014 | 01:47PM
gobows wrote:
77 years old when he gets out
on January 14,2014 | 01:47PM
soundofreason wrote:
No, the Hawaii parole board decides how much of his sentence will be served. In other words, go ahead and set a place for him at your next Christmas dinner.
on January 14,2014 | 06:20PM
TrueCloud wrote:
He'll serve 5-7 years. Maybe less.
on January 14,2014 | 02:02PM
HawaiiCheeseBall wrote:
You might be right, I just don't get it - the dude steals from people gets 20 years, but the dude who kills some guy when driving drunk can only get 10.
on January 14,2014 | 02:21PM
50skane wrote:
throw away the key!
on January 14,2014 | 02:07PM
rayhawaii wrote:
The photographer could of at least used an updated photo.
on January 14,2014 | 04:37PM
soundofreason wrote:
"The Hawaii Paroling Authority will decide how much of that time Harada will have to spend behind bars before he is eligible for parole. Circuit Judge Rom Trader also ordered Harada, 57, to pay back his former employer ING North American Corp. the more than $1.8 million it reimbursed his victims.">>> And there's your answer. Let him out when the 1.8 mil is repaid. How to repay? That's HIS problem just like he made the same problem for his victims.
on January 14,2014 | 06:18PM
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