Former Nomura employee arrested for suspected fraud, Kyodo says

A former employee of Nomura Holdings has been arrested on suspicion of fraud, local media reported, weeks after Japan’s biggest brokerage vowed to take remedial steps following a separate criminal case.

The 30-year-old man is suspected of defrauding a client of about ¥10 million ($65,000) by selling fake savings products, Kyodo reported, without saying where it got the information. Tokyo police suspect the person used the Nomura brand to swindle a woman in her 70s, the Nikkei newspaper reported.

Nomura representatives weren’t immediately able to comment when contacted.