Maui News

Maui Man faces Securities Fraud counts

Play
Listen to this Article
1 minute
Loading Audio... Article will play after ad...
Playing in :00
A
A
A

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.

File image.

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.

ARTICLE CONTINUES BELOW AD
ARTICLE CONTINUES BELOW AD

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.

ADVERTISEMENT

Sponsored Content

Subscribe to our Newsletter

Stay in-the-know with daily or weekly
headlines delivered straight to your inbox.
Cancel
×
Make the most of your Maui vacation with these top-rated activities: Maui Top 20: Maui Visitor & Tourism Information

Comments

This comments section is a public community forum for the purpose of free expression. Although Maui Now encourages respectful communication only, some content may be considered offensive. Please view at your own discretion. View Comments