Prosecutors in Tokyo have arrested SMBC Nikko Securities Vice President Toshihiro Sato for alleged market manipulation, according to the Nikkei newspaper.
The prosecutors will bring charges against the company and five executives, national broadcaster NHK said. Japan’s Securities and Exchange Surveillance Commission had sought charges against seven employees as well as SMBC Nikko.
Brokerage unit of Sumitomo Mitsui Financial Group Inc. allegedly bought socks through through proprietary trading to push up prices and keep block trade deals from falling through, according to the regulatory watchdog.
