Saturday, April 20, 2019

Japanese pair extradited in $1.5B Las Vegas Ponzi scheme

Edwin Fujinaga
Father and son, Junzo Suzuki, 70, and Paul Suzuki, 40, have been extradited from Japan in connection with a $1.5 billion Ponzi scheme that prosecutors called one of the largest frauds in U.S. history. They were charged in a 2015 indictment with eight counts of mail fraud and nine counts of wire fraud.

In November, a federal jury convicted Edwin Fujinaga, the 72-year-old former chief executive of MRI International, on eight counts of mail fraud, nine counts of wire fraud and three counts of money laundering. Fujinaga ran the enterprise that stole more than $1 billion from 10,000 victims, most of them Japanese.
Fujinaga used new investors' money to pay off previous investors and fund a lavish lifestyle that included a Las Vegas golf course mansion, a private jet, luxury cars and real estate in Beverly Hills and Hawaii. He was scheduled to be sentenced last week, but the hearing was postponed after Fujinaga said he had vertigo. Prosecutors will be asking for 50 years behind bars.
See ----->Ponzi Fraudster Fujinaga walks away from his loot