Takayoshi Yamaguchi | VIA KYODO

Ex-Japan Life chairman given eight years in prison in massive fraud case


” Yamaguchi “is worthy of strong criticism,” the judge said.Asaka suggested that Japan Life won contracts by preying on individualss concerns about their post-retirement lives.Yamaguchi took advantage of his control over the business and made employees work to conclude brand-new agreements with clients even though the business was dealing with financial troubles, the judge stated. “Its obvious that he must be the one to bear all responsibility,” he added.Asaka likewise said that Yamaguchi did not respond to the Consumer Affairs Agencys call to inform customers of the companys problems, including its concealment of huge debts.Instead, Yamaguchi advised Japan Life workers to ask clients to drop their demands for refunds, Asaka said.
Takayoshi Yamaguchi|BY MEANS OF KYODO
Under the business plan operated by the business, customers paid several million yen to buy magnetic health equipment, which was rented out to other customers.The company obtained consumers by claiming that the owners of such equipment might collect rental fees, and that the company offered an assurance on the principal. Older people made up a big part of Japan Lifes client base.Yamaguchi hid the fact that his company was cash-strapped and had no possibility of making dividend or primary repayments.An 86-year-old lady in Yamagata Prefecture spent an overall of some ¥ 60 million she had actually saved for her children and post-retirement years, even though her second child, 56, prompted her to scrap the deal with the company.” Even if I cant get all of my cash back, it would be handy to have just ¥ 1 million or ¥ 500,000 back,” she added.According to the Tokyo Metropolitan Police Department and other investigative sources, a total of some 10,000 people throughout Japan are believed to have fallen victim in the massive scams case, but just some have actually been developed as criminal cases.Twelve other individuals, including a previous Japan Life president and former executives of the business, were charged with offenses of the financial investment law.

Source link.

” Yamaguchi “is worthy of strong criticism,” the judge said.Asaka suggested that Japan Life won contracts by preying on peoples issues about their post-retirement lives.Yamaguchi took advantage of his control over the company and made staff members work to conclude brand-new agreements with clients even though the company was dealing with financial problems, the judge stated. “Its obvious that he should be the one to bear all obligation,” he added.Asaka likewise stated that Yamaguchi did not react to the Consumer Affairs Agencys call to alert clients of the businesss issues, including its concealment of huge debts.Instead, Yamaguchi advised Japan Life employees to ask clients to drop their demands for refunds, Asaka said. Under the service scheme operated by the company, customers paid numerous million yen to purchase magnetic health equipment, which was rented out to other customers.The company solicited customers by claiming that the owners of such devices might gather rental fees, and that the company provided a guarantee on the principal. Older people made up a big portion of Japan Lifes client base.Yamaguchi hid the truth that his business was cash-strapped and had no possibility of making dividend or primary repayments.An 86-year-old lady in Yamagata Prefecture spent a total of some ¥ 60 million she had actually saved for her children and post-retirement years, even though her second kid, 56, urged her to ditch the offer with the business.

In a time of both misinformation and excessive info, quality journalism is more crucial than ever.By subscribing, you can assist us get the story right.
SUBSCRIBE NOW

IMAGE GALLERY (CLICK TO ENLARGE).

You may also like

Leave a Reply

Your email address will not be published. Required fields are marked *

Popular News

Popular Posts
Featured Posts
Recent Posts
Popular in Bitcoin
Trending Posts