Kauai Man faces fraud charges

David E. Ruskjer collected more than $16 million from at least 140 people who thought they were investing in a stock-option trading program for guaranteed returns when in fact they were putting their money into a Ponzi scheme, according to an indictment yesterday by a federal grand jury.

Ruskjer, 58, of Kauai collected the money from September 2004 to December 2008, according to the indictment. He faces charges of mail and wire fraud and money laundering.

The indictment also seeks forfeiture of money from his bank and trading accounts and items he allegedly bought with investors' money, including a Koloa condominium, a car and two motorcycles.

Last year, the government initiated proceedings to seize the condominium. And last month the Securities and Exchange Commission sued Ruskjer for allegedly buying and selling securities without a license.

Man ID'd as possible robbery suspect

Police are investigating a report by a woman who called police and told them her son's picture ran in the newspaper for robbing the Kalihi branch of Bank of Hawaii on Tuesday.

Police were trying to determine yesterday whether the woman's son—an 18-year-old homeless man who was arrested yesterday morning for driving a stolen car—is the same man who robbed the Kalihi Bank of Hawaii.

Police said a man entered Bank of Hawaii at 1617 Dillingham Blvd. about 11:45 a.m. Tuesday, approached the teller and handed over a demand note. The suspect fled on foot with an undisclosed amount of money, police said. He was last seen on Kalihi Street.

Police arrested the 18-year-old at 3:45 p.m. yesterday at 45-360 Keaahala Road.

Earlier yesterday, the man was spotted in Kaneohe operating a stolen car owned by Hertz Car Rental. Police said the car keys for the 2009 silver Mazda were taken during a home burglary.

Officers tried to approach the vehicle at 10:42 a.m. yesterday, but the suspect fled. The car was later found at Waikalua Place, where the man had apparently lost control and crashed into a fence, police said.

The man reportedly fled on foot toward Bay View Golf Course, and was spotted walking on Keaahala Road near the Kaneohe District Park. Police arrested him on suspicion of auto theft.