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Three former Olympus executives avoid jail time for $1.7Bn fraud

07/03, 5:49am

Inheritance of fraud from previous company heads caused lower sentences

Former bosses at Olympus have avoided going to prison over the $1.7 billion accounting fraud scandal. Tsuyoshi Kikukawa, a previous chairman at the camera company, and auditing officer Hideo Yamada received three year sentences that are suspended for five years, while executive vice president Hisashi Mori was handed sentence for two and a half years, suspended for three.

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Fraud ring targeted Apple stores, stole $1M in goods

06/21, 10:41pm

Mastermind sentenced to up to nine years

A 29-year-old New York man and his girlfriend will serve up to 12 years in prison for creating and running a credit-card fraud ring that resulting in the illicit purchase of more than a million dollars in Apple merchandise, victimizing Apple retail stores from coast to coast. The "S3" group, which eventually grew to include 27 people, created fake credit cards based on stolen card numbers, then bought Apple gear and resold them.

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Olympus settles with ex-CEO before employment tribunal

05/29, 9:05am

Ex-CEO Woodford agrees settlement ahead of whistle-blowing trial

Olympus ex-CEO Olympus Michael Woodford has agreed to a settlement with his former employer. An employment tribunal due to run in London this week would have seen Woodford asking for 10 years pay as compensation for being fired from the camera maker, after he emerged as a whistle blower on $1.7 billion in fraudulent accounting practices over a 20-year period. According to Reuters, the undisclosed settlement is expected to be less than the $60 million originally believed to be requested.

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Scammer sells woman a wooden iPad in parking lot

08/30, 10:25pm

Painted black with Apple logo on back

A woman at a McDonald's in Spartanburg, South Carolina was tricked out of $180 and ended up with a hand-painted plank of wood masquerading as an iPad with a home-made representation of an Apple logo on the back and an iPad screen on the front due to a scam, an in-person variation of the "brick in a box" mail order swindle, MSNBC. Authorities are on the lookout for two black males, one of which has a gold tooth, who were driving a white Impala with no rims and no tinting.

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