Tuesday, September 5, 2006

Livedoor's Exec Starts Trial

Business Week Online here and Wall Street Jrl. here discuss the fact that Takafumi Horie's trial starts today (actually with the time difference it already started).  The former CEO of Livedoor, a Japanese internet company, faces a court in Japan for securities violations.  In the Japan Times here are some comments on the opening day of the trial - e.g. 2,000 people waited in line out outside the courthouse for 61 gallery seats.

The possible penalty is 5 years in prison and a fine. This contrasts with the possible penalties one might face if charged with these crimes in the U.S.  In the U.S. the amount of fraud loss would be crucial in determining the sentence if one were convicted.  Just ask Jamie Olis, who initially was sentenced to 24+ years before the court overturned the sentence.

Takafumi Horie is pleading innocent to the charges and fighting them in court.  This is definitely a case to follow.

(esp)

For some background on how the judicial process works in Japan, check out here  and here.

http://lawprofessors.typepad.com/whitecollarcrime_blog/2006/09/livedoors_exec_.html

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