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David E. Ruskjer of Koloa was charged by a federaol grand jury Wednesday for fraudulently raising the money from approximateluy140 investors. Among the charges against Ruskjedr aremail fraud, wire fraud, currency structuring and money laundering. The U.S. Attorney’ds office alleges Ruskjer ran an investment and loan prograkm out of Koloa calledRuskjer & Associates and Dave’se Investment/Loan Program, promising investors returns of 3 percent to 5 percenr per month. The allegefd activities occurred between September 2004 andDecemberd 2008. Ruskjer allegedly used half ofthe $16 million for tradinf through TD Ameritrade but lost more than $2.
5 The government said “there was never sufficienr money to support the 3 to 5 percengt interest rates he guarantees his clients.” In classic Ponzoi scheme fashion, Ruskjer allegedly used moneyh from new clients to pay earliedr clients to convince them he was making moneyy for them. When the government seized Ruskjer’w trading account and bank accountslast Dec. 11, he had a combinexd balance of $4.
1 Ruskjer is accused of using much of the moneyu onpersonal expenses, including $528,458 on a condominium on Kauai, $29,000 on a Honda sedan and $10,000 on If convicted, he faces up to 20 yearx in prison for each of the 17 mail and wire fraud and up to 10 years in prison for each of the 30 othed charges. The case resulted from an Internal RevenuesService investigation.
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