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National News

Horie charged for violating securities law

Former Livedoor Co. President Takafumi Horie and three of his former executives were charged Feb. 13 with spreading false financial information about the takeover of publisher MoneyLife Inc. in 2004.

They are also accused of releasing inflated financial figures in November that year for affiliate Livedoor Marketing Co., then known as ValueClick Japan Inc., to lift its stock price.

Both would be violations of the Securities and Exchange Law.

The four are in custody, and prosecutors are expected to serve them new arrest warrants for allegedly padding the parent company's profits for the year through September 2004.

The fresh arrests will allow the Tokyo District Public Prosecutor's Office to detain them for up to 20 more days.

Their custody at the Tokyo Detention House was to expire Feb. 13.

Horie, 33, has denied any wrongdoing since his arrest Jan. 23, but it is rumored the three others have owned up to most of the charges and to Horie's involvement. (Kyodo)

Shukan ST: Feb. 24, 2006

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National News Horie charged for violating securities law Former Livedoor Co. President Takafumi Horie and three of his former executives were charged Feb. 13 with spreading false financial information about the takeover of publisher MoneyLife Inc. in 2004. They are also accused of releasing inflated financial figures in November that year for affiliate Livedoor Marketing Co., then known as ValueClick Japan Inc., to lift its stock price. Both would be violations of the Securities and Exchange Law. The four are in custody, and prosecutors are expected to serve them new arrest warrants for allegedly padding the parent company's profits for the year through September 2004. The fresh arrests will allow the Tokyo District Public Prosecutor's Office to detain them for up to 20 more days. Their custody at the Tokyo Detention House was to expire Feb. 13. Horie, 33, has denied any wrongdoing since his arrest Jan. 23, but it is rumored the three others have owned up to most of the charges and to Horie's involvement. (Kyodo) Shukan ST: Feb. 24, 2006 (C) All rights reserved