SECURITIES AND EXCHANGE SURVEILLANCE COMMISSION
Press Release |
August 1, 2000
The
Director-General of Kanto Regional Finance Bureau
conducted the inspection for the Toyo Securities
Co., Ltd. (Toyo), based on a provision of the
Securities and Exchange Law (SEL), and found legal
violation described below.
The
Securities and Exchange Surveillance Commission
sent a recommendation to the Financial
Reconstruction Commission (FRC) and the
Commissioner of Financial Services Agency to take
disciplinary action against Toyo pursuant to
Article 31(1) of FRC Establishment Law on August
1, 2000.
(Representing the Payment of Certain Dividends)
Between the end of July, 1999 and April 21, 2000, with the involvement of the manager of its Nagoya branch, Toyo, in making solicitations of an unspecified large number of persons for the purchase of some stocks, made decisive representations that they would be annually offered a certain amount of money in dividends with respect to the stocks.
(Violation of SEL Article 171)