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SECURITIES | NATION / WORLD

Former Yamaichi President Arrested

September 25, 1997|Associated Press

Tokyo prosecutors arrested the former president of Yamaichi Securities Co., a major Japanese brokerage. The move followed the arrests last month of five brokerage officials accused of funneling profits to Ryuichi Koike, a suspected racketeer. Prosecutors from the Tokyo District Public Prosecutors Office said Atsuo Miki is suspected of having endorsed $658,000 in payments that were transferred in 1995 to an account held by Koike's younger brother. The Securities and Exchange Surveillance Commission, Japan's securities watchdog, suspects the payments were compensation for investment losses in a special account Yamaichi maintained for Koike.

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