SMBC Nikko slapped with ¥300 million fine for market manipulation

Until a banker ends up behind bars, there is no reason to think

things will change

I have always been suspicious of SMBC operations every since they wanted to charge me 5,000jpy per check to cash my U.S. stimulus checks and have me deposit and keep a minimum of $2,000 in may newly opened account with them or face a monthly penalty of I believe around $50.00/mth. it was a scam of an ugly proportions

Glad to know someone is watching them because they are SCAMMERS.

This theft on a grand scale and people should be prosecuted.

Mark, I think you are talking about the SMBC bank; this article is about the securities arm SMBC Nikko, which has nothing to do with the bank.

Teruya Sugino, former deputy head of the brokerage's equities division, was sentenced to 18 months in prison, suspended for three years.

Who said corporate crime pays?! That will show the bankers to follow the rules!

300 million yen. That'll show them. They will never do it again.

Pocket change - More embarrassing than damaging.

@Mark - Unconnected. And I assume you are talking about SMBC Trust Bank. Those conditions apply when you open the account. Should have read them. No sympathy there. Bank at a Megabank and see how paying in an overseas cheque is then....

Teruya Sugino, former deputy head of the brokerage's equities division, was sentenced to 18 months in prison, suspended for three years.

When are they going to put these banksters in jail???

@lark

i do not understand why you speak about a scam. What you want to say is that they are expensive but you are not forced to use them. Banks tarifications are available for everyone so if you did not read them before I sing their services this is your responsibility not the one of the bank.

I responded to an SMBC google add that was running during that time back in 2020 because I was looking for ways to deposit or cash my stimulus checks, so I called them and they instructed me to first open a USD$ account with them for a Min. of $2,000 and keep it at that level or pay the penalty, then I can deposit my checks but pay a fee of $50.00/check.

This is how I came in contact with them.

It’s only $3m for a bank, it should be $3b. This a joke but not a funny one.

It’s going to be paid from depositors money, so they don’t care.

We are thinking splitting our money around other banks from holding too much in this bank because, well banks are about to go bankrupt worldwide.

@Mark.

SMBC Nikko and SMBC are two seperate institutions.

Also SMBC Nikko is not a retail bank. So no, this fee wouldn't come from deposits.

@Mark: Yes - In that case, it was SMBC Trust Bank (with the brand name PRESTIA) that ran that ad. Their conditions have been the same when this retail unit was Citibank Japan until 2015 (and for years prior). You have not been scammed - you just failed to read the T's and C's for banking with them.

And as DavisLove points out above SMBC Bank, SMBC Nikko and SMBC Trust bank along with Sumitomo Trust and Banking are separate entities.

@Rodney - If you really believe the whole banking system is going to collapse (it won't btw), then why not just withdraw all your money and put it in a safe at home. This is NOWHERE close to 2008.

Teruya Sugino, former deputy head of the brokerage's equities division, was sentenced to 18 months in prison, suspended for three years.

That will teach him! What could be worse: taking a 20% salary cut for 3 month? (#sarcasm)

I can literally picture a judge at his desk, with an overused "suspended sentence" rubber stamp besides his gavel...What a joke...(sigh)

300 million Yen is couch money for a company that large.