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Angry investors take financial consultant to district court

Date Posted: 2010-03-25

Stunned by being ripped off for more than ¥300 million, a group of financial investors have taken a stock broker to court.

Toshio Hakujo is being accused of fraud by the investors, who say he told them “If production stocks are listed to the public, the stocks can be sold to others at five times the price you paid to invest.” Believing the 58-year-old Hakujo, they put their money into the scheme in 2005, but never received any return money for their investment.

The investors contend Hakujo never had a shareholders’ general meeting, and he did not pay any dividends. Now, four of the 30 investors took Hakujo to court that ordered Hakujo to pay them back ¥66 million. One Uruma City man who invested ¥18 million says he got nothing back, but was told by Hakujo “I have stock from Hong Kong, and this stock is hard to get. You should invest now before it goes public.”

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