21 Dec '12, 12am

Ex-Singapore Banker Fon Arrested in U.S. Over Olympus Fraud

Ex-Singapore Banker Fon Arrested in U.S. Over Olympus Fraud

A former Singapore banker who allegedly helped Olympus Corp. (7733) engage in what U.S. prosecutors said was a $1.7 billion accounting fraud was arrested in California . Chan Ming Fon was arrested in Los Angeles yesterday and faces U.S. fraud charges in New York, Preet Bharara, U.S. Attorney in New York City, said in a statement. Chan, a citizen of Taiwan who lives in Singapore, made an initial appearance in federal court in Los Angeles yesterday. Olympus, a Tokyo-based camera and endoscope maker, restated five years of earnings last year and took a $1.3 billion cut in its net assets after admitting it paid inflated fees on takeovers and overpaid for three Japanese companies to conceal past investment losses. On Sept. 25, former Olympus executives including ex-Chairman Tsuyoshi Kikukawa pleaded guilty in Japan to hiding losses in one of Japan’s biggest frauds. “Chan Ming F...

Full article: http://www.bloomberg.com/news/2012-12-20/ex-bank-vice-pre...

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