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Man indicted for bilking •500 million from housewives

Date Posted: 2002-11-02

Naha City Police sent indictment papers to Naha District Prosecutorsí Office on a former company president on suspicion of embezzling •500 million from 800 people in a failed pyramid scheme. According to investigators, Kazunori Higa, 52, started his scheme by collecting •10 million from nine housewives by promising to double their money in one year. He also attracted investors by making them managers or advisors of the company, Global Family Net. The managers then contacted other people, mostly housewives, asking them to invest into shares that were valued at •21,000 each. All in all, the scheme netted •500 million of which the company paid back •380 million to investors before the scheme collapsed. The company finally went bankrupt in Nov. 2001.

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