Japanese investors have filed a criminal complaint against American asset manager MRI International, accusing the latter of mismanaging assets.
A group of 60 lawyers, led by Hiroshi Yamaguchi, filed the complaint against Edwin Fujinaga, president of MRI, with the Tokyo District Public Prosecutor’s Office and Tokyo Metropolitan Police Department, according to Bloomberg.
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Japanese regulators last month revoked MRI International’s operating license, alleging that the company violated financial laws by providing false information on its assets and misleading clients on how it was using its money.
As much as JPY130 billion (US$1.3 billion) of clients’ funds may be missing, the Nikkei newspaper reported last month.
The lawyers representing 1,472 Japanese clients of MRI also asked Tokyo investigators to examine whether the US asset manager and Fujinaga violated Japan’s financial products laws, Yamaguchi said.
At least JPY14.8 billion was invested in MRI’s products by some 523 clients.
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