Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Posts Tagged ‘Olympus

Commerzbank joins the billion-dollar-fine club

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The newest member of the elite club of banks that write billion dollar checks to settle up with the regulators is Commerzbank AG, the second largest bank in Germany.

After reading several reports on the billion and a half settlement, it seems to me that their corporate culture, at the core personality level, is to be not overly concerned about complying with US law.

The two primary issues are aiding and abetting the billion-dollar Olympus fraud and processing a quarter billion dollars of wire transfers for Iranian and Syrian customers banned from the US banking system.

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Written by Jim Ulvog

March 13, 2015, 10:28 am at 10:28 am

Posted in Other stuff

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Olympus sued by 6 banks over accounting fraud; largest in a series of suits

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Bloomberg reports Olympus Sued for $273 Million After 13-Year Fraud.

Six banks filed suit claiming 27.9 billion yen ($273M) damages from the drop in stock price after the fraud was disclosed.

The article says Olympus was sued in November 2012 by a group of investors. That claim was for 19.1B Yen ($186M). That one had been preceded by 14 other suits.

Written by Jim Ulvog

April 16, 2014, 8:43 am at 8:43 am

Posted in Fraud

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Olympus back in news – will face fraud charges in England

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The British Serious Fraud Office (SFO) will prosecute Olympus and its sub in England, Gyrus, for fraud.

The Olympus press release on this page says the SFO will bring criminal charges against the company. The statement says: Read the rest of this entry »

Written by Jim Ulvog

September 4, 2013, 9:20 am at 9:20 am

Posted in Accounting, Fraud

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Suspended sentences for senior Olympus officials in $1.7B fraud

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Suspended sentences all around.

The Bloomberg report, Ex-Olympus Chairman Gets Suspended Sentence for Fraud, says the three senior staff charged a year ago received suspended sentences after their guilty pleas.

The individuals and their sentences: Read the rest of this entry »

Written by Jim Ulvog

July 3, 2013, 12:02 pm at 12:02 pm

Posted in Audits, Fraud

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My guest post at re: The Auditors is at the top of the list for her favorites of 2012

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Wow! My guest post on the Olympus fraud, How Do You Hide A Multibillion Dollar Loss? Accounting For The Olympus Fraud, (link below) is at the top of Francine McKenna’s list of favorite posts for 2012.

Her comment: Read the rest of this entry »

Written by Jim Ulvog

January 1, 2013, 13:53 pm at 1:53 pm

Posted in Accounting, Audits, Fraud

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Olympus scandal – the CEO’s bio is released

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Exposure: Inside the Olympus Scandal: How I Went from CEO to Whistleblower“, from the former Olympus CEO Michael Woodford is out this week.

The first review I’ve seen is at The EconomistPaying a price for doing what’s right.

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Written by Jim Ulvog

November 28, 2012, 8:02 am at 8:02 am

Posted in Audits, Fraud

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Former president of Olympus and two others plead guilty

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Associated Press reports the ex-president pled guilty to securities law violations. Two other senior staff pled guilty as well.

The AP report can be found in the Wall Street Journal article, Ex-President of Japan’s Olympus Pleads Guilty.

The Reuters report can be found in the New York Times article, Guilty Pleas in Trial Over Olympus Scandal.

The three individuals pleading guilty:

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Written by Jim Ulvog

September 25, 2012, 7:45 am at 7:45 am

Posted in Fraud

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