A small Japanese asset-management firm suspected of losing billions of dollars in investor money was flagged as a potential "Japanese Madoff" as early as 2009 by an industry newsletter, according to the Wall St Journal.
AIJ Investment Advisors Co.'s operations were halted Friday after regulators said the firm allegedly lost "most of'" the ¥183 billion ($2.3 billion) in pension assets it managed as of Dec. 31, 2010.
Japanese credit rater Rating & Investment Information Inc. warned in a 2009 newsletter to clients that AIJ had "unnaturally stable returns" despite a down market. Although AIJ wasn't named in the newsletter, the description given was enough to identify ...
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