Jury convicts Last Vegas man in $1.5B investment scheme

LAS VEGAS — A Las Vegas man has been convicted of fraud and money laundering charges in what federal prosecutors say was a $1.5 billion Ponzi scheme involving a purported investment company and medical collection business that operated in Nevada and Japan.

Edwin Fujinaga faces a March 8 sentencing after a jury convicted him Tuesday of 20 counts of mail fraud, wire fraud and money laundering.

The U.S. Attorney's Office said Fujinaga was president and CEO of MRI International Inc. and that he fraudulently solicited investments from over 10,000 Japanese residents but used little of the money as promised.

The office said Fujinaga instead used most of new investors' money to pay off previous investors and spent the rest on things such as a mansion, a private jet, luxury cars and real estate.

Related News

Clinton offers plan to prevent 'excessive' drug price hikes

Sep 2, 2016

Hillary Clinton is pledging to better protect patients from steep increases in the cost of drugs

Put it on my card...or not

Sep 4, 2016

What to consider before paying for college tuition with a credit card

ITT Tech shutters all campuses after federal aid sanctions

Sep 6, 2016

The for-profit college chain ITT Educational Services is shutting down its campuses days after the U.S. Department of Education banned it from enrolling new students who use federal financial aid

About PROFIT & COST

Profit and Cost is the personal business & financial assistance for individuals considering to improve their profits and lowering the cost in their everyday life.

Contact us: sales@profitandcost.com