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.
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