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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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      "text": "We note only that both Nomura and Toshiba have an extensive history of episodes involving serious fraud.",
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      "text": "US Department of Justice press releases from Oct 2018 (top) and Aug 2023 (below)\nNomura Agrees to Pay $480 Million in Civil Penalties for Misleading Investors in Sale of Residential Mortgage-Backed Securities\nNomura Securities International Agrees to Pay $35 Million Penalty Stemming from Its Participation in Securities Fraud Scheme",
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      "text": "We were unable to determine the details, financial flows, and potential circularity of the transactions between Nomura, Toshiba, and Lasertec, such as the actual value of the property versus the amount paid. We note only that both Nomura and Toshiba have an extensive history of episodes involving serious fraud. Nomura’s real estate group, in particular, seems to be a compulsive repeat offender. In 2018, the US Department of Justice announced a $480MM settlement with Nomura for “fraudulent conduct in connection with its Residential Mortgage-Backed Securities offerings.” In August 2023 – less than a year ago – the DOJ announced a new $35MM settlement with Nomura and the resolution of potential criminal charges after it “perpetrated a scheme...to defraud its customers...with the knowledge, encouragement, and participation of supervisors” – once again with respect to mortgage-backed securities.",
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      "text": "“fraudulent conduct in connection with its Residential Mortgage-Backed Securities offerings.” — US Department of Justice",
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      "text": "Source: https://www.justice.gov/usao-edny/pr/nomura-agrees-pay-480-million-civil-penalties-misleading-investors-sale-residential; https://www.justice.gov/usao-ct/pr/nomura-securities-international-agrees-pay-35-million-penalty-stemming-its-0",
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