In Japan, prosecutors arrested Hidetaka Noda, the former chairman of investment firm J. Bridge Corp., today for alleged insider trading.
The Japan Times reports that in May 2006, Noda allegedly sold 70,000 shares in J. Bridge Corp. while knowing that the publicly-traded company would revise its profit forecast downward. Noda thus avoided a ¥20 million loss, prosecutors claim, when the firm’s share price dived to ¥650 from ¥910 following the announcement of the downward revision.
