‘There is no doubt that I knew the facts’—Sonic creator admits insider trading guilt on first day of trial

Yuji Naka had his first day in court today, but he might not need many more. The Sonic and Balan Wonderworld creator appears to have admitted guilt in the insider trading case brought against him (opens in new tab) last year, concerning ownership of shares worth $1 million and $20,000, respectively, in ATeam and Aiming Inc. The two companies are mobile developers that collaborated with Square Enix on the development of iOS and Android games based on the company’s properties: ATeam worked on Final Fantasy 7: The First Soldier and Aiming worked on Dragon Quest Tact.

Naka is accused of using his knowledge as a Square Enix insider to manoeuvre himself into a highly lucrative position: Purchasing shares before the partnerships were public knowledge in order to take advantage of an inevitable increase in value when there were finally announced, allegedly netting himself a profit of around $146,000. Textbook insider trading, essentially, and it seems he has no intention of denying it.

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