Ex-Banker Admits To Hiding Money In $1.7B Olympus Fraud
By Richard Vanderford (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 SA.
"I and the Olympus Corp. planned and carried out a series of transactions designed...
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