Ousted Universal Entertainment Corp. chairman Kazuo Okada committed three fraudulent acts for his personal gain, the Japan-listed gaming conglomerate reported.

Universal has formally concluded its three-month investigation into the multi-million dollar illegal fund outflows from its Hong Kong-based subsidiary Tiger Resort Asia Ltd (TRA) on Monday, with probers declaring that the Japanese billionaire committed fraud – not just once but thrice.

In a regulatory filing, Universal told the Japan Association of Securities Dealers Automated Quotation (Jasdaq) that the company will proceed to examine the measures it should take against Okada and Yoshinao Negishi, former director and general manager of Universal’s Administrative Division.

The three-month investigation, according to Universal, has made things clear that Okada. “committed these acts for his own personal benefit, and it can only be said that this is an extreme intermingling of private and public affairs and that there was a lack of a sense of ethics that one should naturally have as a director of a listed company.”