Thu, Dec 8, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Prosecutors seek 15 years for AIJ Investment Advisors Co. president

Thursday, July 04, 2013

Bailey McCann, Opalesque New York:

Prosecutors are seeking 15 years in prison for Kazuhiko Asakawa, the president AIJ Investment Advisors Co. For defrauding some 17 pension funds of ¥24.8bn. Mr. Asakawa admitted to a cover up in March 2012 according to Reuters report. At that time he apologized and said he had no intention of cheating his clients. The losses were the result of bad bets on bonds and some equities.

Asakawa was arrested in 2012 and according to police comments at the time there was suspicion of a broader conspiracy. Now that the case is before the court, the Japan Times prosecutors are taking a hard line. Charges also include requests for jail time for Mr. Asakawa's colleagues, Shigeko Takahashi and Hideaki Nishimura.

If they prove their case the three defendants may also have to pay up to ¥21.8bn in fines. Nishimura has also admitted to some of the charges however, Takahashi who was a secretary in the firm denies involvement. The case went before the court in December and is expected to wrap up in the coming weeks now that prosecutors have made their closing arguments.

......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Institutions - Texas County & District culls 5 hedge funds, reallocates to existing managers, Kentucky board gives final approval to halve hedge fund portfolio, $38bn Finnish fund moves assets to U.S. as Europe flounders, South Korea’s National Pension Fund holds 5% stake in 62 listed companies[more]

    Texas County & District culls 5 hedge funds, reallocates to existing managers Texas County & District Retirement System, Austin, continues to reduce the number of hedge funds, but not the size of its $6.2 billion hedge fund portfolio. It will redeem a total of $760 million from five hedg

  2. Opalesque Roundtable: Australian family offices search for good risk adjusted returns, happy to pay for skill[more]

    Komfie Manalo, Opalesque Asia: Australian family offices want foremost good risk adjusted returns, and they are happy to pay for the skill, and in some cases, the limited capacity of an active manager. Jonas Daly, Head of Distribution at B

  3. StepStone announces close of Swiss Capital acquisition[more]

    StepStone Group LP announced it has successfully closed the acquisition of Swiss Capital Alternative Investments AG, one of the leading private debt and hedge fund solutions providers in Europe. The transaction was originally announced in May 2016, and has been in the process of receiving regulatory

  4. Investing - Stephen Cohen investing $275m in free clinics treating veterans' mental health issues, California Resources loses favor with hedge funds[more]

    Stephen Cohen investing $275m in free clinics treating veterans' mental health issues From Healthcarefinancenews.com: …Now, a new chain of free mental health clinics for vets has opened in five cities across the United States to fill the gap. The much-needed new treatment is underwritten

  5. Hedge funds flat in last week of November 'in sympathy with markets’[more]

    Komfie Manalo, Opalesque Asia: Hedge funds were close to flat in the last week of November in sympathy with markets, which took a pause ahead of the OPEC meeting and Italian referendum. The Lyxor Hedge Fund Index was -0.1% as of end November 29 (-1.7% YTD), according to the latest