Takushige Kurio, 56, is a former vice president of IR Japan Holdings. The company announced in April that it would revise its sales forecast for the previous fiscal year downward by more than 4.14 billion yen.
Kurio is suspected of encouraging transactions in violation of the Financial Instruments and Exchange Act for recommending two female acquaintances who owned shares of the company to sell their shares just before that. Two acquaintances sold about 2,2 shares, worth a combined 1 million yen, just before this information was released.