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Ex-CEO of Medical Collection Firm Convicted in $1.5B Fraud

The former president and CEO of an investment company and a medical debt collections business was convicted Nov. 27 for his role in a $1.5 billion Ponzi scheme, according to the Department of Justice.

After a five-week jury trial, Edwin Fujinaga was found guilty of eight counts of mail fraud, nine counts of wire fraud and three counts of money laundering.

Between 2000 and 2013, Mr. Fujinaga fraudulently solicited more than $1 billion in investments from more than 10,000 Japanese residents, who wired their money to his bank accounts in Las Vegas, according to evidence presented at trial.


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