Subprime Investigations Heating Up

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Subprime Investigations Heating Up

February 8, 2008 2:02 PM

Subprime investigations are intensifying -- the FBI has opened criminal inquiries into 14 unidentified companies during its examination of the subprime mortgage crisis and the SEC has started formal investigations into UBS AB and Merrill Lynch & Co Inc’s mortgage security pricing. To prepare for potential civil and criminal suits, Daniel E. Karson, executive managing director and counsel at Kroll Inc., a global risk consulting company, recommends that financial institutions initiate internal investigations which include interviews with current and former employees, borrowers, and agents; computer forensic examinations of desktop and laptop hard drives and servers; forensic accounting reviews of mortgage files; investigations of current and former employees and agents; and background investigations of plaintiffs and experts in preparation for expected class actions.