Japan father, son win Launch in Ponzi Instance before US trial

A father and child from Japan could be freed from federal custody to live with relatives at a leased Las Vegas apartment impending trial on fraud charges in what prosecutors call a $1.5 billion international Ponzi scheme, a judge decided Wednesday.

U.S. Magistrate Judge Cam Ferenbach confessed a national prosecutor’s argument the former MRI International Inc. executives Junzo Suzuki and his son, Paul Suzuki, had the money to flee the country before trial and might be prompted to avoid trial and the possibility of spending the rest of their lives in prison.

Ferenbach was advised U.S. Immigration and Customs Enforcement could deport the two men if they’re freed.

But the judge stated that would not make sense following the 70-year-old dad and 40-year-old kid were extradited from Japan into the U.S.. They arrived in custody in Las Vegas a week and pleaded not guilty to charges against them.

Prosecutor Danny Nguyen advised Ferenbach the Suzukis reaped a joint $22.5 million in four decades of a scheme which led a jury to locate company leader Edwin Fujinaga guilty in November of 20 counts of mail fraud, wire fraud and money laundering.

In court documents, U.S. lawyers compare Fujinaga into the biggest-ever U.S. Ponzi schemers: Bernard Madoff in New York,” Allen Stanford in Houston, Scott Rothstein at Miami and Thomas Petters at Minnesota. Prosecutors are asking a judge to sentence the Fujinaga . He’s due for sentencing May 23.

Prosecutors said that from approximately 2009 to 2013 that was ancient, over $1 billion from more than 10,000 Japanese investors had been wired beneath Fujinaga’s control. Investors were told that they were buying claims .

Fujinaga was found guilty of using new investors’ money to pay off investors while he lived a lavish lifestyle.

Nguyen stated if they’re convicted of charges, the Suzukis could face a theoretical note of up to 300 years in prison.

Defense lawyer Junji Suzuki, representing Junzo and Paul Suzuki, told Ferenbach that they had been in Japan and”didn’t have an idea what Fujinaga was doing here at the USA.”

Paul Suzuki also spent several years living and working in Hawaii, his lawyer said.

Junji Suzuki isn’t associated with his clients. He stated they have several assets remaining after settling on a litigation associated with the MRI International scheme.

“We are sincerely trying to make a resolution earlier this case reaches trial,” the lawyer said.