A 60-year-old Kauai man faces life in prison after a federal jury found him guilty of defrauding about 140 people in a Ponzi scheme.
The U.S. Attorney’s Office for the District of Hawaii said Monday that David Ruskjer was found guilty of 22 counts of money laundering, 12 counts of mail fraud, four counts of wire fraud and other charges.
Federal prosecutors said Ruskjer operated a fraudulent investment program on Kauai from September 2004 to December 2008.
Prosecutors said Ruskjer collected millions from clients promising various interest rate returns on their money, but instead paid earlier clients with money he collected from later clients. Meantime, he bought himself a condo, car and motorcycle while losing money on investments.
The case was filed after an investigation by the Internal Revenue Service.