4-year sentence, over $1 million restitution for local ponzi schemer

Published On: Dec 24 2013 01:47:57 AM HST
Updated On: Sep 12 2013 08:00:02 PM HST

A man who scammed more than 30 Hawaii families out of more than $1.5 million is going to federal prison.

HONOLULU -

A former Hawaii political candidate and promoter who plead guilty to  orchestrating a lucrative ponzi scheme was sentenced Thursday afternoon.

Jason Pascua was given a 4-year prison sentence and ordered to pay over $1 million in restitution to his victims by Judge Kobayashi.

In May, Pascua plead guilty to scamming over $1.5 million out of over 30 Hawaii families during  a three year period.

Pascua promised returns of 25 to 50-percent for investments in his concert and promotions company, J2 Productions.

He was an Army Reservist, involved in local events, filled several local leadership spots, even made a run for state office 2010.

Victims said Pascua easily blended with their inner circles, even his own family fell victim to the scam.

KITV talked to Pascua's father who said he lost money on his son's "investments" as well.

Pascua faced up to 20 years behind bars for wire fraud.

We'll have much more on Thursday's sentencing including reaction to these developments on KITV 4 News at 5, 6 & 10 p.m.

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