$800 Million Ponzi|Scheme Gets a Receiver

     LAS VEGAS (CN) – A receiver will take control of the assets of Las Vegas resident Edwin Fujinaga and his company, MRI International, which ran an $800 million Ponzi scheme, a federal judge ordered.
     U.S. District Judge James Mahan granted an SEC motion to appoint Robb Evans & Associates receiver for all assets owned by Fujinaga and MRI, including CSA Service Center and The Factoring Company.
     Fujinaga and MRI were found guilty in January of running an $800 million international Ponzi scheme in which they sold unregistered shares to investors in Japan.
     Lead defendant MRI International is a Nevada corporation owned and operated by Fujinaga.
     The SEC in September 2013 froze MRI’s assets and in a separate federal lawsuit accused Fujinaga of running “an extensive and egregious Ponzi scheme that victimized thousands of investors, depriving many of their entire life savings. From October 1998 through May 2013, MRI received over $800 million from investors.”
     Fujinaga told investors he could buy medical accounts receivable at a discount from medical providers and recover the full amounts from insurers.
     Actually, the SEC said, Fujinaga used a second company he owns, CSA Service Center, to buy himself houses in Beverly Hills, Hawaii and Las Vegas, and to pay his alimony, child support, credit card bills and buy “luxury cars.”

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