Kazutsugi Nami (波 和二, Nami Kazutsugi, b. 19 May 1933 in Mie Prefecture) is a Japanese businessman and chairman of Tokyo-based bedding supplier Ladies & Gentlemen (L&G). [1] He has been involved in a number of fraudulent schemes since the 1970s, and was arrested most recently on 4 February 2009 on suspicion of orchestrating a massive investor fraud involving the "Enten" quasi-currency. [2]
In the 1970s, Nami became vice president of APO Japan Co., an auto equipment sales company in Tokyo. The company was involved in a pyramid scheme, collecting investments from about 250,000 people in a scam based on sales of exhaust gas removal devices. The company's operations became a social problem, and it went bankrupt in 1975. [3]
In 1973, before the bankruptcy of APO Japan, Nami established Nozakku Co., a company which sold "magic stones" that were claimed to turn tapwater into natural water. [4] The company's annual sales reached more than 2 billion yen a year before it too went bankrupt in 1978. Nami was arrested in September 1978 by Mie Prefectural police on suspicion of fraud, and was sentenced to prison. [3] [4]
Before his arrest in 1978, Nami also established PHC, a company selling pressure cookers. [4]
After being released from prison, Nami established the Tokyo-based bedding company L&G in August 1987. The company allegedly derived its income from a pyramid scheme. [3] At L&G, he invented the "Enten" quasi-currency (literally meaning Divine Money in Japanese). In February 2007, L&G dividends were distributed in Enten, rather than in cash, resulting in lawsuits and cancellations of accounts. [5] In October 2007, police searched L&Gs headquarters in Tokyo, suspecting that the company had violated investment laws, and the company declared bankruptcy in November 2007. [5] Nami was arrested in Tokyo on 4 February 2009 on suspicion of large-scale investor fraud along with twenty-one of his associates. [1] He insists that he is innocent, and is the victim and not the villain. [2] On March 18, 2010, Nami was sentenced to 18 years in prison for his scheme. [1]
Kazutsugi Nami (波 和二, Nami Kazutsugi, b. 19 May 1933 in Mie Prefecture) is a Japanese businessman and chairman of Tokyo-based bedding supplier Ladies & Gentlemen (L&G). [1] He has been involved in a number of fraudulent schemes since the 1970s, and was arrested most recently on 4 February 2009 on suspicion of orchestrating a massive investor fraud involving the "Enten" quasi-currency. [2]
In the 1970s, Nami became vice president of APO Japan Co., an auto equipment sales company in Tokyo. The company was involved in a pyramid scheme, collecting investments from about 250,000 people in a scam based on sales of exhaust gas removal devices. The company's operations became a social problem, and it went bankrupt in 1975. [3]
In 1973, before the bankruptcy of APO Japan, Nami established Nozakku Co., a company which sold "magic stones" that were claimed to turn tapwater into natural water. [4] The company's annual sales reached more than 2 billion yen a year before it too went bankrupt in 1978. Nami was arrested in September 1978 by Mie Prefectural police on suspicion of fraud, and was sentenced to prison. [3] [4]
Before his arrest in 1978, Nami also established PHC, a company selling pressure cookers. [4]
After being released from prison, Nami established the Tokyo-based bedding company L&G in August 1987. The company allegedly derived its income from a pyramid scheme. [3] At L&G, he invented the "Enten" quasi-currency (literally meaning Divine Money in Japanese). In February 2007, L&G dividends were distributed in Enten, rather than in cash, resulting in lawsuits and cancellations of accounts. [5] In October 2007, police searched L&Gs headquarters in Tokyo, suspecting that the company had violated investment laws, and the company declared bankruptcy in November 2007. [5] Nami was arrested in Tokyo on 4 February 2009 on suspicion of large-scale investor fraud along with twenty-one of his associates. [1] He insists that he is innocent, and is the victim and not the villain. [2] On March 18, 2010, Nami was sentenced to 18 years in prison for his scheme. [1]