US Charges Couple Owning Hawaii Shipbuilding Company With Securities Fraud - Justice Dept.

A married couple who owns a Hawaii-based shipbuilding company has been charged for devising and carrying out a decades-long fraud scheme that netted them millions of dollars, the US Justice Department of said on Tuesday

WASHINGTON (UrduPoint News / Sputnik - 25th October, 2022) A married couple who owns a Hawaii-based shipbuilding company has been charged for devising and carrying out a decades-long fraud scheme that netted them millions of Dollars, the US Justice Department of said on Tuesday.

"Curtiss E. Jackson, 69, of Honolulu, Hawaii, and Jamey Denise Jackson, 59, currently of Lake Worth, Florida, and formerly of Honolulu, allegedly engaged in a scheme to fraudulently obtain money by deceiving purchasers of Semisub securities about the company's business and operations, including its revenue and expenses," the Justice Department said in a release.

The indictment alleges that the Jacksons would use funds raised from the sale of securities to develop and build a fleet of semi-submersible vessels for tourism and other commercial purposes and raised more than $28 million from more than 400 investors, the release said.

The two are charged with securities fraud, conspiracy, mail fraud and wire fraud, the release said.

Curtiss Jackson made his initial court appearance on Monday in the US District Court for the District of Hawaii and his wife did the same in the US District Court for the District of Connecticut, the release added.

Each charge carries a maximum penalty of 20 years in prison, according to the release.