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Former Olympus chairman Tsuyoshi Kikukawa comes down from the mount, into police custody
If you've been following the latest camera industry accounting scandal, then you're probably well aware that all is not well at Olympus. The Japanese company took its latest blow today when former chairman Tsuyoshi Kikukawa was arrested in Tokyo on suspicion of having falsified financial statements. The Tokyo prosecutor's office released a statement saying that two other former execs were also brought into police custody, including Hisashi Mori, a former executive vice president, and Hideo Yamada, a former auditor. Olympus is also faced with the possibility of being delisted from the Tokyo Stock Exchange -- the decision has been deferred awaiting further evidence. So what does all this mean for the scandal-ridden camera maker's position in the industry? Little, perhaps, from a consumer perspective, considering that Olympus has continued to announce and ship new products, including the well-received EM-5. The fate of its former executives, however, is less auspicious.
Olympus' Tokyo offices raided over accounting scandal
Eke. A nearly-century old outfit is currently giving up office space to Japanese prosecutors, who today moved in on Olympus' Tokyo facilities in a raid surrounding an ongoing accounting investigation. According to reports from The Wall Street Journal and Reuters, the scandal involves many billions of dollars -- "irregularities" that have raised serious concerns about the outfit's handling of funds. It's bruited that the company has been running a scheme to conceal over $1.5 billion in investment losses, and we're told that the raid should pass right on through Olympus' headquarters and into the "homes of executives involved in the cover-up." All of this follows an admission last month that the firm had used "inflated payments made in acquisitions in recent years," and while it remains unclear what all of this means for its future, there's no doubt a few dark months are ahead as things sort themselves out. So much for looking pretty for the camera, eh?
Console hacker arrested, faces up to ten years in jail
Just when you thought it was safe to get out your soldering irons, Immigration and Customs Enforcement wants you to know that its agents are still out there, on the lookout for for even more mod chip-wielding nogoodniks and their non-DMCA compliant consoles. According to the AP, a 27-year-old CSU student named Matthew Crippen was recently arrested for "modifying Xbox, PlayStation and Wii consoles in violation of the Digital Millennium Copyright Act" and released Monday on $5,000 bond. The dime was dropped on this perp by the Entertainment Software Association, and the raid conducted by Customs agents sometime in May. He will be arraigned on August 10th, and if convicted, he faces up to 10 years in prison. Let this be a lesson to you: while the ICE may have its hands full with human slavery, drug trafficking, transnational gangs, and stolen artifacts, there is always time to make an example out of a man that knows his way around the inside of a Playstation.
Mod chip raid victim details the experience
While US Immigrations and Customs Enforcement are remaining tight-lipped about what exactly they have seized thus far, a certain modder has come forward to depict his story and explain the experience of getting raided by the fuzz. After agents woke up his grandmother and perused her domicile with a warrant in hand, they confiscated a number of consoles and spare parts around the house before heading out to find the man behind FallsInc. Once locating him at his girlfriend's dwelling, they persuaded him to hand over everything even remotely related to modding, and he was left with "nothing of worth" outside of a computer monitor and his vehicle. Unsurprisingly, the culprit (or victim, depending on perspective) feels that his "life was taken away by a ludicrous interpretation of the DCMA" as the "little guy" was taken down while mass piraters remain at large. To read his whole account, be sure and tag the read link.
