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Japan Authorities Arrest Head of Equity & 3 Team Members from SMBC Nikko Securities for Stock Market Manipulation

5th March 2022 | Hong Kong

Japan authorities in Tokyo had arrested the Head of Equity & 3 equity team members from SMBC Nikko Securities for stock market manipulation.  The 4 employees including the Managing Director & Head of Equity Trevor Hill, Deputy Chief Equity Alexandre Avakiants, Makoto Yamada and Shinichiro Okazaki, are suspected to have been involved in “block offerings” by placing orders in after-trading hours to support decline in prices of 5 listed companies between 2019 to 2020.  The Tokyo Securities and Exchange Surveillance Commission had searched the Tokyo headquarters of SMBC Nikko in 2021 for alleged violation of the financial instruments and exchange law.  Offenders are subject to a prison term of up to 10 years or a fine of ¥10 million (USD 87,000) or less or both. Offending companies will be slapped with a fine of up to ¥700 million (USD 6 million).  SMBC Nikko Securities (brokerage business) is a subsidiary of Sumitomo Mitsui Banking Corporation Group, the 2nd largest banking group in Japan and one of the top 3 megabanks in Japan alongside MUFJ Financial Group and Mizuho Financial Group. 

“ Japan Authorities Arrest Head of Equity & 3 Team Members from SMBC Nikko Securities for Stock Market Manipulation “

 


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SMBC Nikko Securities Inc. Statement: 

Tokyo Stock Exchange

On 5th March 2022

Re: Arrest of Employees and Establishment of an Investigation Committee 

Yesterday, employees of our company were arrested by the Tokyo District Public Prosecutors Office on the suspicion of violating the Financial Instruments and Exchange Act (charges of market manipulation). We take this matter very seriously and sincerely apologize to our customers and other concerned parties for causing great concern and inconvenience. 

We are fully cooperating with the investigation by the relevant authorities and have yesterday established an investigation committee to establish the facts of the incident and identify required responses. 

The investigation committee is comprised three members: Kenji Kawai Esq. (committee chair), Takashi Nonoue Esq. and Naoki Kadotani Esq. 

We will strictly deal with the findings of the investigation by the authorities and the investigation committee and take all necessary steps across our organization to restore the trust of customers and other concerned parties. 




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