In an announcement by Japanese regulatory authorities, it said that the agency was conduction an investigation on asset manager MRI International Inc. The authorities have revoked its operating license on the grounds that the firm had violated financial laws by providing false information on its assets as well as providing misleading information to clients as to financial business decisions.
The investigation is the latest financial scandal that has hit the country after previous reports found that a Tokyo asset manager had lost US$1.3 billion of pension fund money from its clients.
The latest case is still at its early stages, with regulators still determining how much funds were under the control of the Las Vegas based asset management company. One of the major complications of the case is that the client's funds were managed outside of Japan, thus requiring Japanese authorities to seek the assistance of the US Securities and Exchange Commission.
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