Investment adviser pleads guilty to $2 million fraud
Kńnešohe investment adviser Albert J.K. Perkins IV has pleaded guilty in a $2 million fraud case and faces up to 10 years in prison when he is sentenced next year.
Perkins used two companies which he headed, Asset Management Advisors, Inc. and CNRG, in a 2007-2008 fraudulent scheme, according to the office of U.S. Attorney Florence Nakakuni.
Promising investment returns as high as 18.85 percent, Perkins convinced an investor to transfer $2,972,897 to his company in April 2008, the government said.
Perkins used some of the proceeds to buy two Porsche automobiles, which have since been seized by the government.
As part of his guilty plea, Perkins has agreed to pay restitution of $2.5 million to one victim and $282,000 to five others.
He will be sentenced on April 5.