Court upholds Takafumi Horie sentence
p2pnet news view | Crime:- Japanese prosecutors wanted Takafumi Horie, who started Livedoor Co and who’s accused of giving misleading information to shareholders, jailed for four years for, “massive accounting fraud and other securities law violations,” said the Mainichi Daily News in 2006.
Two years on, “The Tokyo High Court on Friday upheld a 2 1/2 year prison sentence handed down on former Livedoor Co. President Takafumi Horie, who faced charges of violating the Securities and Exchange Law in connection with fraudulent accounting at the company,” it says, going on:
“In handing down its decision, the high court dismissed an appeal against a lower court ruling.”
But Horie’s lawyers, arguing he’s innocent, “plan to file an appeal in the Supreme Court,” says the Mainichi Daily News.
Horie claims he’s not guilty of securities fraud, “including padding the earnings of Livedoor, the company he founded, and giving false information to prospective investors to hike share prices,” says The Guardian, continuing:
“Horie has not shown any true remorse and has not apologised to investors, the court said, upholding a lower court ruling that had sentenced Horie to two-and-a-half years in prison — an unusually harsh punishment by Japanese standards. ‘An actual prison term is unavoidable,’ the court said, adding that Horie’s actions were designed solely for corporate profit and caused heavy losses for investors.”
Horie’s lawyer said they would appeal to the Supreme Court on Friday. Horie himself was not present during the proceedings, says the story.
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Takafumi Horie – D-Day for Takafumi Horie, December 22, 2008
Mainichi Daily News – Prosecutors demand Livedoor founder Horie spend 4 years behind bars for fraud, December 22, 2006 fraudulent accounting -Tokyo High Court upholds prison term for Livedoor founder Horie, July 25, 2008
The Guardian -Tokyo court rejects Livedoor tycoon’s appeal, July 25, 2008
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