Ex-Japan bourse official found guilty over insider trading involving father
TOKYO (Kyodo) -- A Japanese court on Friday sentenced a former Tokyo Stock Exchange official to 18 months in prison, suspended for three years, over an insider trading case last year that allegedly led his father to rake in millions of yen.
Keito Hosomichi, 27, was also slapped with a fine of 1 million yen ($6,900). His father, company executive Masato Hosomichi, 58, received the same suspended prison term and fine as well as an order to forfeit 21.16 million yen.
At the first hearing of the trial at the Tokyo District Court in April, the two pleaded guilty to insider trading, with Keito Hosomichi saying he wanted to "make my father happy." His father said at that time he wanted to earn money to use after retirement.
According to the ruling, Keito Hosomichi passed on to his father unannounced information on takeover bids from late January to late March 2024. He was at that time in a position at the stock exchange to consult with firms on timely information disclosure.
Based on the information, his father had bought 15,200 shares in three firms for about 17 million yen by early April of the same year.
Prosecutors say the father made profits of around 4 million yen from a series of trades.
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