Japanese investor arrested for insider trading
Investor Yoshiaki Murakami was arrested today in Japan after admitting to [tag]insider trading[/tag]. He has been known for buying large stakes in companies and attempting to change them in ways that will boost the stock prices. Murakami was known for advocating a more American style of business, where companies would focus on generating value for shareholders and more effective use of capital.
In a televised news conference, Murakami admitted to buying a stake in Nippon Broadcasting System Inc. after he learned that another company was going to take it over. He also resigned from The Murakami Fund, the $3.6 billion investment fund he used to buy his stakes in companies. He was arrested hours later and now faces a maximum penalty of three yeas in prison and a fine of three million yen (US$27,000).
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