FOI Corp officers get 3 years imprisonment

In February 2012, Saitama District Court in Japan, sentenced both the president and executive director of FOI Corp, the machinery maker to three years in prison. The sentencing was due to the involvement of the officers in falsifying the financial statements of the company at the time when they went public in 2009. The financial statement showed inflated sales figures to 11.8 billion yens whereas the actual sales were only of 319 million yen.

The company submitted these false numbers in their registration statement for its listing on the Tokyo’s Stock Exchange. But after seven months of their getting listed the company was delisted.