Accountant is indicted
in securities fraud
A Honolulu certified public accountant was indicted Nov. 26 by an Oahu grand jury on charges stemming from an alleged securities fraud scheme.
Douglas T. Nonaka was indicted on four counts each of sale of unregistered securities, sale of securities by an unregistered person and prohibited securities practice.
If convicted, Nonaka faces 20 years on each count.
The indictment alleges that Nonaka sold more than $1.4 million worth of securities, mostly to clients who hired him to do their income taxes.
The indictment alleges Nonaka sold securities that were not registered with the state commissioner of securities and that he was not registered to sell the securities.