Ponzi scheme sends Maui accountant to prison - Hawaii News Now - KGMB and KHNL

Ponzi scheme sends Maui accountant to prison

Ken Sorenson Ken Sorenson

MAUI (HawaiiNewsNow) - Maui accountant Lloyd Kimura pleaded guilty Wednesday to nine counts of bank and mail fraud and theft in an elaborate ponzi scheme.

Kimura, 61, admitted to defrauding more than 50 clients who invested in his business, the Maui Industrial Land and Finance Company.

His crime may have amounted to as much as  $20 million.

He also defrauded American Savings Bank and Hawaii National Bank and stole more than $600,000 from the employee pension plan set up for workers at his accounting firm.

"In his case, he used some of the monies to maintain businesses. He had an interest in Wailuku tires. He also had a CPA firm. He also had some expensive tastes," said Ken Sorenson, assistant U.S. Attorney.

"I think he intended to help people. When the economy went south, he didn't have the collateral and calls were made and a run occurred and there he was without the assets to cover the liabilities," said defense attorney Philip Lowenthal.

The U.S. Attorney's office says the ponzi scheme went on for an unusually long 24-years.

Kimura remains in custody until his sentencing in June.

Copyright Hawaii News Now 2011. All rights reserved.

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