After completing the fake sales, Olympus executives had to figure out a way to pay for the bank loans. To do this, the company hired Axes America LLC, a registered financial adviser, partially owned by Sagawa. Sagawa was a registered representative, founding member and minority owner of Axes America, LLC. as well as its president and CEO from 2007 to 2010 -- during this time Sagawa lived in New York, Connecticut and Florida. Olympus then overpaid Axes in advisory fees and expected Axes to transfer the excess to the off-balance sheet entities in the Caymans and British Isles. By doing this, the entities were able to pay back the bank loans.
Established in October of 1919, Olympus Corp is a Japanese corporation that sells medical equipment. The company posted a profit of $273 million in the April-December period. In the mid-1980's, to combat the sharp rise in the Japanese yen, Olympus’s management supplemented income with "zaiteku", a Japanese word for speculative investments. Olympus’ ordinary shares are listed on the Tokyo Stock Exchange at approximately ¥4,305 or $36 (ADR: OCPNY).
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