South Bay Man And Utah Man Charged With Defrauding Japanese Investors In $7 Million Ponzi Scheme (United States Attorney's Office for the Northern District of California)

(Source: United States Attorney's Office for the Northern District of California) SAN FRANCISCO -A federal grand jury indicted John Holdaway and Kevin Kyes yesterday with conspiracy, wire fraud, and money laundering, announced United States Attorney Brian J. Stretch, the Federal Bureau of Investigation Special Agent in Charge John F. Bennett, and Internal Revenue Service, Criminal Investigation, Special Agent in Charge Michael T. Batdorf. Holdaway, 72, of Sandy, Utah, and Kyes, 68, of Campbell, Calif., allegedly ran an approximately $7 million Ponzi scheme, primarily involving Japanese investors, from December 2012 through July 2015. According to the indictment, Holdaway and Kyes offered...