Toshiba under investigation by Uncle Sam over allegations of hiding $1.3 billions in losses

Toshiba Corp. is under investigation by the U.S. government over allegations that it hid $1.3 billion in losses at its nuclear power operations. The Department of Justice and Securities and Exchange Commission are looking into whether fraud was committed over allegations that it hid $1.3 billion in losses at its nuclear power operations, according to reports in The Chicago Tribune and other publications.  Other allegations include those that the company falsified financial statements and documents involving its issuance of corporate bonds.

U.S. authorities are said to be examining made a 334-page which alleged that some in senior levels may have been complicit in padding profits for almost seven years. It led to the resignations of top officials, including Hisao Tanaka, Toshiba’ president and chief executive officer.

Jeffrey Newman represents whistleblowers