Yamaichi Securities Co., Ltd.

Founded in 1897, Yamaichi Securities Co., Ltd. was a major Japanese investment bank and securities brokerage firm. For decades, it stood as one of the "Big Four" securities houses in Japan, alongside Nomura, Daiwa, and Nikko. The company provided a wide range of financial services, including brokerage, underwriting, and investment banking, playing a significant role in Japan's post-war economic boom. However, in November 1997, the firm collapsed spectacularly under the weight of massive, hidden off-balance-sheet debts accumulated through illegal "tobashi" schemes (transferring losses between client accounts to hide them). Its failure marked a pivotal moment in the Asian Financial Crisis and a major scandal in Japanese financial history, leading to its voluntary closure and subsequent liquidation.