Former execs of AI developer Alt found guilty of window dressing

The Tokyo District Court on Monday found two former executives of artificial intelligence developer Alt guilty of window dressing in violation of the financial instruments and exchange law. The Tokyo District Court on Monday found two former executives of Japanese artificial intelligence developer Alt guilty of window dressing in violation of the financial instruments and exchange law. Former executive officer Katsuya Asai, 46, and former treasury and accounting division chief Takayuki Ariizumi, 53, were both sentenced to three years in prison, suspended for five years. The Tokyo-based company was fined ¥300 million ($1.89 million). Noting that fictitious sales at the firm reached about ¥11 billion in total, Judge Shoji Miyata said, "The window-dressing rate was extremely high, and the company achieved a stock listing that should not have been approved."