Game developer and Sonic creator Yuji Naka pleads guilty in court to the charges of engaging in insider trading.
Naka admits to insider trading when he was developing his recent game Balan Wonderworld with Square Enix. He purchased stocks of Ateam Entertainment Inc. with the knowledge that Dragon Quest and Final Fantasy mobile games developed by them will be announced after a short while. That was illegal in Japan since it was unfair to other traders who did not have prior knowledge.
Naka is now charged with violating the Financial Instruments and Exchange Act. This is his statement that confirms his involvement in the case of insider trading, translated into English.
“There is no doubt that I knew about the existence of these games before they were publically announced and bought stocks.”
Naka worked with SEGA from 1984 to 2006. He is known for his creation of Sonic the Hedgehog. He developed his new creation Balan Wondeworld but it flopped on day one.