Counsel engaged StoneTurn to provide forensic accounting services in a matter involving an alleged check kiting scheme by an employee of a large financial institution. Our work involved reviewing various financial records, analyzing the movement of funds, assessing the bank’s internal controls and calculating the appropriate value of the investment accounts assuming that fraudulent, unauthorized transactions did not occur.

The investigation identified the existence of an internal fraud that was committed over the course of at least 10 years and effected over 35 different customers of the financial institution. We reported our findings to management and the external auditors.