December 7, 2022

Naga Again? Sonic Creator Arrested Again for Insider Trading

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Naga Again? Sonic Creator Arrested Again for Insider Trading

By Nick | December 7, 2022
Yuji Naka, the creator of Sonic the Hedgehog, has reportedly been arrested again.

Yuji Naka, the Japanese developer responsible for conceiving the concept of the first Sonic the Hedgehog game and leading development on multiple titles in the series, has been arrested once more, as reported by the Asahi website.

It was recently revealed that Naka had been arrested a few weeks ago for engaging in insider trading within Square Enix, having purchased approximately $20,000 USD worth of shares of a company that was developing a mobile Dragon Quest game, prior to the title's official announcement.

Naka, a former Square Enix employee, has been arrested again for engaging in insider trading, which is illegal in most countries including Japan. This instance of insider trading is reportedly more egregious than his previous one, as reported by VGC.

Naka reportedly invested approximately $834,000 in a separate company that was working on a mobile title based on a Square Enix property, Final Fantasy VII: The First Soldier.

Prior to the game's official announcement, Naka purchased shares of its development studio, M2 Co., which is known for developing the Sega Ages series and porting the Final Fantasy VII Remake Intergrade to Switch.

Naka's purchase was made on November 25, 2020, according to a filing with Japan's Financial Services Agency (FSA). The document states that Naka bought undisclosed shares in M2 Co. paying approximately $75 each. This transaction brought his total shareholding in M2 up to 618 shares, constituting 3% of the company's outstanding stock.

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