Billionaire Japanese developer Yoshiaki Tsutsumi has resigned as an "honor member" of the International Olympic Committee following his arrest on charges of financial misconduct.
The 70-year-old Tsutsumi is ensnared in fraud charges involving one of his businesses, for which he could go to jail.  The IOC said Tsutsumi cited his "personal circumstances" in submitting his resignation letter.
The committee accepted the resignation and called off an ethics probe that could have led to Tsutsumi's expulsion.  He was suspended from his ceremonial IOC post last week by the executive board.

Tsutsumi was instrumental in bringing the 1998 Winter Olympics to Nagano, Japan.  He was appointed in 2000 to the IOC post.  "Honor" members are invited to attend IOC meetings but do not have voting rights.

There are three other honor members of the IOC, including former U.S. Secretary of State Henry Kissinger.

Some information for this report provided by AP.