Archive for Thursday, March 22, 2007

4 executives of online Livedoor sentenced

March 22, 2007


— A Japanese court on Thursday sentenced the former chief financial officer of scandal-tainted dot-com company Livedoor to 20 months in prison for inflating earnings reports.

Ryoji Miyauchi and other Livedoor executives were accused of using a complex set of such schemes to fabricate 5 billion yen, or $42.5 million, in profit. Tokyo District Court Judge Toshiyuki Kosaka has said Miyauchi was the chief architect of some of the schemes.

Two other Livedoor officials, Fumito Okamoto and Osanari Nakamura, were each given a 1 1/2-year term with a three-year suspended sentence. A third, Fumito Kumagai, received a one-year prison term with a three-year suspended sentence.

Prosecutors had demanded a 2 1/2-year prison term for Miyauchi and 1 1/2-year terms for the three others. Miyauchi pleaded guilty, while the others pleaded guilty to most of the charges.

The rulings came a week after the same court sentenced the company's founder and former chief executive officer, Takafumi Horie, to 2 1/2 years in prison.


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