Former Japanese Judge Admits to Insider Trading

   Tokyo, March 19 (Jiji Press)--A former judge accused of insider trading using information obtained while working on loan at the Financial Services Agency admitted to the allegation in a trial at Tokyo District Court on Wednesday.
   Prosecutors sought a prison sentence of two years, a fine of 1 million yen and an additional penalty of 10.2 million yen for defendant Soichiro Sato, 32, while the defense side sought a suspended sentence. The trial was concluded the same day, and a ruling has been scheduled for March 26.
   According to the indictment, Sato bought shares in 10 companies between April 17 and Sept. 5 last year for about 9.52 million yen in total using undisclosed information about tender offers he learned through work while on assignment at the FSA.
   When questioned about his motive, Sato told the court, "I was strongly obsessed with the thought that I had to prepare in case something happened to my aging parents and my family."
   According to the prosecution's opening statement, Sato was an assistant head of the FSA division handling corporate disclosures, and screened documents containing firms' planned tender offer periods and prices.

(2025/03/19-15:14)

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