Yuji Naka, former Sonic the Hedgehog programmer and leader, arrested due to claims of insider trading

Yuji Naka, former Sonic the Hedgehog programmer and Sonic Team leader, has been arrested by the Tokyo District Public Prosecutors Office, under claims of insider trading between his former employer, Square Enix, and a studio that developed a title for the popular series "Dragon Quest."

According to the special investigation unit, Naka was an employee of the game company Square Enix, which was in a partnership with a online game production company named Aiming around January 2020. FNN reports that he got his hands into confidential information of the latest mobile Dragon Quest game, "Dragon Quest Tact".

The suspect is said to have bought about 10,000 shares of "Aiming" for about 2.8 million yen before the information was officially announced. Naka was arrested for these claims under the Financial Instruments and Exchange Act of Japan.

The sources that relayed this confidential information to Naka, Taisuke Sasaki, a former employee of Square Enix, and Fumiaki Suzuki, an acquaintance, were also arrested on suspicion of insider trading. It is believed that the two purchased about 162,000 shares of Aiming for about 47.2 million yen.

All three of them are believed to have bought shares in Aiming, believing that when the reveal of "Dragon Quest Tact" arrived, the share price of Aiming would rise, generating revenue in their pockets.

The full statement from Square Enix is as follows:

Today, some media outlets reported that the former employees of Square Enix Co., Ltd. (hereafter "the Company") were under investigation for suspected insider trading. 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 their investigation.

We deeply regret the great concern this has caused to all concerned. We have dealt with this incident strictly, including internal disciplinary actions taken against the suspected employees.

We have established the proper management system for confidential information and have also set up a system to prevent insider trading, such as the obligation of prior notification when trading the Company's stock and prohibiting the stock trading of the Company and listed companies that have the business relationship with the Company before important non-public information is disclosed. We have also worked to ensure thorough awareness of the regulations through employee training. Taking the recent incident sincerely, however, we will take further actions as preventive measures throughout the Company by further tightening internal regulations and conducting more thorough employee education programs.

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