Las Vegas exec bilked Japanese victims in $1.5 bil Ponzi scheme

Paul Suzuki is 36. Under Japanese law, he cannot be hold dual citizenship.

Does greed make folk stupid, or does stupidity lead to greed?

this case is tried in america, and under american law, he can have dual citizenship:

United States law does not contain any provisions requiring U.S. Citizens who are born with dual nationality or who acquire a second nationality at an early age to choose one nationality or the other when they become adults (see Mandoli v. Acheson, 344 U.S. 133 [1952] ). The current nationality laws of the United States do not specifically refer to dual nationality.

but what a sum! people are always trying to get rich quick. if it looks too good to be true, then it ain't real.

lets hope the 3 of them spend 324 years in prison

Las Vegas exec bilked Japanese victims in $1.5 bil Ponzi scheme

Is that even English?

Edwin Fujinaga, Junzo Suzuki and Paul Suzuki...Very Very Japanese name!

@Laguna You beat me to it. This guy probably has dual citizenship under US law (only the US recognizing it). Here in Japan, however, he would considered a Japanese citizen under international treaty. That being said, however, now that the Japanese authorities know he also has a US passport, he'll come under additional pressure to renounce one or the other.

Paul Suzuki is 36. Under Japanese law, he cannot be hold dual citizenship.

Not exactly. More info here: http://members.jcom.home.ne.jp/yosha/yr/nationality/Dual_nationality.html

I know a number of people who hold dual citizenship.

I am amazed at how Ponzi schemes are not caught on so early.

It's also amazed how greedy and naive people are. I have very little sympathy for the victims. It seems like everyone who participated in this was told that the insurance companies would end up suffering the loses but they were happy to go along with this dishonest plan... but in the end they were the ones who were defrauded.

@Strangerland

There is massive difference between holding a passport and being an actual legal citizen. You may be able to acquire 2 physical passports, and you can trick the Japanese government into believing that you are still a citizen by failing to tell them about your new nationality, but the law on this is crystal clear; the moment a Japanese person (over a certain age) acquires another country's citizenship, they are deemed to have renounced their Japanese citizenship. Your friends might imagine themselves to be dual citizens, but in the eyes of the law they are just permanent residents who have failed to apply for their residence cards. (Of course, Japan turns a blind eye to this 99% of the time)

the moment a Japanese person (over a certain age) acquires another country's citizenship, they are deemed to have renounced their Japanese citizenship

I think Strangerland's link applies to those who have dual nationality from birth; they do not 'acquire' another country's citizenship, and Japanese law cannot force them to renounce it. They just pretend (in Japan) that it doesn't exist.

Hi Cleo. As far as I can tell, there isn't much of a difference. Once you become an adult, you must actively 'choose' or 'select' (sentaku) one of these nationalities. (‘Acquire' is just my poorly choosen English word).

There are alot of conspiracy theories and very creative interpretations of the law (and the words used on these forms) floating around out there, but every government official and every Japanese lawyer will tell you that dual nationality as an adult is not legally permitted. Even though, as you say, the government pretends it doesn't exist.

All readers back on topic please. Posts that do not focus on the Ponzi scheme will be removed.

Bernie Madoff could use a cellmate or two.

There are lots of these schemers about. There are legal schemers who do not tell you all the consequences and risks of investments. I've had dubious people, always with English accents, telephoning me both at home and at work. I am anti-capitalist and so always assume these investment people to be frauds. That's me. There are a lot of people taken in by schemes like this, even though they are intelligent and sensible most of the time. Well, I'm not a millionaire. People you make the right investments are.

I hope these crooks do major jail time and that their victims can recoup at least some of their losses.

Las Vegas exec bilked Japanese victims in $1.5 bil Ponzi scheme

Is that even English?

Yes, it is proper ENGLISH.

We all have secret wishes to be the first at a Ponzi Pyramid scheme. That is human nature.

If they are convicted, game over. They'll never see the light of day outside of prison hehe.

I told my wife “never trust anyone with your hard earned money including our expatriates”. I hope these 3 criminals will rot in the US prison for life. They have destroyed some of investors' lives.

This story really is difficult to follow - Reuters needs better editors... the Ponzi scheme I follow is a problem but these people are being indicted for mail fraud and wire fraud, how does this work? Seems to be an American thing...

indicted for mail fraud and wire fraud, how does this work?

mail refers to an actual letter and wire includes electronic means of contacting you (e.g. phone and the Internet). it basically covers all the bases of defrauding someone.

Nakanoguy01, thanks for the elucidation - I am sure if "wire fraud" exists in Japan the penalty must be a slap on the wrist as deduced from the number of "Oreore" incidents including those that end up failing (a lady friend of mine got "an urgent message from her sister" to plunk 750,000 yen into some account; fortunately her sister cropped up after a short trip and they were able to stop the fund transfer [set for the following morning] beforehand). As for mail fraud, does a thing approximating the systems overseas (I hear committing a felony through use of the US Postal Service is imposed a heavy penalty like 5 years of incarceration for EACH count, assume the same for wire... goodness with the three money laundering charges it does add up to some 300 years behind bars for the threesome!) exist in Japan?