Former Sumitomo Mitsui Trust Worker Faces 2-Year Sentence

In a recent insider trading trial, prosecutors have requested a two-year prison sentence for a former employee of Sumitomo Mitsui Trust Bank. The defendant, Hajime Katayama, who is 55 years old, allegedly utilized his role as a securities transfer agency business director to engage in stock transactions based on confidential client information, leading to a profit of approximately 29.3 million yen. Prosecutors have emphasized the deliberate and repeated nature of his actions, labeling him as a habitual and malicious offender with a strong criminal intent. As a result, they have urged the court to impose a two-year prison term, a fine of 2 million yen, and forfeiture of an additional 61.4 million yen upon Katayama, asserting that there should be no leniency in his case.

On the other hand, the defense has advocated for a reduction in the financial penalties and a suspended sentence. They argued that Katayama’s actions could be perceived as a form of voluntary surrender, as he proactively reported the illicit transactions to the Tokyo Public Prosecutors Office even before they were brought to light. Despite Katayama’s admission to violating the financial instruments and exchange law, the defense has urged the court to consider mitigating circumstances and exercise leniency in its judgment.

Expressing remorse for his actions, Katayama has acknowledged the gravity of his offenses and the harm caused by his conduct. “I’m sorry for causing a big trouble,” he stated, reflecting on the impact of his wrongdoing. With the conclusion of the trial imminent, the court is tasked with weighing the prosecution’s call for a stringent prison sentence against the defense’s plea for compassion and a lighter penalty. The outcome of the trial will ultimately hinge on the court’s determination of the appropriate punishment for Katayama’s breach of financial laws and trust.