Mar 06 (Nikkei) - Among the stocks whose prices were allegedly manipulated by four SMBC Nikko Securities employees were Koito Manufacturing and Mos Food Services, Nikkei has learned.
The trading volume of those stocks allegedly surged due to illicit orders, which were allegedly used to avoid large price declines. Other targeted stocks were As One, Fibergate and Keiyo Bank, according to the sources familiar to the matter.
Koito produces lighting equipment for automobiles, aircraft and ships. Mos Food operates a much-loved hamburger chain in Japan. As One is a trading house specializing in the research, industry and medical fields. And Fibergate is an information technology consultancy.
Tokyo prosecutors on Friday arrested the four employees, including two executive officers, on allegations of market manipulation. They were: Trevor Hill, SMBC Nikko's head of equity; Alexandre Avakiants, deputy head of equity; Makoto Yamada, general manager of equity trading; and Shinichiro Okazaki, general manager of structured products.
Prosecutors accuse the suspects of making trades with the intention of manipulating the prices of five stocks, but it had not been known which stocks were targeted. ...continue reading
