|March 17, 2000|
The Securities and Exchange Surveillance Commission (SESC) sent the recommendation to the Financial Reconstruction Commission (FRC) and the Commissioner of Financial Supervisory Agency to take disciplinary action against Wako pursuant to Article 29(1) of FRC Establishment Law on March 17, 2000.
(Submission of a falsified report in response to the order by the authority)
On August 3, 1999, the Fukui branch of Wako was ordered by Fukui Regional Financial Office, Hokuriku Regional Financial Bureau to submit a report, concerning a transaction about which a customer of this branch had complained to Fukui Regional Financial Office, in view of violation of law.
However, on August 6, 1999, the Fukui branch of Wako, with the involvement of the manager of the Fukui branch and the chief of the general affairs section, submitted to Fukui Regional Financial Office a falsified report in which the branch stated that there was no violation by the commission sales representative, despite realizing that the representative had violated laws.
(Violaiton of SEL Article 198-5(7))