Investigators carried out a raid on the homes of the chairman and the president of Yamaichi Securities Co. in Tokyo on July 31 over the alleged payoffs by the brokerage to a corporate racketeer.

The homes of President Atsuo Miki and Chairman Tsuguo Yukihira, as well as more than 20 other locations were searched. Sources say both Yukihira and Miki will submit their resignations soon to take responsibility for the Big Four firm’s involvement in the scandal. Yukihira is also the current chairman of the Japan Securities Dealers Association.

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