Edwin Fujinaga is sentenced to 50 years in prison for $1.5billion Ponzi scheme - News Summed Up

Edwin Fujinaga is sentenced to 50 years in prison for $1.5billion Ponzi scheme


Edwin Fujinaga, 72, was sentenced to 50 years in federal prison on ThursdayThe former head of a Tokyo and Las Vegas investment firm has been sentenced to 50 years in a U.S. prison for bilking thousands of Japanese victims in what prosecutors called a $1.5 billion international Ponzi scheme. The judge also ordered Fujinaga to pay nearly $1.3 billion in restitution, although a prosecutor conceded it might never be paid. Navarro oversaw the Las Vegas trial at which a jury found the former head of MRI International Inc. guilty of 20 counts of fraud and money laundering. Fujinaga was forced to sell his 7,666-square-foot Las Vegas mansion (above) in the face of an SEC judgement for $580million. Junzo Suzuki a Japanese citizen, and Paul Suzuki a dual citizen, the indictment said.


Source: Daily Mail May 23, 2019 21:00 UTC



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