Outspoken investment fund manager Yoshiaki Murakami was arrested Monday for alleged insider trading linked to his investment fund's purchase of Nippon Broadcasting System Inc. shares between late 2004 and early 2005.
The move came after a sudden turn of events in which the 46-year-old bureaucrat-turned-financier held a hastily arranged news conference in the morning to own up to the allegations and apologize.
The Tokyo District Public Prosecutor's Office searched the offices of the so-called Murakami fund in the Roppongi Hills commercial complex in Tokyo and other locations later in the day for evidence his fund violated the Securities and Exchange Law.