Tag: lloyd

December 25, 2010 General Ag News and Notes Post a Comment

Maui businessman accused of Ponzi scheme charge

State prosecutors have charged a Maui businessman accused of running a Ponzi scheme with two counts of making false or misleading financial statements and two counts of prohibited securities practices.

The state attorney general’s office said Thursday that Maui Industrial Loan & Finance Co. President Lloyd Kimura filed false or misleading statements in documents for his company.

It also alleges he defrauded two couples of at least than $100,000.

Maui Industrial has filed for Chapter 7 bankruptcy. Kimura has filed for personal bankruptcy.

Maui Industrial’s bankruptcy trustee has sued 25 of the company’s investors to recover funds, alleging the money they received was the fruit of a Ponzi scheme.

Kimura could not immediately be reached for comment.

Maui businessman accused of Ponzi scheme charged – Hawaii News – Staradvertiser.com

December 24, 2010 General Ag News and Notes Post a Comment

Charges filed against Maui businessman

WAILUKU – The state attorney general has charged Maui businessman Lloyd Kimura with two counts of prohibited securities practice and two counts of making false or misleading financial statements.

The complaint was announced in a news release Thursday evening. It had been filed in 2nd Circuit Court on Monday.

Kimura’s attorney, Phil Lowenthal, said he had been talking with prosecutors for months to reach a settlement in the collapse and bankruptcy of Kimura’s businesses.

Kimura waived a grand jury, so the charges were presented as an information, not an indictment.

Kimura, 61, is president of Maui Industrial Loan & Finance Co. and for many years operated Lloyd Y. Kimura Inc., a certified public accounting firm.

The complaint alleges that between June 30, 2008, and June 30, 2009, Kimura filed false or misleading statements and omitted statements required by law on behalf of Maui Industrial Loan. These had been filed with the Financial Institutions Division of the Department of Commerce and Consumer Affairs.

The complaint also alleges that between February 2007 and June 2009, Kimura, in connection with the offer, sale or purchase of any security, employed a scheme to defraud people in amounts greater than $100,000.

Prohibited securities practice is a class A felony with a maximum penalty of 20 years or a fine of $50,000 or both. Making false financial statements is a class C felony with a maximum penalty of five years or a fine of $20,000 or both.

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October 22, 2010 General Ag News and Notes Post a Comment

Lawsuit claims Maui Industrial Finance was a Ponzi scheme

Dane Field, the trustee in the Maui Industrial Finance Co. bankruptcy, is suing 25 investors in the company to recover money they received as interest over and above their original investment or deposit, claiming the money was not really interest but the fruits of a Ponzi scheme.

Field’s attorney, Bradley Tamm, said Maui Industrial’s owner, Lloyd Kimura, acknowledged during depositions earlier this year that he had used money from late investors to pay off early investors, without really generating income from operations.

This is the definition of a Ponzi scheme, said Tamm. The supposed business – in this case, a loan company also known as Maui Finance – does little or no real business but simply takes money from new investors (or depositors) and uses it to pay interest or dividends to previous investors (or depositors).

At Maui Finance, people turned over cash to Kimura – in one case, $2 million – expecting to receive interest well above what commercial banks were paying on certificates of deposit.

In the creditors’ meetings after the bankruptcy, some people said they thought they were making deposits in a banklike institution. In 2009, the state Division of Financial Institutions ordered Maui Finance to stop taking deposits, and the business collapsed.

Tamm said that in depositions, Kimura admitted that he had been operating a Ponzi scheme almost from the day he became sole owner of the company around 1985.

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January 1, 2010 General Ag News and Notes Post a Comment

Lloyd Y Kimura Inc, Wailuku, HI

Lloyd Y Kimura Inc

140 N Market St # 200

Wailuku, HI 96793-1732

Phone:
(808) 242-9100

Business Categories

Accountants in Wailuku, HI
Offices of Certified Public Accountants

Lloyd Y Kimura Inc Business Information

Lloyd Y Kimura Inc is a private company categorized under Accountants and located in Wailuku, HI. Current estimates show this company has an annual revenue of $1 to 2.5 million and employs a staff of approximately 10 to 19.

HQ, Branch or Single Location
Single Location

Annual Sales (Estimated)
$1 to 2.5 million

Employees (Estimated)
10 to 19

SIC Code and Description
872101, Accountants

NAICS Code and Description
541211, Offices of Certified Public Accountants

Lloyd Y Kimura Inc, Wailuku, HI

March 30, 2006 General Ag News and Notes Post a Comment

Lloyd Y Kimura, 96793 (watchdog.net)

 

Lloyd Y Kimura from zip code 96793

Political contributions disclosed by campaign committees to the Federal Election Commission, sorted by name, zip code and employer. The data, from the FEC, covers the years 1979 through 2008.

Candidates

Lloyd Y Kimura

$400 to Daniel Akaka, Daniel K Akaka For U S Senate on November 25, 1991

Lloyd Y Kimura, Cpa, Lloyd Y. Kimura Cpa Inc.

$250 to Mazie Hirono, Friends Of Mazie Hirono on March 30, 2006

Committees

Lloyd Y Kimura

$400 to Daniel K Akaka For U S Senate on November 25, 1991

Lloyd Y Kimura, Cpa, Lloyd Y. Kimura Cpa Inc.

$250 to Friends Of Mazie Hirono on March 30, 2006

Lloyd Y Kimura, 96793 (watchdog.net)