YOKOHAMA – A former executive of SMBC Nikko Securities Inc. was sentenced Monday to 2½ years in prison, suspended for four years, and fined ¥1.5 million for abetting insider trading by leaking undisclosed business information in 2010 and 2011.
According to the Yokohama District Court, Hiroyoshi Yoshioka, 52, handed unpublished tender offer information involving three companies to a 68-year-old financial company president, who bought roughly ¥64 million worth of shares based on the information and later sold them for a profit of about ¥36 million.
Yoshioka, who has denied leaking information and pleaded not guilty, plans to file an appeal.
“Taking advantage of his status as an executive officer, he seriously damaged the stock market’s impartiality and credibility,” presiding Judge Yoshifumi Asayama said. “It is truly heinous.”