Collecting rings the wrong way
Yuji Naka, the co-creator of Sonic the Hedgehog, has been found guilty of insider trading in a trial held in Japan on July 7, 2023. As reported by IGN Japan, Naka violated Japan’s Financial Instruments and Exchange Act through insider trading related to the development of a Square Enix game.
Naka has been sentenced to a two-and-a-half-year prison term, which has been suspended for four years. In addition, he has been fined two million yen and 107 million yen, equivalent to approximately $14,000 and $1.1 million respectively, by Judge Madoka Hiruta.
Yuji Naka’s legal troubles
Naka is renowned as one of the co-creators of the Sonic the Hedgehog franchise and served as the president of Sonic Team until 2006. Apart from his work on the Sonic franchise, he has contributed to several other titles like Balan Wonderworld, Phantasy Star, and Samba de Amigo.
Naka was arrested in November 2022 for allegedly purchasing 10,000 shares worth around $20,000 in Aiming before the studio announced the Dragon Quest Tact mobile game for Square Enix. He was later re-arrested on similar charges for buying shares in Ateam, the studio responsible for releasing the Final Fantasy 7: The First Soldier mobile game.
Naka had previously pleaded guilty to these charges, acknowledging the truth of the accusations. Judge Hiruta stated that Naka, being a renowned game developer with access to joint development information, had damaged the trust of investors and the stability of the stock market.
Naka is not the only Square Enix employee facing legal consequences. Taisuke Sazaki and Fumiaki Suzuki were also arrested for insider trading after purchasing 162,000 shares worth approximately $337,250. Reports suggest that it was Sazaki who informed Naka and Suzuki about the potential increase in share value.
Despite the turmoil Naka is facing, both Sonic the Hedgehog and Final Fantasy are experiencing success. The recently released Final Fantasy 16 has already sold over 3 million copies, and Sonic the Hedgehog fans can look forward to Sonic Superstars, set to launch in late 2023.
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Eugen Boglaru is an AI aficionado covering the fascinating and rapidly advancing field of Artificial Intelligence. From machine learning breakthroughs to ethical considerations, Eugen provides readers with a deep dive into the world of AI, demystifying complex concepts and exploring the transformative impact of intelligent technologies.
