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Maui Businessman Pleads Guilty to 20-year Alleged Ponzi Scheme

Lloyd Y. Kimura recently pled guilty in federal court to charges that he swindled more than 50 people out of $20 million for allegedly fraudulent investments.

For sentencing purposes, Kimura admitted to using his business, Maui Industrial Loan and Finance Co., to attract investments. However, money collected from newer customers was allegedly used to pay older clients, in the usual Ponzi pattern. Kimura filed for bankruptcy in February, after the money finally ran dry with liabilities totaling $23 million.

"I took money from people that I knew [...] and I did not pay them back," Kimura told U.S. Magistrate Judge Barry Kurren in court.

The 61-year-old businessman from Maui could face a maximum prison sentence of 135 years without parole under a plea bargain.

Kimura's alleged victims came from across the country, although most of them were from Maui.

"This is as long of a Ponzi scheme as I've ever seen," Assistant U.S. Attorney Ken Sorenson said. "We'll be seeking a substantial and just sentence considering the fraud conditions that occurred in this case."

Kimura has allegedly been attracting investors for his supposedly fraudulent investments since 1986.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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