Possible 'Japanese Madoff' Shut Down By Regulators

Law360, New York (February 24, 2012, 3:18 PM EST) -- Japan's financial regulator has closed down a little-known investment firm after concerns surfaced that the company had lost billions of yen from customer accounts, the agency said Friday.

The Financial Services Agency suspended operations at AIJ Investment Advisors Co. for a month, it said in a statement.

Investigators have been examining AIJ's books since January and now say most of the 183 billion yen ($2.3 billion) in corporate pension funds it manages is missing, the Wall Street Journal reported, making the scandal one of the biggest...
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