HOME > NATIONAL > Article

Text Size

small

medium

large


Ex-TSE Employee, Father Ruled Guilty of Insider Trading

Ex-TSE Employee, Father Ruled Guilty of Insider Trading

Tokyo District Court
Tokyo District Court

   Tokyo, May 9 (Jiji Press)--Tokyo District Court on Friday found a former Tokyo Stock Exchange employee and his father guilty of insider trading.
   Judge Takao Okawa sentenced the former TSE employee, Keito Hosomichi, 27, and his father, Masato, 58, each to 18 months in prison, suspended for three years, and a fine of 1 million yen for violating the financial instruments and exchange law. As demanded by prosecutors, Masato was ordered to pay 21.16 million yen in additional penalties.
   The father immediately appealed against the ruling.
   "The defendants' acts fundamentally shook the fairness and soundness of the stock market and seriously damaged trust from investors," Okawa said.
   The judge criticized Keito's act of leaking undisclosed information as "an abuse of his position" as a worker at the TSE division handling corporate information disclosure and "absolutely reprehensible." He concluded that Keito's motive, to improve relations with his father, was thoughtless and unworthy of leniency.

To read a full story, please click here to find out how to subscribe.

NATIONAL

HEADLINES

POLITICS
Japan Ruling LDP Exec Moriyama Denies Possibility of Expanding Rice Imports
ECONOMY
Tokyo Stocks (Closing): Nikkei Average 38,183.26 (+539.00)
SPORTS
MLB: Dodgers' Shohei Ohtani Misses National League Player of the Week Award
OTHER
Chinese Woman Nabbed in Japan for Allegedly Buying Stolen Cigarettes for Resale

AFP-JIJI PRESS NEWS JOURNAL


Photos