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Sixth individual charged in SMBC Nikko market manipulation probe

Indictment of former vice-president comes as criminal investigation reaches conclusion

Severe penalties are expected if executives at SMBC Nikko Securities are found guilty of market manipulation. (Photo by Mizuho Miyazaki)

TOKYO -- The Tokyo District Prosecutors Office on Wednesday charged Toshihiro Sato, a former vice president of SMBC Nikko Securities, with violating financial laws by illegally buying shares of Taisho Pharmaceutical Holdings to prop up the share prices.

In practical terms, this marks end of the criminal investigation into alleged market manipulation by executives at the major Japanese securities firm, setting the stage for a court trial.

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