|By Alan Yonan Jr., The Honolulu Star-Advertiser|
Each of the five counts is punishable by up to 10 years in jail. Low is scheduled to be arraigned Monday in
Low was being held at
"He violated the trust of those clients by diverting their investments for personal use," said
The state also cited Low for unlawfully using money from other investors to buy securities for himself and pay personal expenses.
Low promoted himself as an investment expert and as "Hawaii's Fittest CEO" on his company website, hawaiicapitalmanagement.com, after being featured in an
The state said that between
Instead, Low used the money for his own investments and for personal payments to
The order claims that Low and his firm used "deceptive schemes and devices to conceal the fraud such as forging documents, using one investor's money to pay a return to another investor, and issuing false financial statements of fictitious accounts and account balances."
The department said Low was not registered to transact securities in
The order seeks total penalties of
The state is asking anyone who has been solicited or has done business with Low or
The company's website says Low had more than 23 years of experience in the investment industry before forming
The website, RipoffReport.com, posted a consumer report in
"She is now totally broke thanks to
"Stay far away from him and warn your friends and friend's parents as he is an unethical predator on the elderly."
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|Source:||McClatchy-Tribune Information Services|