Sonic co-creator Naka admits to insider trading
Japanese industry veteran Yuji Naka has admitted to insider trading.
That’s according to local publication NHK – spotted by VGC – which reports that the Sonic co-creator admitted there was “no doubt” that he was guilty of what he was accused of. Naka illegal bought shares in developer Aiming with the non-public knowledge that the company was going to be working with Square Enix, which would bump the stock price up.
The Sonic co-creator was initially arrested back in November after he had bought around 10,000 shares for roughly ¥2.8 million ($20,000).
The following month, he was arrested a second time on separate insider trading allegations. This time, he had bought 130,000 shares in developer ATeam Entertainment before word that it was working on Final Fantasy VII: The First Soldier.
“There is no doubt that I found out about the games before they were made public and bought shares in them,” Naka said, according to TBS News Dig.
Naka worked at Square Enix for a time on 2021’s Balan Wonderworld. The title was something of a flop and he departed the company later that year, before suing the publisher over its unfinished state.