Former Exec Found Guilty Of Insider Trading
OSAKA, June 6 (Kyodo) — A former company executive was sentenced Wednesday to three years in prison, suspended for five years, over insider trading in shares of a precision equipment manufacturer.
Hiroaki Kawano, 69, was also ordered to pay a fine of 4 million yen and back taxes of around 380 million yen for illegally trading in shares of Takes Group Ltd. in Sagamihara, Kanagawa Prefecture, based on undisclosed information between 2005 and 2008, while manipulating the stock price of another company, according to the ruling by the Osaka District Court.
Kawano had pleaded not guilty saying he did not intend to manipulate the stock price and he had not been able to access important management information.
But the court found him guilty based on statements made by accomplices.