A man who operated an investment and loan program on Kauai was indicted today for allegedly defrauding 140 clients who had invested $16 million.

The 47-count indictment charges 58-year-old David Ruskjer with mail fraud, wire fraud, currency structuring and money laundering.
According to the indictment, Ruskjer operated an investment and loan program in Koloa and elsewhere, known as “Ruskjer & Associates,” or “Dave’s Investment/Loan Program.”
Ruskjer allegedly collected money and told clients it would be invested with TD Ameritrade for guaranteed returns of 3 to 5 percent.
The indictment alleges Ruskjer invested only about $8 million of the $16 million he collected.
He allegedly paid earlier clients with money received from later clients.
He allegedly lost more than $2.5 million in options trading and spent significant sums of client money on himself.
Ruskjer allegedly used client money to buy himself a $528,000 condominum on Kauai, a $29,000 Honda sedan, and Honda and Suzuki motorcycles for about $10,000.
If convicted, Ruskjer faces up to 20 years imprisonment for each of the 17 mail and wire fraud charges and up to 10 years imprisonment for each of the 30 structuring and money laundering charges.