Independent Hedge Fund AAM Charged with Insider Trading Related to NSG
May 31, 2012

Japan's Securities and Exchange Surveillance Commission has issued a recommendation that the Prime Minister and the Commissioner of Financial Services Agency impose an administrative monetary penalty against Asuka Asset Management, Co. Ltd., an independent hedge fund, on charge of insider trading committed by one of its employees in relation to the equity offering by Nippon Sheet Glass Co. Ltd. in August 2010.

"It is highly regrettable that there was a situation leading to the SESC's issuance of such a recommendation in relation to our equity offering," writes NSG in its announcement about the charges. "We strongly hope that the authorities will make a thorough investigation of the facts and take strict measures."

Subscribe to AGRR™ Magazine.
Subscribe to receive the free e-newsletter.