Former Sonic Team Leader Admits to Insider Trading Allegations

The former head of Sonic Team and ex-Square Enix employee, Yuji Naka, has pleaded guilty to charges of insider trading. According to reports from VGC and NHK, Naka confessed to violating Japan's Financial Instruments and Exchange Act during his trial. It is alleged that Naka gained access to confidential information about upcoming Final Fantasy and Dragon Quest titles through his position at Square Enix. Using this insider knowledge, Naka purchased shares and later sold them, generating a profit of approximately ¥23 million ($167,000). Naka's legal issues began in November when he was arrested for allegedly purchasing shares in the Japanese development company Aiming prior to the announcement of Dragon Quest Tact. In December, he was arrested again, along with former Square Enix employee Taisuke Sazaki, on suspicion of insider trading related to Final Fantasy VII: The First Soldier. By the end of December, Sazaki and Naka were formally charged with insider trading.