Ex-Banker Nabbed Over Role In $2B Olympus Accounting Scam

Law360, New York (December 20, 2012, 9:30 PM EST) -- A former banking executive in Singapore was arrested in Los Angeles over his alleged role in the $1.7 billion accounting scandal at Tokyo-based medical device and camera maker Olympus Corp., New York prosecutors said Thursday.

Chan Ming Fon, 50, was arrested Thursday after he admitted to being paid more than $10 million for his role in the scheme that deceived investors and auditors about the financial health of Olympus, which has previously admitted to hiding massive losses through a series of sham transactions, according to the...
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