Thursday, March 28, 2024
Hawai'i Free Press

Current Articles | Archives

Friday, August 5, 2011
Kimura Gets 20 Years in Maui Ponzi Scheme
By News Release @ 2:01 AM :: 10681 Views :: Akaka Bill, Kauai County, DHHL

PRESIDENT OF MAUI INDUSTRIAL LOAN & FINANCE COMPANY SENTENCED TO TWENTY YEARS IMPRISONMENT

News Release from Office of Hawaii Attorney General

WAILUKU, Hawaii – Lloyd Y. Kimura, 61, former president of Maui Industrial Loan & Finance Company and Lloyd Y. Kimura, Inc. in Wailuku, was sentenced today in State Circuit Court on Maui by Judge Joseph Cardoza to 20 years imprisonment and ordered to pay restitution in the amount of $8,093,907.

Defendant plead guilty and was sentenced pursuant to a plea agreement with the State. Kimura was sentenced to 20 years imprisonment for two counts of Prohibited Securities Practice and 5 years imprisonment for two counts of False or Misleading Financial Statement. Prohibited Securities Practice is a class A felony with a maximum penalty of twenty years of imprisonment or a fine of $50,000 or both. False or Misleading Financial Statement is a class C felony with a maximum penalty of five years of imprisonment or a fine of $20,000 or both.

The complaint filed by the Department of the Attorney General in this case alleged that between June 30, 2008, to and including June 30, 2009, Kimura filed false or misleading statements and omitted statements required by law in Verification Statements of Maui Industrial Loan & Finance Company that were filed with the Division of Financial Institutions of the Department of Commerce and Consumer Affairs. The complaint also alleged that between February 2007 and June 2009, Kimura, in connection with the offer, sale, or purchase of any security, employed a device, scheme, or artifice to defraud another in amounts greater than $100,000.

The offenses were initially discovered through the efforts of the Division of Financial Institutions of the Department of Commerce and Consumer Affairs. The discovery was followed by a joint investigation by the Department of the Attorney General and federal law enforcement authorities, including the United States Attorney's Office and the Federal Bureau of Investigation.

Because of the seriousness of the offenses and the tremendous impact on the community, certain federal violations were prosecuted in federal court and different state violations were pursued in state court. On July 13, 2011, Kimura was sentenced in federal court to eleven years and eight months imprisonment for nine counts of mail fraud, bank fraud, and theft from employee benefit plan. Kimura's state sentence of imprisonment will be served concurrently with his federal sentence.

---30---

Background: Robert Iwamoto trust sued over Maui Ponzi scheme

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT