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AP National Business

Scandal at Japanese brokerage widens with executive’s arrest

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KMIZ

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Published 4:52 AM

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — The scandal at a top Japanese brokerage has widened with the arrest by Tokyo prosecutors of the vice president of SMBC Nikko Securities on charges of stock manipulation. Toshihiro Sato’s arrest on charges of violating securities regulations followed the arrests earlier this month of four other employees at the Tokyo-based company on the same charges. The company as a corporate entity was also charged. The allegations say the company and employees propped up stock prices by putting in massive buy orders. SMBC Nikko’s chief executive apologized for the scandal earlier this month.

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