TOKYO -- A Japanese court has imposed the largest-ever financial penalty on SMBC Nikko Securities for systemic stock price manipulation, reflecting a harsh view of the scandal that has raised doubts about market integrity.
The Tokyo District Court on Monday ordered the brokerage to pay a fine of 700 million yen ($5.3 million) and a forfeiture of 4.47 billion yen for illegally propping up prices of 10 stocks before selling them in block offering transactions.
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