Back in late 2022, Sonic the Hedgehog creator Yuji Naka was arrested twice on suspicion of insider trading at Square Enix. According to reports, Naka was using early information about upcoming games/collaborations to buy stock and make a quick buck.
During a trial with the Tokyo District Court, Naka admitted to insider trading, which violates Japan’s Financial Instruments and Exchange Act. Naka had traded $1 million in stocks while being employed by Square Enix. Specifically, Naka said there was ‘no doubt’ he knew details about upcoming games before they were shared publicly, and used that information to benefit financially.
The latest developments in this story reveal that Naka could be facing two and a half years in prison and a fine of $1.2 million, should the judge follow along with the prosecutorial team’s request. Naka’s defense team has asked for the fine to be reduced and the prison time suspended, while the prosecutor’s team has stated that Naka showed, ‘no signs of remorse.’ (H/T VGC)
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