Edwin Fujinaga and other MRI International executives accused of $1.5 billion financial fraud.
Edwin Fujinaga Fraud
Edwin Fujinaga, Junzo Suzuki, and Paul Suzuki were executives of MRI International, a US-based business that began selling products in Japan in 1998. Between 2009 and 2013, the trio solicited more than $1.5 billion, mainly from Japanese residents, by promising to buy accounts receivable from medical companies at a discount, and by recouping the full value later from insurers.
Money for Personal luxuries
Instead of doing what they promised, the trio allegedly used new investors’ money to repay earlier investors, and diverted some funds to themselves as sales commissions, subsidizing their own gambling habits, and covering personal luxuries such as private jet travel.
The trio was required by the US court to forfeit any property they held the US. They were also required to pay $544 million in disgorgement and interest, as well as $40 million in penalties. All three men await conviction.