Tag: cpa

The owner of a Maui financial services loan company filed for personal bankruptcy the same day as his company, claiming nearly $23.8 million in unsecured debt.

Lloyd Y. Kimura’s Chapter 7 filing late last month came on the same day as his company, Maui Industrial Loan & Finance Co., also filed for Chapter 7

Much of the unsecured liability Kimura listed — $16.2 million — is duplicated in Maui Industrial Loan & Finance’s filing with the U.S. Bankruptcy Court.

The Wailuku-based firm ran afoul of state regulators last year and was ordered by state Commissioner of Financial Institutions Nick Griffin to cease taking deposits or borrowing money.

Maui businessman owes $23.8M following 2 bankruptcies – Pacific Business News (Honolulu):

Complaint claims Kimura used account access to loot couple
By HARRY EAGAR, Staff Writer

POSTED: February 10, 2010

WAILUKU – Another creditor has filed a million-dollar lawsuit against Wailuku certified public accountant Lloyd Kimura. Unlike previous claims, this one also names his accounting firm, Lloyd Y. Kimura CPA.

Kimura filed for bankruptcy two weeks ago, listing debts of about $23 million. His wholly-owned industrial loan company, Maui Finance, also filed for bankruptcy.

Among the creditors in both bankruptcies were Ronald and Miriam Jacintho, owners of Rojac Trucking, Rojac Construction and Jacro Lowbed Services, who were listed as $1 million creditors of Maui Finance. In their lawsuit filed earlier this month in 2nd Circuit Court, they claim their losses were higher, although the complaint did not disclose the total.

This complaint, filed for the Jacinthos and their Dairy Road Property LLC by attorney Lyle Hosoda, differs from other lawsuits by also alleging that Kimura, as their accountant, had access to their accounts and looted them.

Continue reading

WAILUKU – Certified public accountant Lloyd Kimura is facing a flood of lawsuits for unpaid loans, foreclosures and for claims of mismanagement by buyers of a commercial condominium he developed and managed in the Wailuku Industrial Park.

Neither Kimura nor his lawyer, Phil Lowenthal, returned phone messages seeking comment.

In November, the state Division of Financial Institutions ordered Maui Industrial (also known as Maui Finance, or MILFCO) to stop taking deposits. Kimura has owned and managed Maui Finance since 1969.

Continue reading