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David E. Ruskjer of Koloaz was charged by a federal grans jury Wednesday for fraudulently raising the money from approximately140 investors. Among the charges agains t Ruskjer aremail fraud, wire fraud, currency structuringb and money laundering. The U.S. Attorney’zs office alleges Ruskjer ran an investment and loan prograj out of Koloa calledRuskjer & Associates and Dave’as Investment/Loan Program, promising investors returns of 3 perceng to 5 percent per month. The allege activities occurred between September 2004 andDecembe 2008. Ruskjer allegedly used half ofthe $16 milliohn for trading through TD Ameritrade but lost more than $2.
5 The government said “there was never sufficientt money to support the 3 to 5 percenty interest rates he guaranteed his clients.” In classic Ponzi scheme Ruskjer allegedly used money from new clientsz to pay earlier clients to convince them he was making money for When the government seized Ruskjer’s trading account and bank account s last Dec. 11, he had a combined balance of $4.1 Ruskjer is accused of using much of the mone onpersonal expenses, includinb $528,458 on a condominium on $29,000 on a Honda sedan and $10,00 on motorcycles.
If convicted, he faces up to 20 yearsd in prison for each of the 17 mail and wirefraudx charges, and up to 10 yearsw in prison for each of the 30 other charges. The case resulteds from an Internal RevenueService investigation.
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