Livedoor CEO, Executives Arrested for Alleged Fraud

Bloomberg
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Livedoor Co. founder Takafumi Horie, the 33-year-old Internet millionaire who waged a takeover battle with Japan's largest broadcaster, was arrested to face charges he violated securities laws.
The company is under investigation by the Tokyo District Public Prosecutors Office and the Securities and Exchange Surveillance Commission for allegedly providing false information about an acquisition and overstating earnings, according to a statement from prosecutors today. Livedoor's offices and homes of its executives were raided last week by prosecutors, triggering a plunge in Japanese stocks that led the exchange to halt trading for the second time in its history.
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See Also:
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Takafumi Horie, dotcom challenger of Japan's corporate elite
WORTH almost $150 million by his 30th birthday, Takafumi Horie ...
Livedoor's Horie questioned by prosecutors
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Horie, the chief executive, garnered national attention last February when he tried to take over Fuji Television Network Inc.'s radio affiliate before settling on an alliance.
Ryoji Miyauchi, the 38-year-old executive in charge of finances; Fumito Okamoto, president of Livedoor Marketing Co.; and Osanari Nakamura, head of Livedoor's finance unit, were also arrested, prosecutors said. Livedoor's stock in Frankfurt recently fell 31 percent to 1.38 euros, or 194 yen. The company's Tokyo-traded shares today dropped by their daily 80-yen limit to 256 yen.
Jan 23, 2006