Whistleblower allegations unfounded following investigation of financial institution

Our client’s need

A whistleblower working at a regional financial institution approached human resources and internal audit, asserting that various improprieties existed within the institution, including alleged misstatements in the institution’s borrowings from the Federal Home Loan Bank and the US Treasury, identity theft related to client accounts, and misstatements related to the investments held by the bank.

Baker Tilly solution

Based on Baker Tilly’s significant experience providing forensic accounting services to financial institutions, we were engaged by a special committee of the board of directors to conduct an investigation into alleged improprieties. In doing so, we:

  • Conducted an extensive interview of the whistleblower, as well as interviews of other bank personnel
  • Performed detailed analyses of the bank’s borrowings and related reporting
  • Performed analyses of customer account activity, including analyses surrounding account set-up, any potential linkage between account mailing addresses and the mailing addresses of institution employees, and analyses of unusual or suspicious activity
  • Traced and agreed investment holdings to publicly available securities data

Results achieved

Baker Tilly concluded that the allegations put forth by the whistleblower were unfounded.

For more information on this topic, or to learn how Baker Tilly forensic investigation specialists can help, contact our team.