Ex-SMBC Nikko Managers Found Guilty in Market Rigging Case (1)

Five former executives at Japanese brokerage SMBC Nikko Securities Inc. were found guilty for their roles in a market manipulation case, marking the culmination of a scandal that rocked Japan’s financial industry.

The Tokyo District Court handed down suspended prison sentences for the firm’s ex-head of equity Trevor Hill and his deputy Alexandre Avakiants, as well as three Japanese former executives. Prosecutors had sought multi-year prison terms for their alleged roles in trying to support stock prices ahead of so-called block trades.

Trevor Hill arrives at the Tokyo District Court on July 22.

Photographer: Toru Hanai/Bloomberg

When the allegations surfaced in early 2022, they shone a spotlight on Japan’s financial sector ...