In an insider trading case involving game development at Square Enix, the Tokyo District Public Prosecutors Office has filed additional charges against two former employees for violating the Financial Instruments and Exchange Law by illegally purchasing more than 100 million yen each in IT-related company stock based on inside information before it was made public.
The two defendants charged in the follow-up indictment are Yuji Naka, 57, and Taisuke Sasaki, 39, both former employees of Square Enix.
According to the Tokyo District Public Prosecutors Office, based on inside information before the announcement that an IT-related company in Nagoya City and Square Enix were going to jointly develop a new title in the popular Final Fantasy game series and form a business alliance, Naka illegally purchased approximately 144.7 million yen worth of shares of this company. Sasaki is also accused of violating the Financial Instruments and Exchange Law by using the same information to illegally purchase approximately 105 million yen worth of shares.
The two were profiting by selling off shares that had risen in value.
The two were also indicted on July 7 on charges of insider trading in connection with information on a joint game development project they were working on with another company.