Business Jan 29, 2015

MRI owner to pay $584 million for bilking Japanese investors

A Las Vegas businessman and his company, MRI International Inc., were ordered to pay $584 million after a judge ruled that they defrauded Japanese investors in a Ponzi scheme. Edwin Fujinaga was found liable in October in a U.S. Securities and Exchange Commission lawsuit claiming ...

Business / Corporate Feb 3, 2014

SEC suspects MRI boss of violating asset freeze

The U.S. Securities and Exchange Commission has alleged that Edwin Fujinaga, owner of Las Vegas-based MRI International Inc., has moved personal assets out of the United States in violation of a court-ordered asset freeze. In a recent memorandum to the U.S. District Court of Nevada, ...

National / Crime & Legal Sep 28, 2013

MRI viewed as Ponzi scheme by FBI in 2009

The FBI probed MRI International Inc. in 2009 on suspicion that it was running a Ponzi scheme, according to a source who cooperated with the investigation. The revelation comes after the U.S. Securities and Exchange Commission won permission to freeze the assets of MRI and ...

National / Crime & Legal Jul 16, 2013

Japanese investors sue asset manager in U.S. court

Japanese investors filed a class-action lawsuit seeking damages from Las Vegas-based asset manager MRI International Inc. on July 5, according to U.S. court documents. Attorneys for five Japanese investors filed the lawsuit in the U.S. District Court of Nevada on behalf of all who lost ...

MRI faces criminal complaint over losses

National / Crime & Legal May 31, 2013

MRI faces criminal complaint over losses

Japanese clients of MRI International Inc., a U.S. investment company suspected of mismanaging assets, filed a complaint Thursday with Tokyo prosecutors and police alleging fraud. The complaint against Edwin Fujinaga, president of Las Vegas-based MRI, was filed with the Tokyo District Public Prosecutor's Office and ...

Business / Corporate May 17, 2013

MRI bows to FSA with vow to plan repayment

U.S.-based asset manager MRI International Inc., suspected of mishandling the funds of thousands of Japanese clients, responded to an order by the Financial Services Agency by promising investors a repayment plan. Japan's financial watchdog delisted the asset manager in late April, while investigators from the ...