Ex-Banker Admits To Hiding Money In $1.7B Olympus Fraud

Law360, New York (September 18, 2013, 10:42 PM EDT) -- A former banking executive in Singapore pled guilty Wednesday to conspiring to help medical device and camera maker Olympus Corp. hide money as part of a $1.7 billion accounting fraud.

Chan Ming Fon admitted that he helped conceal hundreds of millions of dollars in off-the-books loans made to two Olympus-controlled companies, entering a plea at a hearing before U.S. District Judge Laura Taylor Swain. Though prosecutors have not disclosed who Chan worked for, his lawyer said he was previously employed at Commerzbank AG and Societe Generale...
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