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Japan arrests SMBC Nikko official for alleged market manipulation -Nikkei -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO SMBC Nikko Securities logo is pictured at the Tokyo office of this company, Japan on December 5, 2017. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters), Tokyo prosecutors announced Thursday that Toshihiro Sato, Vice President of SMBC Nikko Securities was arrested for market manipulation.

According to Yomiuri, Sato had previously been requested to hand himself over to authorities. He was arrested by the Japan Securities and Exchange Surveillance Commission.

According to the watchdog, Sumitomo Mitsui’s brokerage unit (NYSE: Financial Group Inc) allegedly purchased stocks via proprietary trading in order to increase prices and prevent block trades from falling through.

Contacted by SMBC Nikko, the latter said that it is still collecting all facts.

Sato was not available for comment immediately.

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