Arrests made in what could be biggest investment scam in Japanese history

Arrests made in what could be biggest investment scam in Japanese history

www.guardian.co.uk

It is a bizarre tale of a bedding company, a megalomaniac businessman and a make-believe currency. And today it culminated in a series of arrests in what could be the biggest investment scam in Japanese history.

Kazutsugi Nami, the chairman of L&G, which stands for Ladies & Gentlemen, a bankrupt bedding supplier, and 21 other executives are suspected of defrauding hundreds of thousands of investors of at least $1.4bn (£1bn) over the past eight years.

In return for their money, Nami promised investors cash returns of 36% a year plus their original investment.

Those who paid at least ¥100,000 (£770) also received an equivalent sum in Enten - or Paradise Yen - a virtual currency Nami claimed would become legal tender in a post-recession era in which he would be "world famous".

(visit the link for the full news article)

This is a really crazy story, this guy sounds like a really interesting character - he predicted a future after global collapse in which he would be famous and a new currency would be used, his company started doing all sorts of weird things and then when he started to get in trouble he doesn't seem bothered at all, he acted like it was all part of his plan.

I would love to know if anyone else knows anything about this guy? It did say he was involved in some aquatic psudo-science, made me think of 'what the beep to we know' that had a massive section of japanese psudoscience about water.

Anyone know anything about Kazutsugi Nami?

hehe is this the rome of asia?

www.guardian.co.uk
(visit the link for the full news article)

-edit to add, just found this in the indipendant

Before he was marched away by officers, Mr Nami boasted that his currency could yet become a success. "Because of the financial crisis, countries will adopt the enten in three years' time," he insisted. "I will start shining and become world famous. I will certainly move the world."

crazy or great genius? we'll know 2012!

[edit on 5-2-2009 by NatureBoy]

I don't know anything about him but WOW...I'm certain that in newer editions of Japanese dictionaries..when people look up the word 'delusional' they'll see his picture next to it.

reply to post by NatureBoy


Interesting.

I think he is both crazy and a great genius. He probably started out knowing he was scamming people, but over the course of his life some many people praised him and adored him he probably started believing his own line of hooey.

Fascinating stuff cult leaders. Be they investment cults or religious ones, it is always amazing to me that they can get that many people to believe them.

What a scam artist. This guy is on the con artist level of the highest degree. Pinning things on a virtual currency that is post recession crash. This guy has scam written all over him.

reply to post by Illusionsaregrander


hmmm, maybe he went the other way? started by thinking he was a great genius with all the answers but then it slowly dawned on him that he was going under and his ego couldn't stand it so he hid it from himself till slowly he had to accept that he was now scamming people, but still his ego won't let go of the idea he is going to win -hence why he's saying he'll be in control in three years?

Interesting another Madoff but this time a Japanese. I guess these people took the meaning of free Enterprise and capitalism to the extreme.

Sounds a bit like the games of 'Project Entropis' and 'Eve Online' where YOU TOO can be rich by investing in virtual currency' ...

Anyone who got ripped off by this guy needed it, tell you what I'll do it next time, and then I'LL BE FAMOUS, in the newspapers and I'LL BE LOVED in the jailhouse showers.. Yeah Bring it on.