The Tokyo District Court on Friday found Chikako Yamada, the former president of failed travel agency Tellmeclub, guilty of falsifying her company's financial records to fraudulently receive funding from two banks. She was sentenced to six years in prison.

Yamada and her then-subordinate Toshiyuki Sasai doctored the company's financial statements with non-existent profits in order to receive funding totaling about ¥540 million from Sumitomo Mitsui Banking Corp. and Higashi-Nippon Bank.

She was also found guilty of hiding ¥10 million from her lawyers and claiming she had only about ¥570,000 in cash when filing for personal bankruptcy in April last year.