An indictment against SMBC Nikko Securities Inc. and the arrest of its deputy chief are likely just the start of the penalties the company will face for alleged market manipulation.
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
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The move against the unit of Sumitomo Mitsui Financial Group Inc., the country’s No. 2 lender, will be a blow to one of Japan’s biggest brokerages and its second-largest megabank.
Tokyo prosecutors intend to file market manipulation charges against SMBC Nikko Securities Inc., known in the industry as one of the “market gatekeepers,” along with its four high-ranking officials under arrest, sources said.