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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
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
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.