August 19, 2017

Another former Olympus executive arrested in accounting scandal

Another former Olympus executive arrested in accounting scandal

As a dreaded accounting scandal continues to drag Olympus’ name through the mud, federal agents in the United States arrested yet another gentleman in connection with the firm’s alleged fraud. Chan Ming Fon, a citizen of Taiwan, was reportedly arrested in Los Angeles today. As the story goes, he was a former bank executive in the company, and he received some $ 10 million for his assistance in keeping nearly $ 2 billion in losses from surfacing. Preet Bharara, the United States attorney in Manhattan, said the following: “As alleged, Chan Ming Fon was handsomely paid to play an international shell game with hundreds of millions of dollars of assets in order to allow Olympus to keep a massive accounting fraud going for years.” But hey, troubles aside, at least we’ve got an E-5 sequel coming next year! Distractions! Huzzah!

Filed under: Cameras

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Via: The New York Times

Source: FBI

Engadget

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