A former judge accused of insider trading using information obtained while he was seconded to the Financial Services Agency (FSA) admitted to the allegation in a trial at the Tokyo District Court on Wednesday.
Prosecutors sought a prison sentence of two years, a fine of ¥1 million ($6,670) and an additional penalty of ¥10.2 million for defendant Soichiro Sato, 32, while the defense asked for a suspended sentence. The trial was concluded on the same day, and the court has fixed March 26 to deliver its verdict.
According to the indictment, Sato bought shares in 10 companies between April 17 and Sept. 5 last year for about ¥9.52 million in total using undisclosed information about tender offers he learned through his assignment at the FSA.
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