Ex-bank executive pleads guilty in Olympus fraud

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NEW YORK (AP) A former bank vice president has pleaded guilty to a fraud charge in New York, admitting he helped former Olympus Corp. executives carry out a fraud involving several hundred million dollars.

Chan Ming Fon pleaded guilty Wednesday to federal conspiracy to commit wire fraud. He says he assisted the executives as they misrepresented the financial condition of the maker of medical devices and cameras.

Chan is a Taiwanese citizen and Singapore resident. He reached a cooperation deal after his December arrest in Los Angeles.

Prosecutors say Chan managed a fund that held a bond investment portfolio belonging to Olympus.

The government says Olympus executives directed Chan to transfer the portfolio to an Olympus-controlled entity. Prosecutors say the illegal transfer let Olympus appear stronger financially than it was.
(Copyright 2013 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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