Aozora Bank raided: Insider trading suspected

June 4, 2009
By Ken Worsley

The Nikkei has just reported that Aozora Bank has been raided by the Securities and Exchange Surveillance Commission on “on suspicion that an employee of the bank traded shares using inside information obtained at work.” The Nikkei is reporting that the employee works in the loan division and “may have” traded shares of more than one company based on inside information.

In connection with our recent speculation that the Shinsei/Aozora merger might not happen, it looks like a graceful (ie, face saving) exit strategy has made itself available.

Filed Under Banking, Finance