[ by Howard Haykin ] Japan’s financial regulator on Friday proposed a fine of 14.7 million yen, or $185K, against First New York Securities for alleged insider trading, as part of a widening investigation into suspicious trading ahead of a series of public share sales.  Until now, convictions for insider trading, which are rare, have involved fines as low as $1,500. SESC Findings and Allegations. The Securities and Exchange Surveillance Commission said the proposed fine against the American broker-dealer was linked to a 2010 public share offering by Japan’s largest utility - Tokyo Electric Power ("Tepco"), the operator of the ravaged Fukushima Daiichi nuclear power plant. That offering was announced in September 2010 and had been preceded by a sharp sell-off in the company’s shares - a pattern that's been repeated elsewhere in Japan - indicating rampant leaks of inside information before major share sales. The regulator notes that a trader at First New York Securities had allegedly learned of Tepco’s offering through a securities consultancy, whose source was an employee at the offering’s lead underwriter.  First New York Securities,  could not immediately be reached for comment. The New York-based firm has offices in London and employs more than 200 traders, according to its Web site. Nomura Issues Statement. The regulator did not name the underwriter, but Nomura Holdings, Japan’s largest brokerage firm, acknowledged its involvement and said it was cooperating fully in investigations.  Tokyo-based Nomura had also been implicated in an insider trading case at a unit of Sumitomo Mitsui Trust Holdings involving the trading of shares of Inpex, a Japanese energy company. Nomura, which has started an internal investigation, to be concluded by the end of June, stated: "Nomura expresses its regret concerning the findings that non-public information was received from Nomura employees in such cases and we sincerely apologize for the trouble this has caused." Other Investigations. Japan’s financial regulator has also pushed forward with a series of other insider trading-related inquiries, including one involving a 2010 share offering by Nippon Sheet Glass.  The commission said a lead underwriter on that deal had illegally leaked information on the sale. JPMorgan Chase, one of 2 underwriters for the sale, has said it is cooperating with Japanese investigators and had taken steps to enhance its internal controls - though it has not been named by the regulator and it's unclear whether the bank will face any fines or charges. For further details, go to:  [Dealbook, 6/8/12].