Sun, Sep 25, 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. Star names struggle as smaller hedge funds make hay[more]

    From eFinancialnews.com: Many big-name funds have been hit by sharp reversals in markets, including US government bonds and UK stocks, and have struggled to extricate themselves from positions that have gone bad. According to data group eVestment, hedge funds below $250 million in size are up 4.1% t

  2. North America - Acela fight splits hedge fund Connecticut and old money enclaves[more]

    From Bloomberg.com: Connecticut’s residential coastline is two worlds, the one of newcomer millionaires and one whose wealth and New England roots span generations. Now, their differences over a rail route threaten to gum up plans for the U.S. Northeast’s fastest-ever trains. About 30 miles from Man

  3. Activist News - Caesars offers creditors another $1.6bn, would spell end of hedge fund ownership, Activist investors double chance of CEO exits[more]

    Caesars offers creditors another $1.6bn, would spell end of hedge fund ownership From Calvinayre.com: Casino operator Caesars Entertainment has improved its offer to junior creditors to over $5b, but the offer is only good until Friday. On Wednesday, Caesars added an extra $1.6b to the $

  4. Comment - ‘Gut feeling’ measurable in hedge fund traders, How hedge fund managers can use blockchain to maximize benefits[more]

    ‘Gut feeling’ measurable in hedge fund traders From Laboratoryequipment.com: “Gut feeling” is an intangible – an automatic hunch – based on prior experience for some people. But the “gut feeling” is actually a measurable response developed in professionals doing some high-risk work, acco

  5. Opalesque Exclusive: Modern investor tools (2): A platform that does the job for you[more]

    Benedicte Gravrand, Opalesque Geneva: A new series on technology providers that assist asset allocators. There is disruption in the investor part of the world of hedge funds, coming from platforms that can replace traditionally-run search and analysis. Here is one of them. L