Japan’s Market Watchdog Files Charges Against SMBC Nikko
- SESC files criminal charges against brokerage, employees
- Prosecutors plan to indict SMBC Nikko, Nikkei reported Tuesday
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Japan’s securities watchdog filed criminal charges with prosecutors against SMBC Nikko Securities Inc. and seven of its employees, accusing it and the individuals of manipulating stock prices, in a blow to one of the country’s biggest brokerages and megabanks.
The Securities Exchange and Surveillance Commission asked prosecutors to charge SMBC Nikko with allegedly manipulating the prices of companies’ shares before so-called block offers, sales of big amounts of their stock outside regular market hours, it said in a statement Wednesday. The SESC also requested similar steps against the seven employees, it said.