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Crooked entrepreneur rips off millions from investors

Date Posted: 2004-07-22

The company began a few years ago, making sensational offers to investors.

“You’ll double your money if you invest in our company” was the theme, and it lured more than 600 to sink money into the options business.

All together, more than ¥8,000,000,000 was placed by the 600 people who signed up. Today, it appears all, or at least most, of the investors are being taken for a ride. The company’s stopped paying investors, telling them “sorry I can’t pay you guys. The stock costs went down and I’ve failed.”

Police are now involved, investigating potential fraud, and more than 120 officers have visited the president’s home and offices searching for information.

When the company began in 2001, promises were made that ¥1,000,000 investments would be rewarded by ¥700,000 profits in three months, and ¥3 million after only six months. In the beginning, investors say, they did get paid.

The money faucet slowed in 2002, and stopped then stopped near the end of the year. Reports show the company had 30 sales people meeting the investors and collecting money, each receiving six percent commissions on the moneys solicited.

The case is expected in court later in the year.

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