FORMER MAUI MAYORAL CANDIDATE SENTENCED TO 20 YEARS PRISON FOR SECURITIES FRAUD
News Release from Hawaii Attorney General May 4, 2015
WAILUKU – Nelson N. Waikiki, a former 2014 candidate for Maui mayor, was sentenced Friday by Maui circuit judge Rhonda I. L. Loo to 20 years in prison for securities fraud, the state attorney general’s office announced.
“Mr. Waikiki convinced several people to invest money in a water rights company on Maui,” said Deputy Attorney General Albert Cook. “Following an investigation by the State, it was determined that Mr. Waikiki did not have any such rights to the water, that he was not registered to sell securities in Hawaii, and that the securities he sold were not registered. In total, Mr. Waikiki’s schemes scammed up to 21 victims for more than $100,000.00.”
In addition to sentencing Waikiki to two consecutive 10-year prison terms for four counts of securities fraud, Judge Loo has ordered Waikiki to pay restitution to the victims.
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Another Maui Mayoral Candidate Heads for Prison
Maui News May 3, 2015: Former mayoral candidate Nelson Waikiki Jr. was sentenced Friday to prison terms totaling 20 years for securities fraud charges tied to an investment scheme that bilked people out of more than $100,000....
His sentencing followed months of delays, as Waikiki sought new attorneys and didn't show up for his original sentencing Dec. 10.
After pleading guilty to four felony securities fraud charges on April 11, 2014, Waikiki was released on supervision to give him a chance to repay the money. The plea agreement between the defense and the state called for Waikiki to be placed on probation if he paid at least $60,000 of the $141,000 in restitution by the time he was sentenced. If not, the plea agreement called for a 10-year prison term.
While free on supervision, he was arrested twice - once at a mayoral candidates' forum - for failing to follow court requirements by not showing up for drug testing. He has remained in jail since his second arrest Jan. 6, with his bail set at $300,000 cash only.
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