Ex-Olympus Chief, 6 Others Arrested Over Accounting Scheme

Law360, New York (February 16, 2012, 1:12 PM EST) -- Japanese authorities on Thursday reportedly arrested former Olympus Corp. Chairman and President Tsuyoshi Kikukawa and six other individuals allegedly tied to the massive accounting fraud that a top-level whistleblower helped expose at the camera and medical device maker.

Kikukawa was arrested along with two other former Olympus executives — one-time Executive Vice President Hisashi Mori and Hideo Yamada, the former company auditor — for potentially having falsified financial statements, the New York Times reported, citing a statement from the Tokyo prosecutor's office.

Former Nomura investment bankers...
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