Friday, March 16, 2007

Slimy Livedoor CEO Sentenced to Jail

"The self-styled rebel of Japanese business was convicted today of breaking securities laws after a prosecution that many here saw as an attempt by the corporate establishment to snuff out a financial upstart whose only crime was his refusal to play by traditional rules.
The Tokyo District Court found fallen Internet mogul Takafumi Horie guilty of misleading markets about the financial health of his Livedoor business empire to drive up its stock price. He was sentenced to 2 1/2 years in jail.
The verdict, like the raid on Horie's home and office that marked the beginning of his downfall more than year ago, was carried live on Japan's major TV networks."

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