Former chairman of Japanese educational institution Meijo Gakuin accused of misappropriating company funds to buy cryptocurrencies

Japanese educational institution Meijo Gakuin will file criminal proceedings against the company's former chairman and other related individuals on the grounds that they suspect the institution's operating funds have been misappropriated for cryptocurrency investments. According to Meijo Gakuin, former chairman Mieko Ohashi, a former board member, and other related individuals reportedly used the company's 100 million yen (approximately $ 926,000) to buy cryptocurrencies in 2018. After the board became aware of the situation, Ohashi resigned in June 2019. Meijo Gakuin will shortly publicly release the results of a third-party panel investigation into the incident.