Latest news with #AlexandreAvakiants
Japan Times
a day ago
- Business
- Japan Times
Former SMBC Nikko managers found guilty in market manipulation case
Five former executives at Japanese brokerage SMBC Nikko Securities were found guilty for their roles in a market manipulation case, marking the culmination of a scandal that rocked Japan's financial industry. The Tokyo District Court handed down suspended prison sentences for the firm's ex-head of equity Trevor Hill and his deputy Alexandre Avakiants, as well as three Japanese former executives. Prosecutors had sought multiyear prison terms for their alleged roles in trying to support stock prices ahead of what are known as block trades. When the allegations surfaced in early 2022, they shone a spotlight on Japan's financial sector and led to regulatory penalties against the brokerage. The subsidiary of Sumitomo Mitsui Financial Group, Japan's second-largest banking group, posted losses and cut costs in the wake of the revelations as clients took their business elsewhere. The firm's top executives took pay reductions to shoulder responsibility. Former general manager Makoto Yamada was sentenced to three years' imprisonment, suspended for five years, the court ruled on Tuesday. Hill and ex-deputy president Toshihiro Sato received two and a half years, suspended for five years. Another former general manager, Shinichiro Okazaki, and Avakiants got shorter suspended sentences. The case underscores the legal risks for foreign professionals working in Japan. The country's justice system has faced criticism for its conviction rate of more than 99%, suggesting to organizations including Human Rights Watch that trials are practically foregone conclusions. Still, criminal proceedings against foreign business executives are relatively rare in Japan. The most high-profile case in recent years was against Carlos Ghosn, the former Nissan Motor chairman, who was accused of financial misconduct and fled the country before he was tried. It has been more than two and a half years since prosecutors brought charges against the former SMBC Nikko managers and the firm. Ex-manager Teruya Sugino received a suspended prison sentence in 2023 after admitting to the accusations. SMBC Nikko itself pleaded guilty. SMBC Nikko resumed block offers in April after renaming them retail offers and introducing a tighter internal monitoring of the transactions.
Bloomberg
2 days ago
- Business
- Bloomberg
Ex-SMBC Nikko Managers Face Verdicts in Market Manipulation Case
Five former executives at Japanese brokerage SMBC Nikko Securities Inc. are about to hear verdicts in a long-running stock market manipulation case, marking the culmination of a scandal that rocked Japan's financial industry. The Tokyo District Court is expected to deliver rulings later Tuesday concerning the firm's ex-head of equity Trevor Hill and his deputy Alexandre Avakiants, as well as three Japanese former executives. Prosecutors are seeking multi-year prison terms for their alleged role in trying to support stock prices ahead of so-called block trades. The five defendants have denied wrongdoing.
Bloomberg
05-03-2025
- Business
- Bloomberg
Japan Prosecutors to Seek Penalties for Ex-SMBC Nikko Executives
Japanese prosecutors are set to seek penalties against former executives at SMBC Nikko Securities Inc. accused of stock market manipulation, in a long-running case that's being closely watched by the expat financial community in Tokyo. Former head of equity Trevor Hill, his ex-deputy Alexandre Avakiants and three others are expected to hear the prosecution's requests in the Tokyo District Court on Thursday, roughly three years after they were indicted.
