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Nov 18, 2011

Ex-UBS banker sentenced for aiding U.S. tax evasion

MIAMI (Reuters) – A former senior UBS banker who helped the U.S. government expand its crackdown on offshore tax evasion was sentenced to five years probation on Friday for advising wealthy Americans on ways to hide their money from U.S. tax authorities.

Renzo Gadola, who worked at Swiss bank UBS AG from 1995 to 2008, pleaded guilty in December to charges of conspiracy to defraud the United States.

Nov 15, 2011

Olympus accounting tricks queried back in 1990s

TOKYO/MIAMI (Reuters) – An investment banker raised concerns about dubious accounting at Japan’s disgraced Olympus Corp as long ago as the 1990s, after he discovered it was using Bermuda-based funds to “invent” assets and patch up its balance sheet, he told Reuters.

The banker’s concerns, which he says were discussed inside Wall Street bank PaineWebber, his employer at the time and the arranger of Bermuda schemes for Olympus, is one of the earliest red flags known to have been raised over the Japanese company’s accounting irregularities, which continued for two more decades.

Nov 15, 2011

Exclusive: Olympus accounting tricks queried back in 1990s

TOKYO/MIAMI (Reuters) – An investment banker raised concerns about dubious accounting at Japan’s disgraced Olympus Corp as long ago as the 1990s, after he discovered it was using Bermuda-based funds to “invent” assets and patch up its balance sheet, he told Reuters.

The banker’s concerns, which he says were discussed inside Wall Street bank PaineWebber, his employer at the time and the arranger of Bermuda schemes for Olympus, is one of the earliest red flags known to have been raised over the Japanese company’s accounting irregularities, which continued for two more decades.

Oct 22, 2011

Exclusive: Olympus trail reaches elusive banker’s Florida home

BOCA RATON, Florida (Reuters) – A former Wall Street banker of Japanese descent has emerged as a key figure in the scandal engulfing Japanese blue-chip company Olympus Corp (7733.T: Quote, Profile, Research, Stock Buzz), according to documents provided by the company’s ex-CEO.

The veteran banker, Hajime ‘Jim’ Sagawa, owned an obscure U.S. financial firm that was hired by the camera and endoscope maker five years ago to provide what later turned out to be stunningly expensive advice, a fee of $687 million, the documents show.

Oct 21, 2011

Exclusive-Olympus trail reaches elusive banker’s resort home

BOCA RATON, Florida (Reuters) – A former Wall Street banker of Japanese descent has emerged as a key figure in the scandal engulfing Japanese blue-chip firm Olympus Corp, according to documents provided by the firm’s ex-CEO.

The veteran banker, Hajime ‘Jim’ Sagawa, owned an obscure U.S. financial firm which was hired by the endoscope-maker five years ago to provide what later turned out to be stunningly expensive advice, a fee of $687 million (435 million pounds), the documents show.

Oct 21, 2011

Olympus trail reaches elusive banker’s resort home

Oct 21 (Reuters) – A former Wall Street
banker of Japanese descent has emerged as a key figure in the
scandal engulfing Japanese blue-chip firm Olympus Corp (7733.T: Quote, Profile, Research),
according to documents provided by the firm’s ex-CEO.

The veteran banker, Hajime ‘Jim’ Sagawa, owned an obscure
U.S. financial firm which was hired by the endoscope-maker five
years ago to provide what later turned out to be stunningly
expensive advice, a fee of $687 million, the documents show.

Oct 12, 2011

Florida says more work needed in foreclosure talks

MIAMI, Oct 12 (Reuters) – Florida’s attorney general
dismissed media reports that a final settlement is imminent in
multi-state negotiations over alleged foreclosure abuses by
U.S. banks.

Florida Attorney General Pam Bondi also said states that
have pulled out of the negotiations should return to bolster
any deal. Federal, state and bank officials are expected to
hold another round of negotiations in Washington on Thursday.

Sep 26, 2011

Deloitte sued for $7.6 billion, accused of missing fraud

By Kevin Gray

(Reuters) – Deloitte Touche Tohmatsu Ltd DLTE.UL, the world’s largest accounting and consulting firm, was accused on Monday of failing to detect fraud during its audits of one of the biggest private mortgage firms to collapse during the U.S. housing crash.

A trust overseeing the bankruptcy of Taylor, Bean & Whitaker Mortgage Corp, or TBW, and one of the company’s subsidiaries filed complaints in a Miami Circuit Court claiming a combined $7.6 billion in losses.

Sep 26, 2011

Deloitte accused of missing fraud at mortgage firm

Sept 26 (Reuters) – Deloitte Touche Tohmatsu Ltd
[DLTE.UL], the world’s largest accounting and consulting firm,
was accused on Monday of failing to detect fraud during its
audits of one of the biggest private mortgage firms to collapse
during the U.S. housing crash.

A trust overseeing the bankruptcy of Taylor, Bean &
Whitaker Mortgage Corp, or TBW, and one of the company’s
subsidiaries filed complaints in a Florida court claiming a
combined $7.6 billion in losses.

Sep 25, 2011

Quest in jeopardy after jellyfish stings U.S. swimmer

MIAMI (Reuters) – U.S. long-distance swimmer Diana Nyad’s quest to become the first person to swim from Cuba to Florida without a shark cage was thrown into doubt late on Saturday after she was stung in the face and eyes, apparently by jellyfish, in the Florida Straits, her team said.

Nyad, 62, departed from the Cuban capital of Havana on Friday evening on her quest to make the 103-mile (166-km) crossing through shark-infested waters, a grueling swim expected to last around 60 hours.