Kazuhiko Asakawa, former president of AIJ Investment Advisors Co., was sentenced Wednesday to 15 years in prison for orchestrating a high-profile fraud case that cost his pension fund clients some ?24.8 billion.
The Tokyo District Court sentenced his subordinates ¡ª former AIJ executive Shigeko Takahashi and Hideaki Nishimura, president of AIJ subsidiary ITM Securities Co. ¡ª to seven-year terms. The three defendants were also fined a total of ?15.6 billion.
The court further ruled that Asakawa must forfeit about ?570 million of his foreign assets in Hong Kong.
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