BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Investments - Private
- Features/Scandals
- Companies
- Technology/Internet
- Rules & Regulations
- Crimes
- Investments
- Bad Advisors
- Boiler Rooms
- Hirings/Transitions
- Terminations/Cost Cutting
- Regulators
- Wall Street News
- General News
- Donald Trump & Co.
- Lawsuits/Arbitrations
- Regulatory Sanctions
- Big Banks
- People
TRENDING TAGS
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
ABOUT FINANCIALISH
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
SUBSCRIBE FOR
NEWSLETTERS & ALERTS
Olympus Whistleblower To Face SEC Questions
November 18, 2011
U.S. investigators, including the SEC, have asked to question former Olympus Corp.
President Michael C. Woodford again in a federal probe of hundreds of millions of dollars in advisory fees paid by the Japanese company. Woodford, the whistleblower was fired after he asked the Olympus board to review the payments made as part of acquisitions. Last month he met with FBI agents and prosecutors from the complex fraud unit of Manhattan U.S. Attorney Preet Bharara, in New York, where he turned over documents that included a PriceWaterhouseCoopers LLP report that he commissioned as president into the payments, according to the person, who didn’t want to be identified because the matter isn’t public.
The next meeting with U.S. authorities, which may take place as early as this month, would be the first to involve investigators from the SEC. Regulators are interested because Olympus’s American depositary receipts are traded in the U.S., the person said.
The request of Woodford may indicate a heightened interest by the U.S. government in Olympus after the company admitted last week that three executives colluded to hide losses from investors. The company first denied there was any wrongdoing involving $687 million in advisory fees paid on the $2 billion acquisition of Gyrus Group Plc in 2008, and later said it paid inflated fees to advisers to hide losses.
Olympus also faces ongoing investigations in the U.K. and Tokyo. For more info, go to: [reuters 11/18/11]
President Michael C. Woodford again in a federal probe of hundreds of millions of dollars in advisory fees paid by the Japanese company. Woodford, the whistleblower was fired after he asked the Olympus board to review the payments made as part of acquisitions. Last month he met with FBI agents and prosecutors from the complex fraud unit of Manhattan U.S. Attorney Preet Bharara, in New York, where he turned over documents that included a PriceWaterhouseCoopers LLP report that he commissioned as president into the payments, according to the person, who didn’t want to be identified because the matter isn’t public.
The next meeting with U.S. authorities, which may take place as early as this month, would be the first to involve investigators from the SEC. Regulators are interested because Olympus’s American depositary receipts are traded in the U.S., the person said.
The request of Woodford may indicate a heightened interest by the U.S. government in Olympus after the company admitted last week that three executives colluded to hide losses from investors. The company first denied there was any wrongdoing involving $687 million in advisory fees paid on the $2 billion acquisition of Gyrus Group Plc in 2008, and later said it paid inflated fees to advisers to hide losses.
Olympus also faces ongoing investigations in the U.K. and Tokyo. For more info, go to: [reuters 11/18/11] 
