Maui Man faces Securities Fraud countsDecember 23, 2010, 7:58 PM HST · Updated December 28, 11:06 AM 0 Comments
A complaint was filed in 2nd Circuit Court this week accusing the president of Maui Industrial Loan & Finance Company of securities fraud. Lloyd Y. Kimura, 61, faces two counts of Prohibited Securities Practice and two counts of False or Misleading Financial Statements.
The False or Misleading Financial Statements complaint covers the one-year period between June 30, 2008 and June 30, 2009. According to court records, Kimura is accused of providing false or misleading statements and omitting statements required by law when filing documents with the Department of Commerce and Consumer Affairs.
The Prohibited Securities Practice complaint covers the period between February 2007 and June 2009. According to court records, Kimura, in connection with the offer, sale, or purchase of any security, is accused of employing a device, scheme, or artifice to defraud another out of more than $100,000.
All counts are considered felony offenses. Prohibited Securities Practice is a more severe Class A felony, carrying a maximum penalty of 20 years in jail and/or a $50,000 fine. False or Misleading Financial Statement is a Class C felony, carrying a maximum penalty of five years in jail, and/or a $20,000 fine.
A December 28, 2010 court date has been set for arraignment, plea, and change of plea. The court calendar has the case listed at 8:30 a.m. before Judge Joseph Cardoza.
The complaint, filed by the Department of the Attorney General, is only an accusation. Kimura is presumed innocent unless and until he is found guilty in a court of law.