A few months after Yuji Naka was arrested for insider trading, the former Sonic lead said he’s guilty of the charges. Japanese media giant NHK first reported Naka’s confession during his courtroom appearance (thanks Eurogamer), though whether Naka pleads guilty to the second charge of insider trading remains to be seen.
The first charge alleged that Naka bought shares in mobile developer ATeam after learning the studio was developing Square Enix’s Final Fantasy 7: The First Soldier, a battle royale game that shut down barely a year after Square Enix launched it. At the time Naka made the investment, Square Enix hadn’t announced The First Soldier to the public, but Naka learned of the project while employed there.
“There is no doubt that I knew the facts about the game before it was made public and bought the stock,” Naka said.
The second charge alleges that Naka bought approximately $20,000 of stock in another mobile developer, Aiming, after learning that they would be working on a Dragon Quest mobile game. That game was Dragon Quest Tact, which Square Enix launched in 2020. That game remains available worldwide on mobile devices, though mobile analyst firm Sensor Tower shows that Tact made Square Enix less than $5,000 in February 2023.
Naka has not yet admitted to this second charge, though his trial remains ongoing.
Written by Josh Broadwell on behalf of GLHF
