Mobile fraud executive found guilty

October 3, 2005

The Tokyo district court found guilty Monday a businessman who had made fraudulent claims about setting up a mobile-phone company.

The court said that Takeo Oba, an executive of bankrupt Japan Media Network, made false claims about setting up a new business and conned investors into putting millions of dollars into a company that he had never planned to start up in the first place.

Investigators raided the home and office of Oba Monday morning. Oba himself is still on the run, and police are still trying to find him.

Copyright 2005 by United Press International

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