Man accused of defrauding Hawaii investors pleads not guilty
Alleged Ponzi schemer Patrick Rakotonanahary on Monday pleaded not guilty in federal court to 21 counts of wire fraud.
U.S. Magistrate Judge Leslie Kobayashi set a June 2 trial date.
Federal authorities allege that Rakotonanahary, 34, headed a company called Cyber Market Group LLC that promised investment returns of between 6 percent and 10 percent a week and took in $10.2 million from 100 victims between Dec. 2007 and May 2009.
The victims included 64 people from Hawaii who invested a total of $7.79 million.
If convicted, Rakotonanahary faces a maximum of 20 years in prison per criminal count and fines of $250,000 for each offense.