OKAYAMA (TR) – A court here earlier this month upheld a previous ruling against handed to a former employee at the Okayama branch of Nomura Securities for defrauding customers and others out of nearly 100 million yen.
On November 20, the Okayama branch of the Hiroshima High Court sentenced the Masahiro Takebe, 53, to three years and six months in prison, reports NHK (Nov. 20).
“The first trial ruling found the intent to commit fraud was justified,” said presiding judge Atsushi Shibata of the Okayama branch of the Hiroshima High Court.
Takebe had been accused of violating the Investment Law for conspiring with a former colleague to defraud seven customers and others from his time at the branch of more than 97 million yen in total over a roughly six-month period though April of last year.
In carrying out the fraud, Takebe, pretended that investment results of the customers were in the black even though they were in the red.
During the trial, Takebe denied the allegations.
The first trial was held at the Okayama District Court in June. The court sentenced him to three years and six months in prison, saying that he had “led [the victims] to believe that the investment management results were in the black.” He then appealed.
