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. Last Updated: 07/27/2016

Yamaichi Execs Resign

TOKYO () -- The president and 10 other senior officials of Yamaichi Securities, one of Japan's top brokerages, gave up their posts Monday to take responsibility for a scandal involving payoffs to a racketeer.

The move followed similar management shuffles at Nomura, the nation's No. 1 brokerage, and Dai-Ichi Kangyo Bank. All three companies are suspected of making illegal deals with Ryuichi Koike, who is currently behind bars on racketeering charges.

Yamaichi will also reshuffle and slim its board of directors in its management revamp. The decisions were made at a special board meeting Monday.