The Tokyo District Court on Wednesday sentenced Kazuhiko Asakawa, former president of AIJ Investment Advisors Co., to 15 years in prison for defrauding pension funds out of nearly ¥25 billion.
The prison term for Asakawa, 61, matched the demand of the prosecution. The court also sentenced former executive Shigeko Takahashi, 54, and Hideaki Nishimura, 58, former president of AIJ sales arm ITM Securities Co., each to seven years in prison. The prosecution had sought sentences of eight years.The court also ordered the confiscation of ¥568 million in deposits at AIJ group bank accounts in Hong Kong and the payment of ¥15.6 billion to help cover the damages of victims, against ¥21.2 billion demanded by the prosecution.
According to the ruling, the three conspired to defraud 17 groups, most of them kosei nenkin kikin add-on corporate pension funds, out of ¥24.82 billion between 2009 and 2012 by selling the group's financial products based on fictitious investment performance records.
Source: Yomiuri
According to the ruling, the three conspired to defraud 17 groups, most of them kosei nenkin kikin add-on corporate pension funds, out of ¥24.82 billion between 2009 and 2012 by selling the group's financial products based on fictitious investment performance records.
Source: Yomiuri
