Inside trader’s appeal rejected

Kyodo

The Supreme Court has rejected an appeal by former investment fund manager Yoshiaki Murakami, meaning a suspended prison term and hefty fines imposed on him for insider trading in 2004 will soon become final.

Murakami, a 51-year-old former trade and industry ministry official, earned about ¥3 billion from stock trading based on insider information from then Livedoor Co. President Takafumi Horie about his plan to buy massive shares in a radio broadcaster.

In a decision dated Monday, the top court’s First Petty Bench dismissed Murakami’s appeal against a Tokyo High Court ruling sentencing him to a two-year prison term, suspended for three years, and levying a ¥3 million fine and about ¥1.15 billion in surcharges.