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Whistleblower Wins $51M in Medical Device Kickback Case

Ex-compliance officer for Olympus says doctors, administrators got grants, trips

(Newser) - A whistleblower who worked for Olympus Corporation of the Americas for 20 years will receive $51 million from the company after it admitted to a scheme of bribery and kickbacks and agreed Tuesday to pay $646 million in fines, CNNMoney reports. John Slowik was named the company's compliance officer... More »

Teen Battling 'Superbug' Was Infected Twice

2 patients at Ronald Reagan UCLA Medical Center have died

(Newser) - Two of seven patients infected by a "superbug" at an LA hospital have died, and now an 18-year old is battling to keep from being the third. According to the AP , the teen had gone to Ronald Reagan UCLA Medical Center late last year to undergo a procedure that... More »

Sochi's Olympic Flame Lit —With the Sun

Torch begins 40K-mile trek to Russia's Winter Olympics

(Newser) - The sun's rays were harnessed today to spark the flame that will travel some 40,000 miles to kick off Sochi's 2014 Olympic Games, reports the BBC , in a ceremony held in Olympus, Greece. The flame first passed to Russian hockey sensation Aleksandr Ovechkin, who carried the torch... More »

Olympus Exec Found Hanged in Park

Troubled firm's India director dead in apparent suicide

(Newser) - A top executive of scandal-plagued Japanese firm Olympus has been found hanged in a park in India in an apparent suicide. The body of Tsutomu Omori, chief of the company's medical equipment business in India, was found hanging from the park's boundary wall, Reuters reports. Police found what... More »

Ex Olympus Execs Arrested Over Cover-Up

Ex-chairman, others implicated in $1.5B loss dating to '90s

(Newser) - Japanese prosecutors today arrested three former Olympus executives, including the company's ex-chairman, over their alleged roles in orchestrating a cover-up of massive losses at the camera and medical equipment maker. Former chair Tsuyoshi Kikukawa, along with executives Hideo Yamada and Hisashi Mori, were arrested on charges of violating securities... More »

Buffet: Eurozone Not Working

Billionaire investor hails Japanese business during Fukushima visit

(Newser) - The European debt crisis has exposed serious problems in the 17-country Eurozone that will require radical changes to fix, warns Warren Buffett. There is a "major flaw in the euro system," the billionaire investor said yesterday while on his first visit to Japan. "That flaw won't... More »

Missing Olympus Billions Tied to Yakuza Crime Gangs

$4.9B unaccounted for at Japanese firm

(Newser) - To make a serious financial scandal much, much worse, simply quadruple the sums involved and add gangsters. Investigators probing the shady accounting at Japanese camera maker Olympus believe that in addition to the $1.4 billion the firm paid in merger fees to mask losses, some $4.9 billion is... More »

Olympus Admits Hiding Decades of Losses

Accounting shenanigans could doom Japanese firm

(Newser) - Olympus has done an about-face after weeks of denials, and admitted to financial wrongdoing on a scale that could doom the Japanese camera and medical equipment maker. The company has admitted that it used acquisitions to hide over $1 billion in investment losses dating back to the 1990s, the New ... More »

8 Stories