A Hawaiian man now residing in Arizona has agreed to return to Honolulu to admit guilt in an investment fraud scheme that swindled more than two dozen Hawaiian families out of more than $1 million.
According to the indictment against him, Jason Pascua used his community standing and strong social ties to solicit $1.4 million from 29 Hawaii investors over the course of three years.
Pascua, the owner of J2 Marketing Solutions, also was a former president of the local Filipino Chamber of Commerce, a former marketing director for the Japanese Chamber of Commerce, an Army reservist, and a 2010 political candidate.
Pascua allegedly told investors their funds would be used to pay for up-front costs associated with his concert and nightclub promotion business. He also allegedly promised returns of between 25 and 50% and said that investors’ funds would be “spread among multiple concert and night club events … to mitigate risk.”
Authorities claim, however, that Pascua’s representations were false.
According to the indictment, Pascua’s company focused on pet expos not concerts or star-studded nightclubs as Pascua allegedly claimed.
“Rather than using investor money for concert and nightclub promotions, the (d)efendant used the investors money for personal expenses and to create the illusion of legitimate investment returns derived from actual business activities when there was none,” alleged the indictment.
Pascua is scheduled to plead guilty to one count of mail fraud in connection to the scheme in U.S. District Court in Honolulu on May 23rd.