Wall St. drifts before long weekend; consumer stocks up
U.S. stocks ended little changed on Friday ahead of the long holiday weekend, though indexes ended a two-week streak of losses and consumer shares were strong for a second day.
NEW YORK A former Singapore banker charged with helping Japan's Olympus Corp (7733.T) engineer a $1.7 billion accounting fraud was granted bail by a U.S. judge on Friday.
Chan Ming Fon, a Taiwan citizen who lives in Singapore, may be released on $5 million bail, secured by $1 million of cash and $4.5 million of properties, according to an order by U.S. District Judge Laura Taylor Swain in Manhattan.
The former Commerzbank AG (CBKG.DE) and Societe Generale (SOGN.PA) banker had been arrested on December 20 in Los Angeles.
Prosecutors said that over six years, Chan helped secretly liquidate hundreds of millions of dollars of Olympus investments, and then lied to auditors by certifying that the investments still existed.
The defendant was paid $10 million by Olympus or entities controlled by the company for his role, prosecutors added.
Chan was charged with one count of conspiracy to commit wire fraud, which carries a maximum penalty of 20 years.
Bail conditions also require him to stay at a residence in New York, and be electronically monitored.
Chan is the first executive from outside Japan to be indicted over the accounting at Olympus, a 93-year-old maker of cameras and medical equipment.
The accounting fraud was exposed in 2011 by then-Chief Executive Michael Woodford, who was fired after questioning transactions later found to have been used to hide losses. Olympus eventually restated five years of results.
The case is U.S. v. Chan, U.S. District Court, Southern District of New York, No. 13-cr-00052.
(Reporting by Jonathan Stempel in New York; Editing by Bob Burgdorfer and Richard Chang)
TORONTO The Toronto Stock Exchange's efforts to win a slice of the massive Saudi Aramco public listing plays up the country's deep experience in natural resources as part of a broader offer to help the kingdom with its shift away from oil dependence.
Billionaire Carlos Slim is looking to sell a minority stake in Telesites SAB de CV , the Mexican wireless tower company that he controls, people familiar with the matter said on Friday.