Scandal at Japanese brokerage widens with executive's arrest
ABC News
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
TOKYO -- The scandal at a top Japanese brokerage widened as the vice president of SMBC Nikko Securities was arrested Thursday and the company was charged with stock manipulation.
The arrest of Toshihiro Sato on charges of violating securities regulations followed arrests earlier this month of four other employees of the Tokyo-based company on the same charges.
The company and some employees are accused of propping up stock prices by putting in massive buy orders, prosecutors said.
Those arrested earlier denied wrongdoing, saying they were just carrying out normal procedures, according to Japanese media reports.
