Edwin Fujinaga, $1.5B Ponzi Scheme, Nevada 2023

LAS VEGAS, Nev. — Edwin Fujinaga, 72, the former president and CEO of MRI International Inc., was sentenced to 50 years in federal prison for masterminding a $1.5 billion Ponzi scheme that preyed on over 10,000 Japanese investors. The sentence, handed down by Chief Judge Gloria Navarro of the U.S. District Court for the District of Nevada, includes three years of supervised release, restitution of $1,129,409,449, and forfeiture of $813,297,912.65.

Fujinaga, once a high-flying Las Vegas entrepreneur with operations stretching to Tokyo, Japan, was convicted in November 2018 after a five-week trial. He was found guilty on eight counts of mail fraud, nine counts of wire fraud, and three counts of money laundering. Prosecutors proved that from 2000 to 2013, Fujinaga used investor funds not to purchase medical claims as promised, but to maintain a web of deceit that enriched himself while devastating thousands.

Investors in Japan wired more than $1 billion into accounts under Fujinaga’s control, lured by marketing materials that claimed their money would be safeguarded by an escrow agent and used solely for medical claims. In reality, less than two percent of the funds went toward legitimate business. The rest flowed into a rigged system: new investor cash paid off old investors, while Fujinaga siphoned off millions for a life of excess.

That life included a private jet, a mansion on a Las Vegas golf course, luxury real estate in Beverly Hills, California wine country, and Hawaii, plus a fleet of high-end vehicles including Bentleys, McLarens, and Bugattis. All of it funded by retirees, families, and small investors who believed they were making safe, long-term investments. When Japanese authorities revoked MRI’s securities license in April 2013, the house of cards collapsed — leaving more than $1.5 billion in unpaid obligations.

Victims flew from Japan and other countries to testify at sentencing, many recounting how they lost their life savings. Some described years of financial ruin, emotional trauma, and broken trust. One investor said simply, “He didn’t just steal our money. He stole our future.”

Co-defendants Junzo Suzuki, 70, and Paul Suzuki, 40, were extradited from Japan in April 2019 and are currently awaiting trial. The FBI led the investigation, with critical support from the Justice Department’s Criminal Division’s Office of International Affairs, the Securities and Exchange Commission, and Japanese authorities including the Financial Services Agency, Ministry of Justice, and Ministry of Foreign Affairs. The case was prosecuted by Trial Attorneys William Johnston and Danny Nguyen of the Fraud Section, Assistant U.S. Attorney Tony Lopez, and forfeiture handled by Assistant U.S. Attorney Daniel Hollingsworth.