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Banker sent to New York to face charges in Olympus fraud case

Dec 24 2012 Reuters

A former Singapore banker accused of helping "liquidate" hundreds of millions of dollars in an accounting fraud at Japan's Olympus Corp was ordered to face charges in New York after he was arrested in Los Angeles. Chan Ming Fon, a one-time bank vice president, was ordered held without bail by U.S. District Judge Patrick J. Walsh and transported to New York. Chan, who resides in Singapore and is a citizen of Taiwan, is the latest executive and first from outside Japan to be indicted in the $1.7 billion accounting cover-up at the camera and medical equipment maker. "My client is looking forward to going to New York to address the charges as quickly as possible," said his attorney, David Grable, in the Los Angeles office of Quinn Emanuel Urquhart & Sullivan. Chan is charged with one count of conspiracy to commit wire fraud, which carries a maximum penalty of 20 years. “The defendant had a direct role in the secret liquidation of hundreds of millions of dollars of Olympus investments.

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