Sonic the Hedgehog co-creator Yuji Naka
and former Square Enix
employee Taisuke Sasaki have been formally indicted following their arrest for alleged insider trading offenses.
According to NHK
, the Tokyo District Public Prosecutors Office has determined that Naka had confidential information that Square had planned to develop a Final Fantasy spin-off, Final Fantasy VII: The First Soldier with mobile developer ATeam Entertainment.
Using this information, the Sonic the Hedgehog creator purchased ¥144.7 million yen ($834,000) of company stock, with the knowledge that stock value in the company would rapidly rise following the public announcement of the collaboration. Sasaki also allegedly purchased ¥105 million yen ($787,318) of stock.
It is currently unclear when Naka or Sasaki will stand trial.