Sonic The Hedgehog Creator Yuji Naka Pleads Guilty Over Insider Trading
The plot has seriously thickened today when it comes to the case against Yuji Naka who was previously indicted for insider trading. The case against Naka began in Tokyo this morning, during which the Sonic the Hedgehog creator admitted he knew about the announcements that were to come and bought stock off the back of that knowledge.
Reported by TBS News Dig (thanks, Time Extension), Naka admitted guilt in the case this morning when asked if he had knowledge of the impending announcements from which he would potentially make financial gains before those announcements were made public. “There is no doubt that I knew the facts about the game before it was made public and bought the stock,” Naka is reported to have said during the trial.
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Naka was accused and indicted on insider trading charges at the end of 2022, accused of buying stock on two occasions, in Aiming and ATeam ahead of those studios announcing partnerships with his former employer, Square Enix. Aiming would later be revealed to be working with Square on Dragon Quest Tact, while ATeam partnered with the studio for Final Fantasy 7: The First Soldier.
The belief is that Naka used his inside information to buy stock ahead of the announcements with the intent of selling it at a higher price after those announcements had been made public. While he doesn't appear to have explicitly admitted to having that intent at this moment in time, an admission that he bought stock knowing the announcements were coming doesn't paint a promising picture for the veteran developer.
Naka is no longer working at Square Enix, leaving the studio after a troubled launch for the maligned Balan Wonderworld. The First Soldier, one
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