| [February 08, 2008] |
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Comprehensive Internal Investigations Are Expected as U.S. Financial Institutions Take Action to Estimate Scope of Subprime Exposure, According to Kroll Expert
NEW YORK --(Business Wire)-- As the FBI, Department of Justice and the SEC widen their investigations into the subprime mortgage business, financial institutions across the country are taking steps to understand the extent of their potential exposure - both civil and criminal. To gain this knowledge, financial institutions are either initiating or preparing to initiate internal investigations.
What steps are executives and risk managers taking to understand their potential exposure and prepare for possible Federal inquiries?
Daniel E. Karson, NY-based Executive Managing Director and Counsel at Kroll Inc., says: "These 'internal' investigation require far more than in-house interviews." He says that because there are so many avenues of potential liability financial institutions are undertaking:
-- Investigations of current and former employees and agents;
-- Background investigations of plaintiffs and experts in preparation for expected class actions;
-- Interviews of current and former employees, borrowers and agents;
-- Computer forensic examinations of desktop and laptop hard drives and servers; and
-- Forensic accounting reviews of mortgage files.
Mr. Karson has more than 30 years' experience directing investigations of business crimes and regulatory violations. His practice areas include major fraud investigations, contests for corporate control, crisis management, asset searches, gray market diversion and due diligence.
Prior to joining Kroll, Mr. Karson was general counsel and assistant commissioner of the Department of Investigation of the City of New York. While working for the Department of Investigation, he conducted investigations and determined policy for the internal investigating offices of 24 mayoral agencies. Previously, Mr. Karson worked as an assistant district attorney for Bronx County, serving as chief of narcotics investigations.
To arrange an interview with Mr. Karson, please contact:
Doug Wilson Emilie Moghadam
Kroll Fleishman-Hillard
T: (212) 833-3464 T: (202) 857-2212
dwilson@kroll.com emilie.moghadam@fleishman.com
About Kroll
Kroll, the world's leading risk consulting company, provides a broad range of investigative, intelligence, financial, security and technology services to help clients reduce risks, solve problems and capitalize on opportunities. Headquartered in New York with offices in more than 65 cities in over 33 countries, Kroll has a multidisciplinary corps of more than 4,800 employees and serves a global clientele of law firms, financial institutions, corporations, non-profit institutions, government agencies, and individuals. It is a subsidiary of Marsh & McLennan Companies, Inc. (NYSE: MMC), the global professional services firm.
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