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Currency speculator accused of bilking Naha investors

Date Posted: 2003-11-14

A Naha-based foreign exchange brokerage company that had collected Y30 billion in investments from some 3,800 people within the prefecture has stopped business and its management has declared that it is unable to return the investors’ money.

The company, Japan Forex Co, that started business in 2000 in a partnership with a Taiwanese brokerage had sales averaging Y1.3 billion a year, but the Taiwanese partner went out of business in October and the Naha brokerage stopped paying dividends to its investors at the same time.

A company spokesman said that the Taiwanese partner’s demise was due to the failure of a third company from Hong Kong that had supplied them the software the company used for short time trading in currency fluctuations. He said he did not know what had happened to the software company but acknowledged that without the software it was impossible for the company to continue business.

Japan Forex, however, had continued to assure investors that it still was profitable and could pay up to 10 percent per month profit return for their investment.

Investors who feel that they have been duped have hired a group of lawyers to look into the company’s business practices and are demanding that it returns their money, something the company has been so far unwilling or unable to do. Japan Forex Co. filed for bankruptcy late Ttuesday.

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