rebel Shizuka Kamei, but chose instead to run as an independent, while keeping the support of the LDP leadership. He lost the election and returned to Tokyo to continue his business career. Kamei won the election in a rather close count of 110,979 to 84,433. In May 2020, Takashi Tachibana founded the Horiemon New Party, named after Horie and using his likeness in their campaign ads. However, Horie has disclaimed any connection to the party and is not running as a candidate. Arrest and imprisonment for securities fraud Japanese prosecutors raided the offices of Livedoor and Horie's home in January 2006 on suspicion of securities fraud. The government cited several instances of apparent market manipulation, including a Livedoor subsidiary announcing it would acquire a company that it already controlled, using misleading investment partnership accounting and artificially inflating the value of Livedoor stock through stock splits to fund acquisitions. There were also rumors that Livedoor was involved in money laundering for the yakuza or for politicians, as the company had been found to have moved large sums of money into fictitiously-named Swiss bank accounts. The veracity of the suspicions aside, many smelled conspiracy given the timing of the action. It was seen as a political move by defenders of the status quo to punish Horie for daring to challenge them, and to discredit him and the business practices he had come to represent, which Horie's opponents considered distasteful and "un-Japanese". Livedoor's share price fell 14.4 percent in one day, with sell orders so numerous that trading volume prompted the Tokyo Stock Exchange to close 20 minutes early for the first time in its history. The Nikkei index lost 465 points, its largest drop in nearly two years; the ramifications were felt in other markets around the world, especially in Asia. Horie's net worth was estimated to have fallen from $1.3 billion in December 2005 to $280 million in June 2006. 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. Horie said he would not participate in the company's management again. Though indicted on charges of fabricating financial reports and spreading false information to investors, he continued to assert his innocence. His trial for securities