The president of a management consultancy in Tokyo and a former brokerage employee were arrested Wednesday for allegedly manipulating the stock price of nonferrous metals manufacturer Shimura Kako Co. through illegal trading.
The Securities and Exchange Surveillance Commission plans to file separate criminal charges against consultant Yoshiteru Nishi, 46, and former brokerage employee Kazumi Takeuchi, 49, over the same offense.
The two are suspected of illegally bidding up Shimura's share price through simultaneous buy and sell orders to make it look as if the issue was being actively traded.