February 16, 2012, seven people connected to the scandal ridden Olympus have been arrested in Japan!

Those arrested include an adviser who instructed Olympus executives how to hide $1.2 billion in losses from investors and regulators, and it includes a former Olympus president, Tsuyoshi Kikukawa.

It also includes a former vice president, and a former auditor.  One of the charges is that Olympus filed false securities reports.  At least two of the arrested have already plead guilty!

The scandal at Olympus was revealed by a former executive of Olympus, who was fired for questioning suspicious bookkeeping.