SEC Wins Liability Ruling on MRI International Ponzi Scheme

SEC Wins Liability Ruling on MRI International Ponzi Scheme 150 150 Rex Securities Law

October 3, 2014- The SEC was granted a win on their summary judgment motion for liability against Edwin Fujinaga and MRI International for violations of the antifraud provisions of the federal securities laws.

The SEC case alleged that Fujinaga and MRI International operated a Ponzi scheme that raised over $800 million from investors, most of whom lived in Japan. Investors were told that MRI was using the capital to buy medical accounts receivables from medical providers at a discount to what would be paid by insurance companies. The court found that Fujinaga had sole control of the invested funds and used the money for his own personal benefit.

The court has not yet determined the appropriate amount of damages or other relief.

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.  Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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