Head of failed Daiwa Toshi Kanzai nabbed for fraud

OSAKA, Japan - Hiroshi Tominaga, former president of Daiwa Toshi Kanzai, a failed Osaka-based firm selling mortgage-backed securities, is arrested Nov. 6 on suspicion of defrauding clients out of about 1.1 billion yen, saying the firm was selling them financial products of its affiliates.

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