Yuji Naka, who co-created Sonic the Hedgehog and oversaw the original game series’ programming, has reportedly been arrested for insider trading.
According to Fuji News Network, authorities believe Naka purchased 10,000 shares in game development company Aiming for 2.8 million yen ($20,000) before it was revealed that the developer was working on Dragon Quest Tact with Square Enix.
In 2018, Naka joined Square Enix and worked on the platform game Balan Wonderworld. He didn’t stay long, however, and announced shortly after the game’s release that he had left the company.
Naka also revealed earlier this year that he had sued Square Enix after they fired him as director of Balan Wonderland six months before the game’s release.
While he has since left the company, he was still with Square Enix during the development of Dragon Quest Tact, which is how he allegedly learned about the smartphone game before it was even announced.
Naka was not the only former Square Enix employee arrested on suspicion of insider trading. Taisuke Sasaki and Fumiaki Suzuki were also detained after purchasing 162,000 shares of Aiming for approximately 47.2 million yen ($337,609).
They, like Naka, allegedly purchased Aiming stocks in the hope that their value would rise following the announcement of Dragon Quest Tact.
Square Enix said in a statement following the duo’s arrest that it is fully cooperating with the investigation and that it has put in place a system to prevent future instances of insider trading.
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