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Media Coverage"Woodford, 51, recounted how he had just returned from Hong Kong, having fled Tokyo after a board meeting in which Olympus Chairman Tsuyoshi Kikukawa had fired him. The cause for dismissal, according to Woodford: his insistence that Olympus officials come clean about a series of questionable purchases dating to 2006, totaling $1.6 billion, none of which had been adequately reported in the company’s consolidated financial statements… Woodford, frustrated by the board’s stonewalling, had hired the accounting firm PricewaterhouseCoopers to conduct an independent audit of the suspicious transactions. For several weeks leading up to his dismissal, he had been calling the board to account for these transactions, and eventually demanded the board’s resignation. Instead, Woodford was purged. And now he was running for his life." – Bloomberg Businessweek, Feb. 16, 2012 The above excerpt comes from one of the most in-depth articles regarding Michael Woodford and the crisis at Olympus Corporation – Bloomberg Businessweek’s, “The Story Behind the Olympus Scandal,” by Karl Taro Greenfeld, published Feb. 16, 2012.
There have been many news articles written about Woodford as a whistleblower and the alleged fraud at Olympus. Here is a small sampling of them, by most recent publishing date:
Ex-Olympus CEO Woodford Settles Unfair-Firing Lawsuit
Bloomberg, May 29, 2012
New Olympus Board Faces Scrutiny CNN, April 20, 2012
Ex-Olympus CEO’s Next Gig: Books and Movies? The Wall Street Journal, March 27, 2012
Ousted Woodford Launches Olympus Lawsuit Reuters, March 1, 2012 The View from ACFE Japan on the Olympus Fraud Case ACFE Insights, Feb. 29, 2012 Top Olympus Lender Denies Board Ambush, But May Fill Chair Reuters, Feb. 22, 2012 The Story Behind the Olympus Scandal Bloomberg Businessweek, Feb. 16, 2012 Olympus Ex-Chairman Kikukawa, Six Others Arrested Bloomberg Businessweek, Feb. 16, 2012 Ex-Olympus Executives Arrested in $1.7B Scandal CNN, Feb. 16, 2012
A $1.7 Billion Fraud Born of Earnings Management and a Poor Ethical Culture ACFE Insights, Feb. 6, 2012Michael Woodford: Whistleblower of the Year The Wall Street Journal, Jan. 14, 2012 Woodford to Sue Olympus Over Firing, Drops CEO Bid Reuters, Jan. 6, 2012 To support media articles about Woodford, Olympus and any fraud-related subject matter, interviews can be arranged with key ACFE contacts, including: James D. Ratley, CFE President and CEO Association of Certified Fraud Examiners Read James Ratley’s bio Bruce Dorris, J.D., CFE, CPA, CVA Vice President and Chief Financial Officer Association of Certified Fraud Examiners Read Bruce Dorris' bioAllan Bachman, CFE Education Manager Association of Certified Fraud Examiners For media inquiries and/or to arrange an interview, please contact Scott Patterson, ACFE public relations specialist: spatterson@ACFE.com, (512) 478-9000, ext. 156.
Inside Olympus: the Fraud, the Whistleblower and the Ongoing Investigation
Michael Woodford, Olympus Whistleblower
The Cliff Robertson Sentinel Award
“I didn’t want to be a hero and put my wife and family through purgatory. But the Facta articles made these allegations, and the Japanese media and the Olympus shareholders didn’t do anything, so I had to.”
— Michael Woodford,Former Olympus CEO and whistleblower
© 2014 Association of Certified Fraud Examiners, Inc. All rights reserved.