The Tokyo District Court told the president of a construction company accused of conducting an insider trading to buy shares based on inside information before the release over the development business of a new corona virus drug by a medical venture company in Tokyo. He was convicted of a suspended sentence of one year and six months in prison, saying, "I made a lot of profits from a greedy crime."
Two companies, including the construction company "Uchida Construction" in Yokohama City and the president Toshiaki Kubota (54), and the medical venture company "Tella" in Shinjuku-ku, Tokyo, have embarked on a development project for a new coronavirus drug in Mexico. He was accused of violating the Financial Instruments and Exchange Act for conducting an insider trading to buy about 17 million yen worth of shares based on inside information before the announcement that he would conduct a clinical trial.
In a ruling on the 4th, Judge Hiroshi Uchiyama of the Tokyo District Court said, "The amount of money obtained by selling shares for a greedy crime is as large as about 8.8 million yen, and the fairness and soundness of the financial products market. The impact on the situation cannot be overlooked. "
On the other hand, he sentenced the president to a sentence of 1 year and 6 months in prison and a suspended sentence of 1 million yen, saying, "I admit the content of the indictment and will resign as an officer of the company in the future."
In addition, a fine of 1 million yen was given to Uchida Construction as a corporation, and an additional charge of about 25 million yen was given to the president and the company.