Man sentenced to 10 years for Ponzi scheme

HONOLULU (HawaiiNewsNow) - A man was sentenced to 10 years behind bars for defrauding nearly 140 people in a Ponzi scheme.

David Ruskjer, 60, was sentenced on Thursday.

In addition to time behind bars, he was also ordered to pay nearly $12 million in restitution.

Federal prosecutors say Ruskjer collected money from the investors promising minimum returns.

The money then went to pay out earlier clients who were owed returns.

Ruskjer was found guilty in September 2011 on 22 counts of money laundering, 12 counts of mail fraud and other charges.

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