Horiemon 6

Things just keep getting worse for Livedoor. On Friday , it got the slammed with the largest fine ever in Japanese corporate history for securities laws violations. (another link) Two certified accountants were also convicted, and one of them got a prison sentence _ the first time an accoutant landed behind bars in Japan on a guilty verdict on such charges. Livedoor was a first for Japan in many ways, and so it makes sense that the justice that the company and its people are getting is also marking a first. About 3,600 individual investors are suing Livedoor and Horie for damages. Harsh judgments in criminal courts are a plus for civil cases. Fuji TV, which was once a major stakeholder in Livedoor, has said repeatedly it’s suing Livedoor for damages. And Livedoor’s new management is now talking about suing Horie.