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Finance GreenWatch » 3. Securities firm » SMBC Nikko Securities says employee was involved in fraud (Japan Today)

SMBC Nikko Securities says employee was involved in fraud (Japan Today)

TOKYO —Japan Today:  SMBC Nikko Securities Inc says a male employee at a Tokyo branch swindled 16 individual investors out of a total of about 880 million yen over an 11-year period to earlier this year.

 The brokerage arm of Sumitomo Mitsui Financial Group Inc said it will consider how to deal with the alleged fraud involving the employee in his 40s after examining the case more closely.

The employee, who was in charge of sales for individual investors, promised the 16 clients high returns in bogus investment schemes to defraud them between 2001 and earlier this year, according to the brokerage.

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