The Tokyo High Court on Tuesday upheld fund manager Yoshiaki Murakami's two-year prison term for insider trading but suspended it for three years, calling the original ruling too harsh.
The high court also upheld Murakami's ¥3 million fine and a record surcharge of ¥1.15 billion but reduced to ¥200 million the penalty against his former investment advisory fund, MAC Asset Management Inc., down from the ¥300 million imposed by the Tokyo District Court.
Murakami, 49, filed an immediate appeal. He was convicted by the district court in July 2007 of using inside information obtained from Livedoor Co. to trade in shares of Nippon Broadcasting System Inc.