Japanese Billionaire Casino Executive Faces Arrest For FraudPachinko King Indicted For Three Counts Of Fraud After Acquiring Additional $3.15 Million In Salary |
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A court in the Philippines has ordered the arrest of Japanese billionaire casino mogul Kazuo Okada, who is accused of three counts of fraud during his time as CEO of Tiger Resorts.
Okada, who made his fortune in the ’90s as a supplier of pachinko machines to Japan and ultimately made a huge early investment in Wynn Resorts, allegedly siphoned $3.1 million from Tiger Resorts during his tenure.
Maintaining his innocence, Okada stated that the charges were to “destroy my reputation in the business community and discredit all the hard work I have put into the establishment, rise, and success of Okada Manila, which is now operated by my accusers.”
Okada says the money in question was part of his compensation as CEO. Tiger Resort’s board, however, did not authorize the payments, and said they were made by the company’s former president, Takahiro Usui.
An arrest warrant has also been issued for Usui. Both men were ousted from the company, which is controlled by Universal Entertainment Corporation, in June 2017 after the board accused Okada of misappropriating $20 million.
Making things even more bizarre is the fact that Okada’s company is now being run by his son, Tomohiro Okada.
“How can I defraud the company that I own?” asked Okada. “As owner of Okada Manila, it is absolutely absurd for me to ‘unlawfully take’ these salaries and fees.”
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