A Japanese court has handed down guilty sentences to five former executives at brokerage SMBC Nikko Securities for their role in market manipulation, capping a scandal that rocked the nation’s financial sector.
The Tokyo District Court gave suspended prison sentences on Tuesday to two foreign nationals — Trevor Hill, an American who was head of equities, and his British deputy Alexandre Avakiants — as well as three Japanese executives, according to local media reports.
The indictment had alleged that the SMBC Nikko executives supported the closing prices of 10 Tokyo-listed stocks between 2019 and 2021. It charged them with violations of the Financial Instruments and Exchange Act. The five had pleaded not guilty.
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