The Securities and Exchange Surveillance Commission (SESC) of Japan said that Juggernaut Capital Management should pay a JPY431 million (US$4.38 million) fine as the Singapore-based hedge fund manipulated prices in the Japanese equity.
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Juggernaut Capital Management has inflated the share price of real estate developer Rise Inc for 26 business days during March and April last year. The fine would be biggest ever imposed against a non-Japanese firm for market manipulation, Japan’s securities regulator said.
SESC said Juggernaut had placed large buy orders or traded heavily right before the close of the market sessions during the 2012 period through a fund in the Cayman Islands, which gave the impression to participants that Rise shares had strong demand.
The regulator estimated Juggernaut made about JPY200 million through illegal trading activities.
Juggernaut would be the third non-Japanese company fined by the SESC for manipulation or insider trading. The regulator announced a JPY14.68 million fine for US-based First New York Securities in June 2012 for insider trading and in December a JPY67.71 million penalty for hedge fund firm Tiger Asia Partners, also based in the US, for market manipulation.
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By GlobalData
