Nevada Based Ponzi Scheme Targeted Japanese Investors
The SEC has charged Edwin Fujinaga, a Nevada-based businessman, and his company MRI International, Inc. with orchestrating an $800 million Ponzi scheme.
The SEC alleges that Fujinaga raised more than $800 million from thousands of investors living primarily in Japan. He did so by promising that the money would be used to buy medical account receivables from medical providers at a discount through MRI. In fact, Fujinaga used the investments to pay back earlier investors and to support his luxury lifestyle. By May 2013, the investors' funds were depleted entirely.
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