Securities watchdog probes U.S. asset manager over missing funds


The requested article has expired, and is no longer available. Any related articles, and user comments are shown below.

© (c) Copyright Thomson Reuters 2013.

©2024 GPlusMedia Inc.

Login to comment

Modern capitalism has become a greatest Ponzi Scheme ever, no long are companies try to make money by creating a product now they just sell air and hide loses.

I for one hope that someone has big enough nads not to take the bribes and start protecting the investors.

As for me, I will not be giving my money away to these shysters and I will keep investmenting myself, always have, maybe that's why I still have money.

2 ( +3 / -1 )

The Securities and Exchange Surveillance Commission said it inspected the company in March after an investor complained to regulators that MRI International was late in paying dividends of an investment product the client bought. Regulators said they have also received similar complaints from other clients, who are mainly wealthy Japanese individuals. The probe so far has found that the firm did not use client money to purchase the receivables and instead used some of that money to pay dividends to other clients. The company also allegedly misled its clients by promoting products with high returns of 6% to 8.5% when in fact it was unable to pay some of the dividends to clients, the SESC said. Japan'sFinancial Services Agency also stripped the company of its registration as a financial instruments firm.

2 ( +2 / -0 )

This could be a massive fraud or simply a case where MRI, due to the types of obscure investments in Medical Claims, cannot easily prove to Japan's SESC the Value of their holdings. One needs to remember, the people at Japan's SESC work under rigid and inflexible guidelines.... much like the rest of Japan. So again, this could be major fraud or simply the SESC is unable to identify and value the assets of MRI Intl.

1 ( +1 / -0 )

People need to understand: If you give 100% of your money to someone and they give you back only 8.5% ==> Not the smartest investment.

-1 ( +1 / -2 )

issa1Apr. 27, 2013 - 11:06AM JST

Obama administration as always chasing Japanese companies. The pattern repeats

Obama has nothing to do with this. Please clarify your statement further, so that I can respond to you ethically. Thanks.

0 ( +2 / -2 )

As they say Crime in the Suites is always more serious and more profitable than Crime in the Streets. Way past time to hold business managers and owners to only the highest standard.

0 ( +0 / -0 )

Investing your money in a Las Vegas-based firm that PROMISES returns of 6 to 8.5% by investing in products collecting on medical claims? What could go wrong with that?

2 ( +2 / -0 )

Obama administration as always chasing Japanese companies. The pattern repeats .

-9 ( +0 / -9 )

im guessing a pathetic fine, slap on hand and back to business as usual.

-2 ( +1 / -3 )

Login to leave a comment

Facebook users

Use your Facebook account to login or register with JapanToday. By doing so, you will also receive an email inviting you to receive our news alerts.

Facebook Connect

Login with your JapanToday account

User registration

Articles, Offers & Useful Resources

A mix of what's trending on our other sites