Maui News

Maui Ponzi Scheme Judgment Pushed to October

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File photo by Wendy Osher.

File photo by Wendy Osher.

By Wendy Osher

Two former Maui residents face up to 20 years in prison on each of ten mail and wire fraud offenses when they are sentenced before US District Judge Derrick Watson.

George Lindell, 67, and Holly Hoaeae, 40, were found guilty of the charges in May for their connection to a multi-million dollar Ponzi scheme associated with their mortgage and insurance business on Maui.


Justice officials say evidence produced in court found that 166 people invested over $26 million in an investment scheme called “The Parking Lot” and lost a net amount of $8.9 million dollars.

According to the Justice Department, Lindell and Hoaeae began the scheme in connection with the operation of their business “The Mortgage Store,” in which they issued promissory claiming a 7% guaranteed rate of return.

During the scheme, justice officials say “Lindell built a $3.5 million dollar residence above Lahaina in large part with investor funds and Hoaeae used hundreds of thousands of dollars in investor funds to support her personal lifestyle including trips, automobiles and payments of extensive credit card debt.”


Lindell was also convicted of four counts of money laundering and faces the potential of additional prison time and fines for the offenses.

At the request of Richard Kawana and agreement by the government, defendant Lindell’s motion to partially unfreeze assets for livelihood expenses; and the United States’ motion for entry of forfeiture money judgments as to George Lindell and Holly Hoaeae set for today, have since been continued to 9:30 a.m. on Oct. 8, 2015 before Judge Watson.

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