Pearl City man to be sentenced for investment fraud
A 71-year-old Pearl City man will be sentenced Thursday in Federal Court for orchestrating a fradulent Kahuku development investment scheme.
Clarence “Mits” Okura pled guilty March 27 to two counts of wire fraud, one count of conspiracy, and one count of money laundering.
Okura is scheduled to appear before Federal District Judge Michael Seabright. He faces a a maxmimu jail term of 70 years.
Under a plea agreement Okura agreed to pay restitution of $346,700.
His partner in the scheme was James A. Hawkins, 65, who was charged with one count of wire fraud and pleaded guilty in October.
Hawkins is scheduled to be sentenced on Aug. 10. The wire fraud charge to which he pleaded guilty carries a statutory maximum penalty of 20 years in prison.
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Hawkins and Okura were partners in a fraudulent Kahuku real estate and community development called Koolau Loa Partners.
The two told investors that money would be used for a development in Kahuku, but used the money to pay for their expenses, according to court documents. The scheme started in 2008 and ran for six years, according to the FBI.
