Sonic the Hedgehog co-creator Yuji Naka has reportedly been arrested for suspected insider trading for an investment made while working at Square Enix.
As reported by Japanese outlet FNN and translated by GI.biz, Naka was arrested by the Tokyo District Public Prosecutors Office alongside two other former Square Enix employees.
Naka allegedly bought 10,000 shares in developer Aiming, at a value of around $20,000, ahead of it announcing the Dragon Quest Tact mobile game in partnership with Square Enix. The other employees arrested, Taisuke Sasaki and Fumiaki Suzuki, allegedly purchased a combined total of 162,000 shares at a value of around $337,250.
Insider trading is the buying and selling of stocks with confidential or non-public information, usually with the intention to make money, and is illegal in Japan.
The trio are therefore reportedly suspected of investing in Aiming before the Dragon Quest game was announced, expecting the collaboration with Square Enix to drive up the value of the company. It's currently unclear if Naka or the other employees have sold their shares.
Naka is arguably most known for co-creating Sonic the Hedgehog and leading Sega's Sonic Team, but was also lead programmer on other games including Nights into Dreams, Phantasy Star Online, and more. He eventually joined Square Enix but left in June 2021, not long after the release of his latest game Balan Wonderland.
Ryan Dinsdale is an IGN freelancer. He'll talk about The Witcher all day.
source https://www.ign.com/articles/sonic-the-hedgehog-co-creator-yuji-naka-arrested-insider-trading-dragon-quest
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