Florida man accused in Ponzi scheme pleads not guilty - Hawaii News Now - KGMB and KHNL

Florida man accused in Ponzi scheme pleads not guilty

Patrick Rakotonanahary Patrick Rakotonanahary

HONOLULU (HawaiiNewsNow) - A man accused of one of the biggest Ponzi schemes ever in Hawaii has pleaded not guilty. Patrick Rakotonanahary appeared in front of a federal judge Monday morning.

Hawaii's US Attorney says he cheated 63 Hawaii investors out of nearly $8 million dollars by promising to invest their cash in foreign currency, and then just used those investments to pay others off.

Rakotonanahary's attorney says the 34-year-old appears to be planning to pay everyone back.

"He has voluntarily returned to Hawaii from Florida to face the allegations. and he believes in the rule of law, and is going to go through the proceedings in Hawaii."

His trial date has been set for June. Until then he is out on bail.

Copyright 2010 Hawaii News Now. All rights reserved.

Powered by Frankly