SMBC Nikko Securities, which was accused of violating the Financial Instruments and Exchange Act for illegal stock trading in the market manipulation case of a major securities company SMBC Nikko Securities, the Tokyo District Court said, ``Several executives took the initiative. It was a crime, and the function to prevent illegal acts had become a mere formality." He handed down a fine of 700 million yen and a fine of more than 4.4 billion yen.
Six executives of SMBC Nikko Securities and a company were indicted for market manipulation in violation of the Financial Instruments and Exchange Act, alleging that they engaged in illegal stock trading, such as buying a large amount of stocks to maintain the stock price of a specific stock. rice field.
Among them, SMBC Nikko Securities as a corporation and Defendant Teruya Sugino (57), who was the deputy general manager of the equity division that manages stocks, was sentenced at the Tokyo District Court on the 13th.
In the ruling, presiding judge Daisuke Kanda pointed out, ``We can see the makeshift attitude of prioritizing immediate profits in order to smoothly carry out the transaction at hand.''
On top of that, he said, "Several executives took the lead in committing crimes, and even though the person in charge of compliance noticed the possibility of illegality, they were left unattended. The department responsible for monitoring and reviewing transactions was also dysfunctional, and there was a function to prevent illegal acts. It was nothing more than a mere mere fact," and sentenced SMBC Nikko Securities to a fine of 700 million yen and a fine of more than 4.47 billion yen, and sentenced former Deputy General Manager Sugino to 1 year and 6 months in prison and 3 years of probation.
No trial date has been set for the other five indicted men.
SMBC Nikko Securities "We will take the judgment seriously and strive to restore trust"
SMBC Nikko Securities Public Relations Department commented, "We take the ruling seriously and sincerely apologize to everyone involved. We will steadily implement measures to improve and prevent recurrence and strive to restore trust." .