The Olympus affair is likely to set in train a fairly thorough and far-reaching strengthening and tightening of Japanese codes of conduct, laws and regulations, and criminal and civil remedies to deal with false financial reporting, non-disclosure, and due diligence requirements for company auditors, and stricter and more intrusive regulation by government agencies and securities exchanges.

FORBES: Olympus and "Honor"

These recommendations include: A Simple Due Diligence Disclosure Document, Management Attestation, Standardized Financial Reporting Requirement, and Consistent Regulation of Financial Intermediaries.

FORBES: Equity Crowdfunding Portals Hit the Desert to Prep for 2013 Launches

Whistleblowers are reporting that accounting and disclosure fraud is still occurring and probably happening more than any other financial crime.

FORBES: The SEC And Accounting Fraud Enforcement: No "There" There

In order for crowdfuding to work without disastrous results, the government will have to, among other things, mandate that entrepreneurs seeking funds provide as much disclosure as possible, clearly define investor rights, and possibly commit to a specific schedule of financial reporting or business updates to ensure proper communication between the crowdfunding entities and investors.

FORBES: Crowdfunding: Potential Legal Disaster Waiting To Happen