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Alleged stock manipulation at SMBC Nikko involved several sections

21 Comments

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"I deeply apologize to investors and market participants," Kondo said at a press conference in Tokyo. He admitted the internal management system had been insufficient to prevent an illegal conduct, but denied he will step down from his post.

Well, apologies don't pay the bills.

This time there are some foreigners in the suspect list, so I suppose we can expect prosecution.

1 ( +12 / -11 )

we, as a securities company, caused an incident  that could have shaken the confidence of the market....

So the bank president is outright admitting guilt while his underlings are insisting on their innocence. Not the kind of boss you want.

2 ( +8 / -6 )

At the same time there is scandal data manipulation of Japanese truck company and where is prosecution?

-3 ( +4 / -7 )

More Japanese entities caught, once again, with their pants around their ankles. Surprised they didn’t offer to do their own ‘internal investigation’ before the arrests and charges filed.

“My responsibility is to first recognize and grasp the situation accurately, conduct improvement measures and make utmost efforts to regain trust," he said. -

-2 ( +5 / -7 )

Oh, wait! - It was done, to the extent (once again) it serves to absolve the senior representatives of the entity:

“I deeply apologize to investors & market participants," Kondo said.

He admitted the internal management system had been insufficient to prevent an illegal conduct, but denied he will step down from his post.” -

-3 ( +5 / -8 )

I have always been suspicious of SMBC, just watching how they target teens pushing their Credit Cards with 10,000 yen gifts to get 18 years and older to sign a contract then get shafted with 5,000 yen annual fees.

This is the same company that tried to get me to open an account and keep a minimum of $2.000 just to cash my stimulus checks or pay 5,000 yen per year just to keep the account.

-1 ( +8 / -9 )

Just watch their YouTube credit card adds then you will understand how they operate.

-1 ( +4 / -5 )

Shouldn't the president also be arrested? I am pretty sure foreigners were not in charge of all the sections.

Or will Trevor Hill be sold to the public as some sort of mastermind that created a "cabal" made up of "good-hearted" "innocence" Japanese employees without them realizing that anything wrong was happening all under the nose of the "good-hearted" "innocence" Japanese president?

7 ( +16 / -9 )

Everybody needs to cut the guy some slack. He bowed deeply. What more do you want?

-1 ( +8 / -9 )

The suspects are:

A. Trevor Hill

B. Alexandre Avakiants

C. Makoto Yamada

D. and Shinichiro Okazaki

Who do you think is gonna be indicted of all 4 of them?

-4 ( +7 / -11 )

While disregarding Japanese top leadership and executives guilt:

Greg Kelly out!

Trevor Hill in!

-2 ( +6 / -8 )

Prediction: The gaijins are going down, and the Japanese will get off scot-free. Just saying.

0 ( +11 / -11 )

"The crime of stock manipulation in violation of the Financial Instruments and Exchange Act is punishable by up to 10 years in prison or fines of up to 10 million yen ($87,160), or both."

Well, then, I suspect some suspended sentences are in the works!

OssanAmerica: "Yea, let's all be racist idiots and scream the Gaijin will get get nailed and the Japanese will get off scott free. lol"

Always love the nervous "lol". Your post comes entirely as a knee-jerk reaction to people being exactly right about that happening. How many Japanese were charged in the Nissan trials, like Ghosn's right-hand man, and what was their punishment? It's cute, though, how you take racism and spin it on its head to blame the accuse the people who point it out of being racist, instead of the ACTUAL people being racists. Not surprising, though.

-4 ( +6 / -10 )

Some arrests....if I were the foreigners I’d get ready for some jail time.

-2 ( +5 / -7 )

Prediction: The gaijins are going down, and the Japanese will get off scot-free. Just saying.

The prosecutors and judges might read your post and do the unlikely just to prove you wrong like setting the gaijins free and prosecuting only the Japanese.

-3 ( +3 / -6 )

Funny how people here have such a selective amnesia. When it comes to Japanese being prosecuted for market manipulation everybody here completely forgot Takafumi Horie aka Horiemon former boss of Livedoor. The big boss was arrested and charged with securities fraud in 2006, sentenced to imprisonment of 2 years and 6 months and was released on parole in March 2013 after 21 months behind bars.

Please try harder guys.

1 ( +5 / -4 )

Makoto & Shinichiro will be fine as they know how to bow properly, say "regrettable" in Japanese and shed tears on demand.

I suspect that Trevor & Alexandre are in deep do-do's, however.

-3 ( +4 / -7 )

When it comes to Japanese being prosecuted for market manipulation everybody here completely forgot Takafumi Horie aka Horiemon former boss of Livedoor.

I've studied the case very well.

He bad-mouthed of a powerful politician, so they threw a lot of accusations, none of them sticked.

At the end he got nailed in a bogus indictment non related to money or stock markets.

-5 ( +2 / -7 )

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