Fired Nomura Trader Turns to ‘Toilet Graffiti’ to Argue His Case (1)

Four years after making a series of fateful trades that upended his life, tarnished his reputation and left him working alone in a smoky cafe in Tokyo, Takushi Sawada decided to tell the world his side of the story.

Nomura Holdings Inc. had firedthe former managing director in September 2024 after regulators determined that he engaged in spoofing three years earlier, placing large orders in the futures market for Japanese government bonds only to quickly cancel them. The brokerage had admitted to market manipulation and paid a ¥21.8 million ($150,000) fine. The company also lost its special entitlements as a primary dealer at government ...