Takafumi Horie, the boss at Livedoor.com, was sentenced to two and-a-half years in jail for over-stating earnings on the publicly traded site, Livedoor. Known for living extravagantly and being eccentric, Takafumi Horie fearlessly flaunted his claims and lifestyle and continued to do so in court while his lawyer was pleading, “not guilty.”
Prosecutors were pushing for FOUR years of jail time. It’s been years since the “Livedoor Shock” that swept through Japan when, in January 2006, Takafumi Horie and other executives were arrested sparking a Livedoor Stock sell-off leading to the stock’s delisting from the Tokyo Stock Exchange.
The ramifications of this Japanese Start-up may be harsher penalties for flase earning statements and clearer laws about stock trading. Since we know that everything in the Western Hemisphere starts in the East, that’s a story that may be of interest. Source.
— Bryan Applegate