Ex-banker arrested in U.S. over Olympus fraud

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  • 4

    smithinjapan

    It's always so much better when these guys get caught overseas and their domestic laws can't protect them. I've heard NOTHING about jail time for Kikukawa or others instrumental in the scams, but now this guy could face 20 years if convicted. Let's hope the others see more of the same.

  • 3

    Badge213

    Just because someone is NOT a us citizen or resident doesn't make them immune to US laws. If you as a Japanese or claiming to be Japanese, commit a crime in the US, you are subject to US laws just like anyone else.

    Mr. Chan funneled millions of those dollars through US financial institutions, mainly in and around New York, which is why the Federal charge of Conspiracy to Commit Wire Fraud was issued against him in New York. Before you jump the gun and start blaming folks for everything, check all the facts first.

  • 2

    GW

    Yuri,

    You need to pay better attention, this was FRAUD committed by a J-company in SEVERAL countries, NOT just Japan or did you forget about that company in the UK that Olympus paid a fortune for.......................just say'in

  • 1

    wipeout

    It's always so much better when these guys get caught overseas and their domestic laws can't protect them. I've heard NOTHING about jail time for Kikukawa or others instrumental in the scams, but now this guy could face 20 years if convicted.

    How long is your list of bankers who face jail time after the financial disaster in 2008? The international community hasn't exactly been zealous in hunting them down and putting them in jail, has it?

  • 1

    badsey3

    http://www.taxrates.cc/html/cayman-islands-tax-rates.html

    There is no income tax, corporate tax, sales tax, capital gains tax, wealth tax, inheritance tax, property tax, gift tax or any other kind of direct taxation in Cayman Islands.

    The Cayman Islands does not have a tax treaty with any country. Income received in the Cayman Islands from abroad may be subject to taxation in the country of origin.

    Many of these companies incorporated in the Cayman Islands moved due to SEC pressure (e.g. Garmin moved to Switzerland in 2010).

    Island of Guernsey is another. http://en.wikipedia.org/wiki/Listofoffshorefinancialcentres (USA listed because of Delaware/Nevada corporations)

    =You have one rate of tax for the rich and the super-rich barely if ever pay any taxes. The normal person (Japan/USA) get hits hard with 30-50% taxes and in austerity (Spain/Portugal/Ireland) countries you are looking at more. Scotland had taxes in the 90% rate for sometime =Jackie Stewart/Sean Connery left to Switzerland/Bahamas.

  • 0

    GW

    And mean while on the Japan front!...........................................

    NOTHING but deadly silence!!!

  • 0

    alliswellinjapan

    All these ex-bankers involved must have felt safe in joining the ride having been bribed by a reputable company the size of Olympus. Still cannot believe this is something that actually happened.

  • 0

    Newsman

    I wrote on 6 December last year, "This "little-known" financial adviser has been identified as such for some time now. I think it is high time AP, or some other news organization, get to work and start knowing more about this person. Or can $687 million buy anonymity?" Glad to know the wheels of justice have finally turned!

  • 0

    GW

    Yuri,

    If someone commits crimes & they are outside the jursidiction there are a couple options, one is extradition if its an option, the other is to arrest if the suspect ever returns to the jurisdiction where crime is said to occur, pretty simple stuff really.

    The latter the charges are often NOT publicised so as to alert suspects to possible arrest, appears this is how Chan got picked up

  • -1

    ubikwit

    At least the narrative has finally traced out a thread to the Caymans, and this is the first I've heard of Chan, with two more banks and two more countries mentioned.

  • -7

    YuriOtani

    The fraud was committed in Japan on a Japanese company. The money was sent to the Caymen islands, so how is the United States involved? This man is not even a US citizen or resident but the US is sticking it's nose in other peoples business again.

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