Yuji Naka admits to insider trading
That's no good!
Back in late 2022, Sonic the Hedgehog creator Yuji Naka was arrested twice on suspicion of insider trading at Square Enix. According to reports, Naka was using early information about upcoming games/collaborations to buy stock and make a quick buck. Today, Naka has confirmed these suspicions.
During a trial with the Tokyo District Court, Naka admitted to insider trading, which violates Japan’s Financial Instruments and Exchange Act. Naka had traded $1 million in stocks while being employed by Square Enix. Specifically, Naka said there was ‘no doubt’ he knew details about upcoming games before they were shared publicly, and used that information to benefit financially.
With Naka admitting guilt in this situation, it’s pretty much an open-and-closed case. Naka’s fate is now in the courts, but it’s incredibly likely he’ll have some major fines and jail time ahead of him.