Nishiura Keiichiro, the CEO of C-Labo, has been arrested for a fraud scheme involving Pokemon and Yu-Gi-Oh trading cards. C-Labo is an associate company of Animate, a retailer specializing in anime merchandise. Nishiura allegedly stole over $1.2 million USD from his company by faking a plan for Animate to purchase forty thousand cards from a fraudulent seller, allowing him to pocket the money.
The specific law that Nishiura violated is the Companies Act in Japan. The authorities have not yet disclosed the punishment he will face. It has been reported that Nishiura spent the stolen funds on hotels, expensive wine, overseas travel with women, luxury cars, and his own rent, amounting to at least ?100 million.
C-Labo has issued an official statement apologizing to its customers, trading partners, and anyone associated with the company for the burden and concern caused by the fraud case.
