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Yuji Naka Formally Charged For Insider Trading

Yuji Naka, a game developer, has been formally charged with insider trading following his second arrest and more than a month after his first arrest.

The Tokyo District Public Prosecutors Office has announced that Yuji Naka alongside Taisuke Sasaki has been charged with insider trading. According to NHK‘s article, Naka was arrested last month after Naka allegedly bought Square Enix stock worth ¥144.7 million (US$1.3 million) after learning about the company’s plans to release the Final Fantasy spin-off, Final Fantasy VII: The First Soldier before it was officially announced.

The alleged insider trading took place during Naka’s time at Square Enix. Insider trading refers to the illegal act of using confidential information for financial gain by buying or selling securities. This is a serious offence in many countries, including Japan, where Naka has been indicted. It is worth noting that an indictment is not the same as a conviction, and Naka is entitled to a fair and impartial trial to determine his guilt or innocence.

Taisuke Sasaki, a former employee of Square Enix was also accused of buying ¥105 million (US$962,000) worth of stock before the announcement. Sasaki was previously arrested in November along with fellow employee Fumiaki Suzuki in connection with allegations of insider trading related to the mobile game Dragon Quest Tact. Sasaki was charged under the same conditions by the Tokyo District Public Prosecutors Office.

During Naka’s initial arrest, it was alleged that he bought stock in Aiming Inc, the developer of Dragon Quest Tact, prior to the official reveal of the game. The stock was reportedly worth ¥2.8 million ($20,000). It is currently unknown whether Naka or Sasaki will go to trial.

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  1. Sonic Creator, Yuji Naka Pleads Guilty To Insider Trading | KAKUCHOPUREI.COM

    March 6, 2023 at 11:44 am

    […] Check out the original story for more context! […]

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