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Livedoor’s Horie found guilty by Tokyo District Court

March 16, 2007
By Ken Worsley


In handing down a two and a half year sentence to former Livedoor CEO Takafumi Horie, presiding judge Toshiyuki Kosaka of the Tokyo District Court said:

This is a crime that is extremely malicious in nature and has damaged the fairness of the securities market…He illegally boosted his company’s share price by announcing fake business performances. [The crimes] could not possibly have been conducted without his instructions and approval…This is a crime that deceived ordinary investors for the sole purpose of pursuing business profits.

Horie’s defense team immediately filed an appeal.

As Reuters put it:

The sentence handed down by the Tokyo District Court was a harsh contrast with punishments typically meted out to Japanese executives convicted of white-collar crimes, who often receive suspended sentences after pleading guilty and showing remorse.

Hoire, of course, refused to admit to any wrongdoing and did not plead guilty. Prosecutors had sought a four year jail term for the 34 year old entrepreneur.

Back in November, Horie told the court, “I never studied accounting. A management book I read said to leave that to specialists, so that’s what I did.”

Filed Under Business, Japan, White Collar Crime 

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Comments

2 Responses to “Livedoor’s Horie found guilty by Tokyo District Court”

  1. Joe on March 17th, 2007 5:36 am

    Japan’s criminal justice system runs on confessions. I suppose the judges were angry that Horie made their lives difficult by requiring them to decide his guilt…

  2. Ken on March 17th, 2007 9:26 am

    Confession or not, the guy pretty obviously was involved in cooking the books and broke the law in the process.

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