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Ex-bank executive pleads guilty in Olympus fraud

September 18, 2013
Associated Press

NEW YORK (AP) — A former bank vice president has pleaded guilty to a fraud charge in New York, admitting he helped former Olympus Corp. executives carry out a fraud involving several hundred million dollars.

Chan Ming Fon (fohn) pleaded guilty in Manhattan on Wednesday to federal conspiracy to commit wire fraud. He said he assisted the executives as they misrepresented the financial condition of the medical device-and-camera maker.

The Taiwanese citizen and Singapore resident reached a cooperation deal after his December arrest in Los Angeles.

Prosecutors say Chan managed a fund that held a bond investment portfolio belonging to Olympus.

The government says Olympus executives directed Chan to transfer the investment portfolio to an Olympus-controlled entity. Prosecutors say the illegal transfer let Olympus appear stronger financially than it was.

 
 

 

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