Olympus executives arrested

The former chairman of Olympus Corp. and two other former executives have been arrested in Tokyo for their alleged involvement in a $1.7 billion accounting fraud.

Allegedly, since the 1990s, the company had been hiding losses in false financial reports. When a new CEO at Olympus, Michael Woodford, questioned the dubious transactions, he was subsequently fired last October. The company has since lost more than 75% of its share value.

“After going to hell and back, this is a day to remember.”
— Former CEO Michael Woodford, Reuters, February 16, 2012.

Sources: CNN, Wall Street Journal.