Kauai Man Convicted in $19 million Fraud Case

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A 60-year-old Kauai man has been convicted of operating a $19 million fraud that victimized 140 people.

A federal court jury today convicted David E. Ruskjer following a 14-day jury trial.

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Florence Nakakuni, U.S. Attorney for Hawaii, said Ruskjer was convicted of multiple counts of mail and wire fraud, money laundering and illegal currency transactions.

He will be sentenced Jan. 5 by U.S. District Court Ssenjior Judge Helen Gillmor.

From 2004 through 2008, Ruskjer operated “Ruskjer & Associates,” and “Dave’s Investment/Loan Program,”in Koloa, Kauai.

Ruskjer claimed to be a successful options trader and told clients his investments could earn them four to five per cent a month in interest income.

One investor who entrusted $7.5 million to Ruskjer was promised a 50 per cent annual interest return by Ruskjer, said Nakakuni.

When the government seized Ruskjer’s assets, some $4.1 million remained in his bank accounts and he owed his clients $19 million, the government said.

The case was investigated by the IRS and prosecuted by Asst. U.S. Atty. Leslie Osborne.

A federal court jury deliberated two days before returning it verdict. Ruskjer was found not guilty of one mail fraud account.

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