An Oahu financial adviser admitted to stealing million from retirees to live a lavish life of luxury.
Prosecutors say Bruce Harada took from those who trusted him.
"My pride drove me a lifestyle at any cost," said Harada. "I was arrogant to treat other people's money as my own."
Harada candidly admits why he stole more than $2.5 million from more than 20 customers over a span of five years.
“This was a very egregious breach of trust. He was literally messing with people’s retirements. He took hundreds of thousands of dollars from some victims,” said Prosecuting Attorney Chris Van Marter. “He acknowledges he spent a lot of money on home repairs, almost $300,000, bought four cars, tons of clothes and bags.”
Harada worked as an ING financial advisor and prosecutors say he used that position to steal money from retirement funds from city workers. Harada plead guilty to securities fraud and theft and apologized for those crimes.
“I also want to apologize to my family, friends and former co-workers for the shock and betrayal of my actions,” said Harada.
After Harada’s emotional apology, Judge Rom Trader sentenced him to 20 years behind bars and ordered him to pay $1.8 million in restitution to ING.
“20 years is a pretty strong sentence,” said Van Marter. “20 years will send a message to others who contemplate this sort of fraud.”
Harada’s attorney says his client will meet with a parole officer to determine how much of that 20-year sentence he would have to serve before he’s eligible for parole.