Japanese Housewives Desperate After Currency Scheme Collapses

Jan. 22 (Bloomberg) -- Allied LLC, an Osaka-based asset manager, is under investigation on suspicion it bilked Japanese investors, mostly housewives, using a currency trading fund, a police official said.

Investigators said a woman they declined to name who ran Allied seminars has disappeared after getting 300 people to invest 2.4 billion yen ($26.57 million) in the fund. The company stopped paying dividends in November last year.

“Allied was raided on Jan. 15 on suspicion of running a business without a license in violation of the Financial Products Trading Law,” said Kiyotaka Kawamura, a police investigator in Kochi prefecture, on the western island of Shikoku. The police confiscated computers and documents. No arrests have been made, he said. Allied’s phone number was disconnected when called by Bloomberg News.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aGeeh4B_CLSE&refer=home

Do you remember the "Housewives Outmaneuver UBS, Deutsche Bank in Yen Carry Trading" headline ?



http://www.bloomberg.com/apps/news?pid=20601087&sid=adnSs4grfQlQ&refer=home

 

Desperate Japanese Housewives.

That has such an alluring ring to it.