Man pleads guilty in swindling Honolulu workers - Hawaii News Now - KGMB and KHNL

Man pleads guilty in swindling Honolulu workers

HONOLULU (AP) - A financial adviser is pleading guilty to swindling $2.2 million from Honolulu city employees and retirees.

The Honolulu Star-Advertiser reports Bruce Harada pleaded guilty Tuesday to securities fraud and money laundering.

According to an indictment, the 55-year-old was an independent financial adviser for ING North America Corp. when he committed the crimes from April 2007 to May 2012. Prosecutors say he convinced at least 22 people to withdraw money from their deferred compensation accounts to reinvest in a mutual fund he claimed was authorized by ING. Prosecutors say he put the money in his personal account and spent it.

Harada faces up to 30 years in prison and a $75,000 fine when he's sentenced Jan. 14.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly