A Tokyo court held the first hearing for defendant Lin Xin-hai, who was charged with illegal access and stock price manipulation after becoming involved in a scam involving the takeover of multiple securities accounts.
In a recent case that highlights the risks of financial crimes, defendant Lin Xin-hai, 38, faced Tokyo District Court allegations of violating the Financial Instruments and Exchange Act and the Unauthorized Computer Access Act. Lin admitted to his charges during the hearing, which centered around his involvement in a scheme where he conspired with others to illegally access and manipulate the stock trades of other people's accounts. The court's session explored the tactics used in executing these unauthorized transactions and the resulting ramifications on the stock market. During the proceedings, Lin described his unexpected transition from being a passive participant to an active player in the conspiracy. Initially attracted by a relative’s suggestion of a group that could control thousands of securities accounts, Lin did not fully understand the implications of his actions. His plan to merely
