Japanese Racketeer Pleads Guilty

Corporate racketeer Ryuichi Koike pleaded guilty to extorting tens of millions of dollars from Japan’s top financial institutions. On the opening day of his trial in a Tokyo court, Koike admitted receiving payoffs from Big Four brokerages Nomura, Nikko, Daiwa and the now-closed Yamaichi Securities, as well as from leading commercial bank Dai-Ichi Kangyo. Koike, 54, admitted in court that he had demanded compensation and received cash from the institutions. Prosecutors said Koike received about $5.42 million from the four brokers in exchange for his assurances that their shareholder meetings would go smoothly. More than 30 current and former executives of the five companies have been indicted in connection with the payoffs.