A former president of real estate company Suruga Corp. and two others were arrested Tuesday on suspicion of insider trading in connection with shares in the Yokohama-based firm, prosecutors said.
The Yokohama District Public Prosecutors Office and the Securities and Exchange Surveillance Commission searched the company and the home of the former company chief, Kazuo Iwata, 73, of Atami, Shizuoka Prefecture, the same day.
Iwata and the others are alleged to have averted losses by selling about 14,500 Suruga shares between Feb. 25 and March 3, 2008, for about 19 million yen after learning that police were investigating the company. The police made the case public after the alleged trading.
In March that year, Tokyo police arrested the president of a real estate company in Osaka with an alleged link with a crime syndicate on suspicion of negotiating on Suruga's behalf with a building tenant over its occupancy despite having no proper legal credentials.
http://www.breitbart.com/article.php?id=D9NDJ3EO0&show_article=1
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