It looks like we have yet to close the book on this. Japanese outlets such as Abema TV and Denfamicogamer have shared yet another update regarding the court ruling of Yuji Naka over insider trading after he had admitted to a violation of the Japanese Financial Instruments and Exchange Act, which prohibits the use of confidential information in order to give yourself an advantage in the stock market.
At the trial held at the Tokyo District Court, the prosecution sentenced him to two years and six months in prison, a fine of 2.5 million yen, and a surcharge of approximately 170 million yen. The defense, on the other hand, requested a reduction of the surcharge and a suspended sentence on the grounds that the confidential information was highly unrelated to his duties, was mistakenly sent to him, and just “happened to see it.” The final decision on Naka’s sentence will be decided on July 7, 2023.
In case you’re not aware, this conflict started back in December 2022 after Yuji Naka and some associates were found using confidential information in regards to a game release and proceeded to buy as much stock from the company as they possibly could, earning them a massive profit after the game was officially disclosed. But, Japan’s Financial Instruments and Exchange Act considers that a crime that led to the arrest.
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