Word: takafumi
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...CHARGED. Takafumi Horie, 33, founder and former CEO of Livedoor, one of Japan's largest Internet companies; with violating securities law, by a Tokyo district court; in Tokyo. Horie, whose arrest in January sparked a stock swoon that wiped out 80% of his company's market value, pleaded not guilty to allegations that he and other top executives falsified accounts and spread false information to boost share prices. An estimated 2,000 spectators lined up at the courthouse to see the tycoon, whose case has been widely covered in Japan...
...Party of Japan (DPJ), the country's largest opposition party, to take "full responsibility" for a scandal involving a colleague's unfounded bribery allegations; along with several other party members; in Tokyo. DPJ lawmaker Hisayasu Nagata admitted last month that he couldn't verify his accusation that Livedoor founder Takafumi Horie had bribed the son of the Liberal Democratic Party's secretary-general. "I hope this will renew the public's faith and rebuild the party," Maehara said upon stepping down...
Just a few weeks ago, Takafumi Horie would retire every evening to his palatial home in one of Tokyo's most prestigious apartment towers, where it's said that rents can exceed $50,000 a month. Now, however, Horie spends his days and nights in an unheated jail cell the size of three tatami mats. On Jan. 23, a week after investigators from the Tokyo District Court Public Prosecutor's Office raided the headquarters of Livedoor, the Internet company Horie founded a decade ago, he and three other executives were arrested on suspicion of securities fraud. The 33-year...
...Except for one undisputable one: Takafumi Horie himself. The college dropout, who started what became Livedoor in 1997, is the author of no fewer than 17 books celebrating his moneymaking, cash-grabbing ethos, with titles like ?Earning Money is Everything: From Zero to 10 Billion Yen My Way?. He appeared to be living proof of his boast. Over the past five fiscal years, Livedoor has acquired 27 companies, increasing revenue 22-fold to nearly $800 million. He has also been an aggressive financial democrat, constantly splitting his stock so that younger and less well-off Japanese can afford to become...
...volume of orders that prompted the stock exchange?s early closing, Takuji Aida, Chief Economist at Barclays Capital Japan, blames undisciplined individual investors-a category that Livedoor?s CEO Takafumi Horie helped cultivate. As in the United States seven years ago, the rise of Japan?s Internet sector has stoked a surge in online brokerage companies and individual stock investing. According to some estimates, individual investors now account for 50% of the Japanese market?s total trading volume. ?Many Japanese households have started to join in the stock market, and a lot of money went into technology stock shares,? says...