Andy And Bruce Hosed By Money Manager

by The Editors on February 26, 2008

From the Honolulu Advertiser:

World-class surfers Andy and Bruce Irons are among dozens of investors owed millions by now-bankrupt Kaua’i mortgage lender James W. Lull.

Lull, Kaua’i branch manager of mortgage lender U.S. Financial Mortgage Corp. from 1994 to 2006, filed personal bankruptcy papers in December 2006, listing more than $31 million in debts and $6.7 million in assets.

The total amount owed by Lull is now believed to be $50 million, according to Stephen Jones, attorney for the trustee overseeing Lull’s bankruptcy case.

The trustee, Ronald Kotoshirodo, alleged in court papers that Lull operated a massive “Ponzi scheme” that duped investors with false promises of high interest rate returns on low risk investments.

Andy and Bruce’s Dad Bill Irons says his boys are lucky. “They’re young, they’re successful, but some of the people here, they’ve lost their life savings,” he said.

[Link: Honolulu Advertiser]

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