After being arrested twice in recent weeks over suspicions, Yuji Naka along with Taisuke Sazaki, have now been formally indicted for Insider Trading. Naka and Sazaki are accused of using foreknowledge of upcoming Square Enix games to illegally profit off of company stock.
In an insider trading case involving game development at Square Enix, a major video game company, the Tokyo District Public Prosecutors Office has filed additional charges against two former employees for violating the Financial Instruments and Exchange Law by illegally purchasing more than 100 million yen each in IT-related company stock based on inside information before it was made public.
According to the Tokyo District Public Prosecutors Office, based on inside information before it was made public that an IT-related company in Nagoya City and Square Enix were going to jointly develop a new title in the popular “Final Fantasy” game series and form a business alliance, Naka illegally purchased approximately 144.7 million yen worth of shares in the company.
