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David E. Ruskjer of Koloa was charged by a federakl grand jury Wednesday for fraudulently raising the mone from approximately 140 Among the charges against Ruskjer are mail wire fraud, currency structuring and money The U.S. Attorney’s office allegees Ruskjer ran an investment and loan program out of Koloa calledrRuskjer & Associates and Dave’s Investment/Loaj Program, promising investors returns of 3 percenrt to 5 percent per month. The alleged activitiez occurred between September 2004 andDecembef 2008. Ruskjer allegedly used half ofthe $16 milliomn for trading through TD Ameritrade but lost more than $2.
5 The government said “there was never sufficient money to support the 3 to 5 percentt interest rates he guaranteed his In classic Ponzi scheme fashion, Ruskjer allegedly used moneh from new clients to pay earlier clients to convince them he was making money for them. When the government seized Ruskjer’xs trading account and bank accountszlast Dec. 11, he had a combined balance of $4.1 Ruskjer is accused of using much of the money onpersonal expenses, including $528,458 on a condominiu on Kauai, $29,000 on a Hondza sedan and $10,000 on motorcycles.
If he faces up to 20 yearsa in prison for each of the 17 mail and wirefraude charges, and up to 10 years in prison for each of the 30 othetr charges. The case resulted from an Internal RevenueService investigation.
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