Posted on 04/06/2010 11:13:22 AM PDT by Colofornian
A Kaneohe investment adviser who spent all of the $3.6 million he swindled from seven families plus the profit he gained from investing the money in a Ponzi scheme will go to federal prison for four years and nine months.
Albert J.K. Perkins IV pleaded guilty to transferring stolen money across state lines.
U.S. District Judge David Ezra handed down the prison sentence yesterday and ordered Perkins to pay back the money he stole.
All that is left are two sports cars Perkins bought with some of the stolen money, a yellow 1999 Porsche Carrera Cabriolet and a gold 2002 Porsche 911 Convertible, said Lawrence Tong, assistant U.S. attorney.
Perkins forfeited the cars to the government.
He remains free on a $100,000 unsecured signature bond until he is supposed to turn himself in to begin serving his prison term on May 18.
Ezra said he is "shocked, in some measure, that part of (Perkins') scheme was that his religion gave him credibility."
The government said Perkins was able to gain his victims' trust, in part, by invoking his Mormon faith.
The 57 months is the maximum prison term Ezra could have imposed under the advisory federal court sentencing guidelines. He told Perkins he would not have hesitated sentencing him to 10 years in prison had he not cooperated and eventually come clean with federal investigators.
Most of Perkins' victims were in federal court yesterday.
The victim who lost the most money is a family who sold property in East Honolulu for $2.9 million in 2008 to pay for the $8,000 to $9,000 monthly nursing home bills of the family's patriarch.
(Excerpt) Read more at starbulletin.com ...
Auction off the gold plates. What? OK, then...nevermind.
Wasn’t Joseph Smith a professional con-artist? If so, then the apple doesn’t fall far from the tree. (Nomex suit and helmet is on)
Amen, brother!
I agree. No church is "safe"...(another newspaper cited a victim in this case as having thought they had two "firewalls" -- one being the church, the other being the family).
The key is...the sheer preponderance of this occurring tells me that some religious bodies have...
...more perps among them per square inch...
...more gullible victims & potential victims...
I have two rules that so far have kept me from their clutches. One, if it sounds too good to be true, it is. Two, if I can’t look up an investment to find a price on a publicly traded market, I’m not interested. So far, so good.
So Bernie Madoff is a Mormon?
Another swindler from Hawaii,. . . Just like Odumbo!
The government said Perkins was able to gain his victims’ trust, in part, by invoking his Mormon faith.
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Yeah we see that a lot in here...
“Albert J.K. Perkins IV”
A name like that has gotta be trustworthy, right?
(snicker)
What Brigham Young did makes Bernie Madoff look like a "prophet".
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