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[Alpha Biz= Paul Lee] A criminal group in Japan has been using stolen customer accounts from eight securities firms to engage in stock price manipulation, according to a report by the Nikkei on the 28th. The Japanese Financial Services Agency (FSA) is currently analyzing the case.


According to sources in the financial authorities, stocks of at least 100 different companies listed on the Japanese stock exchange were suspiciously traded using the stolen accounts as of the end of March. The accounts were stolen from eight securities firms, including Rakuten Securities and Nomura Securities.


The group reportedly used the stolen accounts to sell stocks, securing funds, and then placed large buy orders for targeted stocks to manipulate their prices. The Securities and Exchange Surveillance Commission is monitoring the situation, analyzing order trends and stock price movements.


Initially, the criminal group used the stolen accounts to trade stocks of overseas companies listed on the Hong Kong and Shanghai stock exchanges. However, after Rakuten Securities halted suspicious buying transactions, the group shifted its focus to Japanese stocks, according to the Nikkei report.


The Financial Services Agency has revealed that between February and mid-April of this year, approximately 50.6 billion yen (roughly 508 billion KRW) in sales and 44.8 billion yen (about 449 billion KRW) in purchases were confirmed as fraudulent transactions by the affected securities firms.

 

 

 

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