Tag Archives: accounting

Major accounting firm Deloitte reports extensive cybersecurity breach

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Deloitte, a major US and global accounting firm, revealed that it was hit with a cybersecurity breach that may have extended from October of last year through this past March, the Guardian reports. The company -- one of the world's Big Four accountin...

‘Rick & Morty’ co-creator unveils his first VR game

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Squanchtendo Games, the recently founded VR studio from "Rick & Morty" co-creator, Justin Roiland, has just unveiled its first game: Accounting. But don't let the benign name fool you, this virtual reality experience appears to be just as ingenio...

No jail time for Olympus bosses who committed $1.7 billion accounting fraud

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No jail time for Olympus execs who committed $17 billion accounting fraud

You might think a harmless white collar crime would escape the wheels of justice. After all, what's a little $1.7 billion accounting scandal in the grand scheme of things? As it turns out, you wouldn't be far wrong: none of the three senior figures sentenced in Japan today for falsifying Olympus Corp.'s financial accounts have been sent to jail. Former Chairman Tsuyoshi Kikukawa received a three-year suspended sentence, in light of the fact that he didn't make the original decision to hide the firm's financial losses, while a former executive VP and a former auditing officer also got suspended sentences after making similar defenses. The company itself was fined $7 million.

Meanwhile, the two men accused of starting the fraud, former presidents Masatoshi Kishimoto and Toshiro Shimoyama, have escaped all charges because, as reported by Kyodo News a couple of months ago, too much time has elapsed since the original crime. Oh well. If there's any upside to this sorry saga, we guess it's the fact that the whistleblower who lost his job after exposing the scandal, former CEO Michael Woodford, eventually saw some restitution.

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Source: Bloomberg

Another former Olympus executive arrested in accounting scandal

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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!

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Via: The New York Times

Source: FBI

Former Olympus executives plead guilty in accounting fraud trial

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Former Olympus executives plead guilty in accounting fraud trial

Three executives from troubled imaging giant Olympus have pleaded guilty to artificially boosting the company's true value in 2007 and 2008 by concealing losses in financial statements. Former chairman Tsuyoshi Kikukawa, ex-auditor Hideo Yamada and former VP Hisashi Mori were charged with fraud in the scandal, which was brought to light last year by ex-CEO Michael Woodford. He was fired by the Olympus board for blowing the whistle, but reportedly received a large settlement for his troubles. The company has since confessed to cooking the books as far back as the '90s to hide investment losses, and revealed in 2011 that it had a billion dollars less in value than previously stated. That, along with the poor performance of its camera division, has forced Olympus to seek a partner or raise capital to survive.

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Former Olympus executives plead guilty in accounting fraud trial originally appeared on Engadget on Tue, 25 Sep 2012 01:40:00 EDT. Please see our terms for use of feeds.

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Olympus to settle with ex-chief exec over misconduct, may involve mountains of cash

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http://www.engadget.com/2012/05/30/olympus-settlement-ex-chief-exec-michael-woodford/

As Olympus' recent accounting scandal finally begins to wind down, the guy who blew the whistle on the financial wrongdoings might actually be the one to make out like a bandit. Michael Woodford, former chief executive of the company, has settled out of court with his former employer over his unfair dismissal that occurred just two weeks after his appointment. The settlement still has to be approved by the mostly new board (read: the other guys got arrested), but the Financial Times speculates that it'll result in £10 million ($15.5 million) being awarded to Woodford, or what's left on his contract. Company stock prices are around half of what they stood at before the scandal. Suddenly all those Facebook shares you jumped on don't look so bad.

Olympus to settle with ex-chief exec over misconduct, may involve mountains of cash originally appeared on Engadget on Wed, 30 May 2012 09:44:00 EDT. Please see our terms for use of feeds.

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