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Japan’s SEC probes SMFG unit over employees’ potential market manipulation -Nikkei -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A woman passes a Sumitomo Mitsui Banking Corporation signboard outside of its Tokyo branch, Japan. January 27, 2017. REUTERS/Toru Hansai

TOKYO, Reuters – Japan’s Securities Watchdog launched an investigation into Sumitomo (NYSE:) Financial Group’s brokerage unit in regard to employees’ possible involvement in fraudulent stock transaction. The business newspaper reported on Tuesday.

According to Nikkei, the Securities and Exchange Surveillance Commission conducted its investigation at Tokyo’s SMBC Nikko Securities Inc.

SMBC Nikko stated in a statement, that employees and the company are under investigation. However, they declined to provide details as the investigation is still ongoing.

Nikkei claimed that employees involved in illegal transactions denied it.

The issue at hand are the after-hours transaction SMBC Nikko made around 2020 to sell specific stocks in high volumes.

It stated that buy orders were placed by the brokerage to purchase stocks in order to stop closing share prices falling below the levels investors are willing to sell.

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