HONOLULU (AP) - A Kaneohe man is pleading guilty to wire fraud in a scheme that defrauded dozens of Hawaii families.
Assistant U.S. Attorney Larry Tong says Jason Pascua pleaded guilty Thursday in federal court.
According to a criminal complaint, Pascua ran a company that purported to be in the concert and nightclub promotions industry. Prosecutors say he devised a scheme offering short-term investment opportunities promising returns of 25 percent to 50 percent.
FBI spokesman Tom Simon says Pascua raised $1.5 million from 31 families.
Some investors received money that really came from the investments of others, commonly known as a Ponzi scheme.
Sentencing is scheduled for Sept. 11. He faces a maximum sentence of 20 years in prison.