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US investor suspected of TEPCO insider trading
Topic Started: 2 Jun 2012, 11:36 PM (45 Views)
skibboy
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US investor suspected of TEPCO insider trading

Japan’s Securities and Exchange Surveillance Commission has asked US authorities to investigate a US investor for alleged insider trading involving shares of Tokyo Electric Power Company.

The U.S. investor is believed to have obtained information on TEPCO’s capital hike plan from Nomura Securities Co., which lead-managed the share issue, through an agent before the announcement of the plan, according to informed sources.

Based on the insider information, the investor sold TEPCO shares on short, expecting that the firm’s stock price would fall after the announcement, and illegally obtained profits, the sources said.

Source: NHK
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