yuji naka

Yuji Naka has Officially Been Indicted for Insider Trading of Square Enix Mobile Developers’ Stock

Over $1 Million in stock at the Final Fantasy VIII: First Soldier developer before the game's official announcement

Sonic co-creator, Yuji Naka may have been a bit too greedy as he and former Square Enix employee Taisuke Sasaki have officially been indicted by Tokyo District Public Prosecutors Office after multiple arrests of insider trading after their arrest on December 7th, according to NHK via VGC.

The arrests relate to Yuji Naka buying shares of Square Enix collaboration partners –  Dragon Quest Tact developer, Aiming and  Final Fantasy VIII: First Soldier developer. ATeam Entertainment before the official announcements of both projects was made public. Yuji Naka purchased  10,000 shares (¥2.8 million yen value) in Aiming’s shares and a colossal 120,000 shares (¥144.7 million yen value) of ATeam Entertainment’s stock which combined is ¥147.5 million yen (over $1.1 million USD/$1.5 million CAD).

Also indicted in this case is Sasaki who similarly purchased ATeam Entertainment’s stock but at a slightly lower value of ¥105 million yen in shares (over $789,000 USD/$1.07 million CAD). As of now, there has been no update on exactly when Naka or Sasaki will appear for the trial of their case, after the first arrest Square Enix said it is publicly committed to working with authorities.

“We have been fully cooperating with requests from the Securities and Exchange Surveillance Commission. As the investigation by the Tokyo District Public Prosecutors Office is underway, we will continue to fully cooperate with the investigation. We deeply regret the great concern this has caused all concerned. We have dealt with this incident strictly, including internal disciplinary actions taken against the suspected employees,” Square Enix said in an official statement last month.

Yuji Naka’s almost two-month insider trading saga follows the Sonic the Hedgehog co-creator calling out his former employer, Square Enix back in April and giving his side of the Balan Wonderworld‘s development where he unexpectedly removed from his role as the game’s director.