The Tokyo District Public Prosecutor's Office on Wednesday indicted a former executive of Cresvale International Ltd. on charges of selling customers securities that turned out to be irredeemable, prosecutors said.
The indictment of Akira Setogawa, 66, a former chairman of Cresvale's Tokyo branch, followed the Securities and Exchange Surveillance Commission's filing of a criminal complaint earlier in the day with the prosecutor's office.
The commission's complaint -- based on alleged violations of the Securities and Exchange Law -- covered Setogawa, 46-year-old Makoto Iwasa, former head of the branch's capital markets division, and 62-year-old Hirotsugu Sawada, a former Cresvale director.