The head of a Tokyo asset manager alleged to have lost $1.3 billion in client money admitted wrongdoing for the first time on Tuesday, adding that the company had falsified the investment performance of its funds to hide trading losses.
In his first public appearance since the scandal came to light in February, Kazuhiko Asakawa, a former broker heading AIJ Investment Advisors Co., apologized and denied any intention to dupe his clients, saying the company did not siphon off client money into its own pockets.
(MarketWatch)
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