A 39-year-old man was sentenced to four years in federal prison for betraying the trust of his fellow Army reservists and others who lost more than $1 million in his Ponzi scheme that helped finance his extravagant lifestyle in Las Vegas.
Jason Pascua, an unsuccessful state House candidate in 2010 and a former president of the Filipino Chamber of Commerce of Hawaii, was also ordered by U.S. District Judge Leslie Kobayashi to repay his victims more than $1 million.
Pascua apologized for his "wrong decisions" and said he needs to redeem himself, work hard and pay the victims.
"I am truly sorry for what has happened," he said.
But Kobayashi noted that Pascua promised 20 percent returns on investments and used the money for Las Vegas parties, clubs, drinks and food.
She said she found it disturbing that Pascua betrayed his fellow reservists who must rely on each other in combat.
For them, she said, the "betrayal is particularly deep."
"Don’t be lenient," said Army reservist Luis Nieves, one of about half a dozen victims who addressed the judge.
Nieves later said he lost about $10,000 and got a friend to also invest $10,000.
Kobayashi said Pascua also used friends as "unsuspecting pawns" in getting others to put money into the scheme.
First Assistant Public Defender Alexander Silvert told the judge that Pascua was a concert promoter, but he failed and kept asking for money and couldn’t stop because of his "ego" and "shame."
Pascua defrauded 34 victims, raking in about $1.4 million, but gave back about $400,000 as part of the Ponzi scheme, according to authorities.
