So, we have to do the rodeo again, right? It was recently reported that Yuji Naka was arrested for insider trading… again. This time, it is about the development of another mobile game that was also made by a third-party studio that was parallel to the company itself, and the project in question is Final Fantasy VII: The First Soldier.
And yes, it may be a different verse, but it is the same as the first verse. Yuji Naka mainly learned about the spin-off battle royale game Final Fantasy VII before its public announcement. He and two other offenders learned about the partnership between Square Enix and Ateam during his tenure at the company prior to The First Soldier’s public announcement in February 2021.
The Tokyo District Public Prosecutor’s Office alleges that Naka purchased a total of 120,000 shares for approximately 144.7 million yen (US$1.05 million) with a former Square Enix employee, Taisuke Sasaki, buying 91,000 shares for approximately 105 million yen (US$763,000), and An acquaintance bought 10,000 shares for 11.8 million yen ($85,000 USD) on Ateam.
This was done knowing that the company’s stock will rise after the announcement of the game. This is basically unacceptable in the financial industry as it constitutes a crime known as insider trading. And so we find ourselves repeating the same thing. Yuji Naka and Teisuke Sasaki were arrested on suspicion of the crime, with prosecutors claiming the two men made hundreds of millions of yen in the deals.
The only difference now is that with the Dragon Quest Tact case, Yuji Naka and his criminal accomplices are now being charged with violating the Financial Instruments and Exchange Act by the Special Investigation Unit. So, here’s something. What happened to Final Fantasy VII: The First Soldier? Well, that game is set to close in January 2023. So… that’s something.