Former Bank of America Home Loans VP held in Honolulu on suspici - Hawaii News Now - KGMB and KHNL

Former Bank of America Home Loans VP held in Honolulu on suspicion of wire fraud

(Image: Raycom Media/File) (Image: Raycom Media/File)
HONOLULU (HawaiiNewsNow) -

A former Bank of America Home Loans vice president who fled to Korea after being indicted on wire fraud is back in custody in Honolulu.

The FBI said 48-year-old Michael Ho Kim, who was indicted in December 2015, convinced people to invest in escrow accounts but instead put the money into his personal accounts.

According to the indictment, Kim was a well-known and trusted mortgage loan officer, but he solicited funds from his clients by falsely representing that he would loan funds with a substantial return within a short period of time.

Instead, Kim deposited investors’ checks into his own accounts to use for personal expenses as well as payments to prior investors to whom he also made false representations.

After being indicted, Kim fled Hawaii to Korea. But with the help of Korean authorities, he was flown back to the United States and subsequently arrested after landing in Honolulu on July 22.

The maximum punishment for wire fraud is 20 years. 

Copyright 2016 Hawaii News Now. All rights reserved.

Powered by Frankly