SMBC Nikko deputy president arrested for alleged market manipulation

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Kyodo News

Prosecutors arrested SMBC Nikko Securities Inc. Deputy President Toshihiro Sato on Thursday, in the latest development in the investigation into alleged market manipulation by the major Japanese brokerage. Sato, 59, who supervises its equity department, is suspected of placing large buy orders for an individual stock on April 8, 2021 to stabilize the price before selling it in violation of the financial instruments and exchange law, the prosecutors said. Prosecutors the same day indicted five of the company’s executives, believing they systematically conducted similar transactions between Dece…

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