Sapporo-based investment firm raided for illegal FX trading - News Release - News Release

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Sapporo-based investment firm raided for illegal FX trading

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According to the Mainichi Daily News, Police raided an investment firm and other locations here on Monday on suspicion of unauthorized foreign exchange trading.  The firm, Sapporo-based investment company Allin Co. Ltd., allegedly raised vast funds in violation of the Financial Products Transaction Law, by promoting foreign exchange trading as way of fund management without the approval of the Financial Services Agency.  Allin started recruiting new investors in 2007, offering a monthly dividend of 20 percent as well as large profits using the company's foreign exchange trading software, an insider said. The company reportedly explained to its members that it had gathered some 10 billion yen from about 20,000 investors all over Japan, and that the software would automatically trade investors' money upon completion of bank transfers to the company's account.  The company, however, has suspended dividends since around last autumn, and has not responded to members' claims for refunds. Some members have already taken civil action against the company.

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