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Lawyers plan criminal complaint against U.S. asset manager

Kyodo

A group of lawyers said Wednesday it plans to file a criminal complaint against Edwin Yoshihiro Fujinaga, president of U.S. asset management firm MRI International Inc., claiming the firm’s mishandling of funds invested by Japanese clients led to massive losses.

The Securities and Exchange Surveillance Commission raided the Tokyo office of Nevada-based MRI International and related locations last month and is currently investigating the firm.

MRI International has said it was entrusted to manage around ¥130 billion from clients. The Financial Services Agency deregistered MRI as a financial instruments firm last month.

“We intend to strive hard to recover losses, and we want more people to come forward and participate,” Hiroshi Yamaguchi, the head of the group of around 50 lawyers specializing in consumer issues, said.

The lawyers plan to hold a meeting with the MRI clients Sunday in Tokyo.

  • zer0_0zor0

    The prosecution of such finance sector white-collar criminals and re-regulation are long overdue.