Japan financier Murakami jailed for insider trading

TOKYO (Reuters) - Japanese financier and shareholder activist Yoshiaki Murakami was jailed for two years on Thursday after being found guilty of insider trading.

Prosecutors said the former bureaucrat traded shares with advance knowledge of a February 2005 takeover bid by Internet firm Livedoor for radio operator Nippon Broadcasting System


Murakami, 47, who had pleaded not guilty, bought 10 billion yen ($82 million) worth of additional NBS shares prior to the failed bid, which drove up the share price, yielding him a hefty profit.

He was known for buying stakes in companies and pressuring them to cede more power to shareholders, raise dividends or use reserves for productive investments.

Murakami and Livedoor’s flamboyant founder, Takafumi Horie, gained fame as symbols of a buccaneering style of capitalism that some welcomed but others criticized as un-Japanese.