Reuters: Regulatory News: UPDATE 1-Japan regulator probes US asset manager over missing funds-source

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Japan regulator probes US asset manager over missing funds-source Apr 26th 2013, 02:06 Thu Apr 25, 2013 10:06pm EDT * SESC to recommend penalties as early as Friday-source * Move would prompt freezing of MRI's assets - source By Noriyuki Hirata TOKYO, April 26 (Reuters) - Japan's securities watchdog is investigating a U.S.-based investment company on suspicion that it falsified performance reports and could not account for the bulk of its $1.4 billion in disclosed funds, a source with knowledge of the probe said. The Securities Exchange and Surveillance Commission (SESC) will recommend penalties against Las Vegas-based MRI International Inc as early as Friday, the source said. That would be followed by an order form its parent agency, the Financial Services Agency, to freeze the asset manager's assets, the source said. No one at MRI could be reached for comment. At a press conference earlier on Friday, Finance Minister Taro Aso said he was aware of media reports about the MRI investigation but could not comment further. Japan has tightened regulatory checks of asset managers after a scandal over a cover-up of losses by Tokyo-based money manager AIJ Investment Advisors last year that involved $1.3 billion of pension fund money. According to its website, MRI International had collected 136.5 billion yen ($1.4 billion) from about 8,700 Japanese clients. MRI advertised annual returns of 6 to 8.5 percent by investing in products collecting on medical claims in the United States. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions