FBI launches probe into Delphi books

http://www.detnews.com/2005/autosinsider/0504/01/A03-136261.htm

FBI launches probe into Delphi books

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The FBI has opened an investigation into irregular accounting practices at Troy-based auto supplier Delphi Corp., expanding a federal probe that began last summer.

The investigation follows Delphi's disclosure that it overstated income due to a series of bookkeeping errors.

"The FBI is involved in the investigation and we are coordinating with the Securities and Exchange Commission, Department of Justice and the United States Postal Inspectors," Dawn Clenney, spokeswoman for the FBI's Detroit office, said Thursday.

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Larry Dubin, a professor at the University of Detroit Mercy Law School, said since the fall of Enron, the FBI has been much quicker to investigate allegations of corporate wrongdoing -- and faster to respond to referrals from the SEC. "The danger of major corporations suffering a financial loss as a result of criminal improprieties is now a top priority of the FBI," Dubin said.

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