Olympus Scandal Gets Guilty Pleas

The story of fraud at Olympus and whistleblower Michael Woodford that we have been reporting on since October of 2011, is finally wrapping up. Yesterday several members of the board who were arrested after resigning, have now entered guilty pleas with the courts. If found guilty for fraud, and they likely will be considering their admission of guilt, they could get 10 years in prison and fines of $128,000.

The discovery of cooking the books by the high ranking Olympus officials spanning a decade, caused the stock prices to plunge for Olympus. They lost over a billion dollars in 4 days and ended up having to sell portions of the company to rivals like Sony.

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