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Mar 17, 2007 · Takafumi Horie, one of Japan’s highest-profile internet entrepreneurs, was on Friday found guilty of securities fraud and sentenced to 2½ years in prison – a harsh sentence in a country where...
- How Did It Begin?
- What Was The Scam?
- What Happened Next?
- Lessons For Investors
Born in the city of Yame in 1972, Takafumi Horie studied at the University of Tokyo before dropping out to found Livin' on the Edge (renamed Livedoor in 2004), a web-services start-up that went public in 2000. Its rapidly-growing profits and soaring share price allowed it to go on series of acquisitions. Horie's talent for self-promotion and his wi...
Livedoor's strategy of paying shares, rather than cash, for the firms that it bought, gave it an incentive to keep the share price as high as possible: the higher the share price rose, the bigger Livedoor's purchasing power. In order to keep Livedoor's share price rising, Livedoor resorted to accounting manipulation, using Enron-style dummy partner...
Livedoor's bid for broadcaster Fuji in 2004 and Horie's bid for Japan's parliament in 2005 ruffled many feathers in the country's establishment and led to increased regulatory scrutiny of Livedoor. In January 2006, Livedoor's offices were raided by regulators and one of Livedoor's bankers committed suicide. Horie was arrested days later and Livedoo...
Livedoor would eventually be sold to a Korean firm NDH in 2010 for only 6.3bn (£44.3m), a fraction of its peak value, although shareholders did get some additional money back from various lawsuits against both Livedoor and Horie himself. An acquisition spree, especially when the underlying company is barely breaking even, is a cause for concern, si...
Mar 27, 2013 · Japan's one-time maverick Internet tycoon Takafumi Horie used Twitter Wednesday to announce his release from prison after serving one year and nine months of a 2 1/2-year sentence for accounting fraud.
Apr 26, 2011 · Takafumi Horie, one of Japan’s best known and controversial internet entrepreneurs, is going to jail after the Supreme Court rejected his appeal against a 30-month sentence for accounting fraud.
I remember Livedoor – whatever happened to it? Mr Horie founded the internet business in 1995 after dropping out of college – it was very successful and hugely acquisitive.
Feb 6, 2006 · When Livedoor CEO Takafumi Horie was arrested last month, it shook the economic underpinnings of Japan. Professor Robin Greenwood discusses what went wrong with one of that country's most-watched Internet companies.
People also ask
When did Horie resign from Livedoor?
What happened to Horion?
What happened at Livedoor?
Why is Mr Horie still called Horiemon?
When did Horiemon go to jail?
How did Horiemon get his name?
Horie was arrested by Tokyo district public prosecutors on January 23, and on January 24, he announced his resignation as CEO. On April 27, 2006, he was released on ¥300 million bail on the condition that he refrain from any contact with Livedoor or its employees.
