Sia sentenced to three years in prison on bankruptcy fraud<\/p>\n
Jaymes Song
\nAssociated Press
\nHonolulu, Hawaii<\/p>\n
A federal judge on Friday sentenced former Honolulu banker and
\nIndonesian businessman Sukamto Sia to three years in prison on
\nbankruptcy and wire fraud charges.<\/p>\n
U.S. District Judge David Ezra did not impose any fines and
\naccepted a plea agreement reached last October. The maximum
\nsentence Sia faced was three years and four months in prison and
\nup to US$1.5 million in fines.<\/p>\n
\"What he did was not small, what he did was huge,\" said Ezra,
\nwho also sentenced Sia to five years of supervised released
\nfollowing incarceration.<\/p>\n
The judge said Sia used the now-defunct Bank of Honolulu as
\nhis \"own private piggy bank.\" Sia, 43, served as chairman of the
\nnow-defunct bank, which federal regulators closed in 2000.<\/p>\n
\"He didn't walk through the door with a gun and rob the bank,
\nbut the effect was the same,\" Ezra said. \"There are only a few
\nbank robbers that walk out with millions of dollars.\"<\/p>\n
Sia admitted he defrauded the bank by obtaining large loans
\nfor his own benefit. He also admitted that during bankruptcy
\nproceedings he concealed two state income tax refund checks
\ntotaling more than $700,000.<\/p>\n
Sia will serve his prison time at the Federal Correctional
\nInstitution in Taft, California, as requested by his attorneys.
\nHe may be deported to his native Indonesia when he released.<\/p>\n
Sia, who addressed Ezra before his sentence was issued, asked
\nto be released from prison so he can return to work to repay his
\ndebts.<\/p>\n
Sia, whose net worth was estimated by his attorneys to be $800
\nmillion at the peak, said his troubles happened when the Asian
\nstock markets crashed.<\/p>\n
\"I was at a low point and took the wrong path,\" he said.<\/p>\n
Defense attorneys noted that Sia has already paid about $2.05
\nmillion in restitution to the Federal Deposit Insurance Corp. and
\nbankruptcy trustees. He still owes about $1.06 million.<\/p>\n
They said the payment demonstrated Sia was truly remorseful
\nfor his actions.<\/p>\n
\"With a guy like Mr. Sia's background, it's understandable
\nthat he's devastated by this,\" attorney William McCorriston said.
\n\"He wants to be a productive member of society. He wants to pay
\nthe creditors. This is going to be very difficult for him to do
\nthat.\"<\/p>\n
McCorriston did not say whether he will file an appeal.<\/p>\n
Prosecutors continuously mentioned the \"lavish lifestyle\" Sia
\ncontinued to live even after filing for bankruptcy, alleging that
\nhe had hidden assets. Some of the luxuries included living in a
\n$4.2 million home in the Bel Air section of Los Angeles, driving
\na $250,000 Bentley and purchasing $325,000 diamond earrings for
\nhis girlfriend.<\/p>\n
In Sia's bankruptcy filing, he listed $294 million in debts
\nowed to 23 creditors.<\/p>\n
Sia, who showed little emotion when his sentence was
\nannounced, kissed and hugged his girlfriend, Kelly Randall, and
\nwaved to friends before federal marshals escorted him out of the
\ncourtroom.<\/p>\n
In Sia's plea agreement, 18 other felony counts were dropped.
\nCriminal charges were also dropped against Randall and Sia's
\nbrother, Sumitro Sukamto.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/sia-sentenced-to-three-years-in-prison-on-bankruptcy-fraud-1447899208",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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