Yuji Naka is unlikely to be imprisoned for his insider trading. Tokyo judge Madoka Hiruta has given the co-creator of Sonic the Hedgehog a suspended prison sentence of 2.5 years, which will be deferred for four years. In addition, Naka has been fined the equivalent of $1.1 million and $14,000. Hiruta states that Naka’s actions have harmed the “fairness and soundness” of the stock market and eroded investors’ trust.
In March, Naka pleaded guilty to violating Japan’s Financial Instruments and Exchange Act. While working at Square Enix, he purchased shares in the game studio Aiming before its partnership with Dragon Quest Tact was publicly announced. Naka made a profit of approximately $150,000 after selling his shares. He also faced insider trading charges for buying shares in Ateam, the developer of the short-lived mobile battle royale game Final Fantasy VII: The First Soldier.
Two other former employees, Taisuke Sasaki and Fumiaki Suzuki, were also arrested for purchasing Aiming shares. Square Enix had previously stated that…
2023-07-07 12:30:10
Link from www.engadget.com rnrn