• Kyodo


Prosecutors indicted two former members of an investment club at Waseda University in Tokyo on Wednesday for allegedly manipulating stock prices through Internet trading.

Investigative sources claim the accused made millions of yen in profit by repeatedly manipulating prices of stocks mostly listed on the Tokyo Stock Exchange’s First Section, as far back as 2012.

According to the indictment, Masahiro Arie, 35, and Ryuji Nunoura, 32, forced up prices of four stocks, including that of Kobe Steel Ltd., between February 2013 and August 2013 by, for example, making and then canceling large-scale buy orders.

According to the sources, the two men are suspected of reaping at least ¥5 million by manipulating prices of the four stocks.

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