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U.S. markets recover from steep losses
TOKYO, Jan. 29 (UPI) -- L&G Chairman Kazutsugi Nami and about 20 other employees of the Tokyo bedding retailer are being investigated in an alleged $2.33 billion investment scam.
Arrests could come at any time, The Mainichi Daily News reported Thursday.
Investigators believe that beginning in 2001 Nami, 75, and the other suspects told investors they would get a 36 percent annual return and get their original investment back at the end of the year. The investors were given company currency called Enten that could be used to buy jewelry and other items on an "Enten market" Internet site.
In February 2007, investors were told dividends would be paid in Enten. The company, formed in 1987, refused to cancel memberships and eventually collapsed.
The $2.33 billion in losses surpassed surpasses the 1987 Toyota Shoji Co. gold bar investment fraud case, the newspaper said.
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It is a whole new ball of wax in Europe these days.
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