Former isle business leader sentenced for Ponzi scheme - Hawaii News Now - KGMB and KHNL

Former isle business leader sentenced for Ponzi scheme

Jason Pascua Jason Pascua
HONOLULU (HawaiiNewsNow) -

A Kaneohe man has been sentenced to four years in prison for running a Ponzi scheme that defrauded dozens of Hawaii families.

Jason Pascua, 39, was a former president of the Filipino Chamber of Commerce and an Army reservist.

Prosecutors say Pascua bilked $1.4 million from 31 investors.

According to the criminal charges, Pascua lured dozens of people to invest in bogus rock concerts and celebrity events by promising returns of 20 to 50 percent.

Pascua told investors that he arranging concerts in Las Vegas and Honolulu for Beyonce, Britney Spears and other big-name stars, the FBI said.

According to the FBI, the bulk of the money went to pay for lavish parties that Pascua held at Las Vegas night clubs.

Before sentencing District Judge Leslie Kobayashi told Pascua, "The common theme is that their greatest loss is not the money, but it has blackened their name, their good name. They are looked on as an extension of you."

Pascua turned to a number of the victims who were in court and said, "There are not enough words to describe how sorry I am, I will work as hard as possible to pay you back."

Besides the four-year prison sentence, Pascua will have to pay $1,034,000 in restitution.

He reports to prison on October 24.

Related Links:

Business leader faces fraud charge

Kaneohe man pleads guilty in Ponzi scheme

Copyright 2013 Hawaii News Now. All rights reserved.

 

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