Ex-SMBC Nikko deputy president to be indicted for market manipulation

Economy Society

Prosecutors plan to indict a former SMBC Nikko Securities Inc. deputy president Wednesday over alleged market manipulation at the major Japanese brokerage, sources familiar with the matter said. Toshihiro Sato, 59, who supervised the equity department, is suspected of colluding in the placement of large buy orders for an individual stock before the market close on April 8, 2021. The alleged transactions were aimed at propping up the price prior to selling, in violation of the financial instruments and exchange law, according to prosecutors. Prosecutors have already indicted five of the company...

Kyodo News

Kyodo News Society