News
Email
Print
Prosecutors subpoena Lehman executives as inquiries continue
ADVERTISEMENT
Published: October 18, 2008
NEW YORK - Federal prosecutors investigating the collapse of Lehman Brothers have subpoenaed several executives associated with the company, including former CEO Richard Fuld, according to a person briefed on the inquiry.
An attorney for Lehman Brothers Holdings, Harvey Miller, told a bankruptcy-court judge Thursday that at least 12 people have received grand-jury subpoenas in connection with several continuing investigations of the bank's demise.
He didn't identify which executives had been asked for information but said that the company is dealing with separate investigations by federal prosecutors in New Jersey, Brooklyn and Manhattan. New Jersey's attorney general has said that state securities regulators there are also investigating.
Spokesmen for the U.S. attorneys in those three jurisdictions declined to comment yesterday, but a person with knowledge of the subpoenas said that the subpoena recipients included Fuld and Erin Callan, a former chief financial officer at Lehman.
The person spoke to The Associated Press on the condition of anonymity because of the secrecy of grand-jury investigations.
The existence of the Fuld subpoena was first reported by the New York Post.
Lehman Brothers filed for bankruptcy Sept. 15, after a swift and stunning fall linked to bad investments and turmoil in the credit markets.
Barclays, the British bank, subsequently absorbed the company's key U.S. units.
The speed at which Lehman failed prompted complaints by some that the company wasn't honest about its financial condition in the months leading up to its collapse.
Federal prosecutors are reported to be looking into whether anyone at Lehman may have misled investors about its health or the value of its assets.
Email
Print
