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Banker arrested for 'direct role' in Olympus accounting scandal

Published on Dec 21, 2012 9:23 AM

LOS ANGELES (REUTERS) - Banker Chan Ming Fon was arrested in Los Angeles and accused of helping "liquidate" hundreds of millions of dollars in the Olympus accounting scandal, one of the worst corporate frauds in Japan's history.

Chan, who resides in Singapore and is a citizen of Taiwan, was scheduled to appear on Thursday in federal court in Los Angeles, US authorities said.

"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.

Chan is charged with one count of conspiracy to commit wire fraud, which carries a maximum penalty of 20 years.

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