Japanese internet tycoon guilty of securities fraud

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Takafumi Horie, the internet tycoon who took on Japan's business establishment with his get-rich-quick mantra, was today sentenced to two-and-a-half years in prison for securities fraud. Horie, 34, showed no emotion as the judge delivered his ruling at the Tokyo district court, ending the latest stage in a case that some are calling "Japan's Enron". The court granted Horie bail while his lawyers lodge an appeal. Horie, a Tokyo university dropout who in the space of a decade built the internet portal Livedoor into a empire worth $6bn (£3.1bn) at its peak, had pleaded not guilty to making false financial statements in a bid to hide Livedoor's losses and boost its share price.