Japan’s FSA punishes SBI Securities over stock price manipulation

Economy

Japan’s Financial Services Agency on Friday slapped SBI Securities Co., the biggest online brokerage in the country, with a one-week partial suspension of its operations for alleged stock price manipulation.

SBI has solicited investors to place buy orders for shares in three companies in their initial public offerings, for which the broker served as a lead underwriter, in an attempt to increase the chances those shares would debut above their IPO prices, according to the agency.

The FSA suspended the brokerage from taking orders to trade IPO shares through Thursday and instructed the company t...

Kyodo News

Kyodo News