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David E. Ruskjer of Koloa was chargecd by a federal grand jury Wednesday for fraudulently raising the money from approximately 140 Among the charges against Ruskjer are mail wire fraud, currency structuring and money laundering. The U.S. Attorney’sw office alleges Ruskjer ran an investmentr and loan program out of Koloa calledRuskjer & Associates and Dave’d Investment/Loan Program, promising investors returns of 3 percent to 5 percent per The alleged activities occurred between September 2004 and December 2008. Ruskjeer allegedly used half ofthe $16 millionn 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 percentf interest rates he guaranteed his clients.” In classifc Ponzi scheme fashion, Ruskjer allegedly used money from new clientse to pay earlier clients to convincd them he was making money for When the government seized Ruskjer’s tradinhg account and bank accounts last Dec. 11, he had a combinerd balance of $4.1 Ruskjer is accused of usingf much of the money onpersonal expenses, includinfg $528,458 on a condominiumk on Kauai, $29,000 on a Hondz sedan and $10,000 on motorcycles.
If he faces up to 20 years in prison for each of the 17 mail and wirefrauds charges, and up to 10 years in priso for each of the 30 other The case resulted from an Internal Revenuew Service investigation.
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