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Japan watchdog files new market manipulation charges against SMBC Nikko

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TOKYO : Japan's Securities and Exchange Surveillance Commission on Tuesday filed new criminal charges with Tokyo prosecutors against SMBC Nikko Securities, a former executive and three of its employees over alleged market manipulation.The watchdog alleges that SMBC Nikko, the brokerage unit of Sumitomo Mi

TOKYO : Japan's Securities and Exchange Surveillance Commission on Tuesday filed new criminal charges with Tokyo prosecutors against SMBC Nikko Securities, a former executive and three of its employees over alleged market manipulation.

The watchdog alleges that SMBC Nikko, the brokerage unit of Sumitomo Mitsui Financial Group Inc, bought five individual stocks on the market to push up their prices so that block trade deals for those stocks would not fall through.The fresh charges come after the brokerage house and five of its former executives were indicted last month for similar alleged market manipulation of different stocks.

 

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