Nomura Admits Lax Controls Led To Leaks Of Inside Info

Law360, New York (June 29, 2012, 3:16 PM EDT) -- Nomura Holdings Inc., Japan's biggest brokerage firm, acknowledged Friday that lax internal controls allowed inside information about upcoming public offerings to leak to clients and said it would cut executive pay and suspend some operations as securities regulators investigate the leaks.

During an internal investigation, Nomura found that some members of its sales and analysts staffs were not sufficiently cognizant of their responsibilities. Some employees were "willing to do anything to meet sales targets" and were "attempting to obtain material nonpublic information," the Tokyo-based company said...
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