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Posted: Thursday, December 17th, 2009 4:43 AM HST

Honolulu man pleads guilty to fraud-related charge

By Associated Press

HONOLULU (AP) — A Honolulu investment adviser faces a maximum of 10 years in prison after pleading guilty to interstate transportation of fraud-tainted money.

Albert J.K. Perkins IV also faces a fine of up to $250,000 after entering his plea on Wednesday.

He is to be sentenced in April.

U.S. Attorney Florence Nakakuni says Perkins operated two investment firms, Asset Management Advisors Inc. and CNRG.

She says Perkins obtained almost $3 million from an unidentified Honolulu resident to invest. She says after a series of transactions, Perkins used the money to buy expensive cars on the mainland.

As part of his plea agreement, Perkins is to pay restitution to the Honolulu resident and five others who similarly lost money, and forfeit the cars.


(Copyright 2009 Associated Press. All rights reserved)



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