Monday, February 13, 2006
Livedoor Founder Charged
The New York Times is reporting that Takafumi Horie, the founder of Livedoor, was charged today with securities fraud. Prosecutors alleged that Horie and other Livedoor executives inflated profits in ValueClick, a subsidiary, to increase the price of Livedoor shares. Among the fraudulent actions alleged are the issuance of false and misleading press releases. The Japanese media is speculating that additional charges will be filed against Horie soon.