Tensions escalated until October 14 when at a board meeting Woodford was fired by a unanimous vote . NEW : Seven men arrested in connection with $ 1.7 billion Olympus Corp fraud . The investigation is being led by the Tokyo Metropolitan Police Department and involves a total of seven suspects. Company executives hid $ 1.7 billion in losses in bad investments from the 1990s . Ex-CEO Michael Woodford was fired in October when he questioned shady transactions .
NEW : Seven men arrested in connection with $ 1.7 billion Olympus Corp fraud . The investigation is being led by the Tokyo Metropolitan Police Department and involves a total of seven suspects. Company executives hid $ 1.7 billion in losses in bad investments from the 1990s . Ex-CEO Michael Woodford was fired in October when he questioned shady transactions .