On Air Now

Listen

Listen Live Now » 101.1 FM Green Bay, WI

Weather

Current Conditions(Green Bay,WI 54303)

More Weather »
67° Feels Like: 67°
Wind: W 9 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Scattered Thunderstorms 62°

Tomorrow

Thunderstorms 76°

Sun Night

Scattered Thunderstorms 53°

Alerts

Banker arrested in Olympus probe

A man sits near a logo of Japan's Olympus Corp at the company headquarters in Tokyo June 19, 2012. O REUTERS/Yuriko Nakao
A man sits near a logo of Japan's Olympus Corp at the company headquarters in Tokyo June 19, 2012. O REUTERS/Yuriko Nakao

By Erin Geiger Smith

(Reuters) - A former bank vice president was arrested Thursday for his alleged participation in a scheme to misrepresent the financial condition of Olympus Corp, federal authorities said.

The man, Chan Ming Fon, is scheduled to appear Thursday in federal court in Los Angeles.

"The defendant had a direct role in the secret liquidation of hundreds of millions of dollars of Olympus investments. He then waged a six-year campaign to conceal that misdeed by lying, certifying to auditors that the investments still existed years after liquidation," said FBI Assistant Director-in-Charge George Venizelos.

Fon is charged with one count of conspiracy to commit wire fraud.

Federal authorities did not name the bank where Fon worked.

In September, Olympus Corp and three of its former employees pleaded guilty over charges related to a $1.7 billion accounting cover-up in one of Japan's biggest corporate scandals.

(Reporting By Erin Geiger Smith; Editing by Gary Hill)

Comments