Ernst & Young

March 30, 2006 08:44 ET

Ernst & Young Launches Global Fraud Investigations Service

LONDON--(CCNMatthews - Mar 30, 2006) -

Ernst & Young, one of the world's leading professional services organisations, today announces the launch of a global Fraud Investigation & Dispute practice in response to the growing focus on, and complexity of, business fraud.

Christian Mouillon, Ernst & Young's Global Vice Chair of Assurance and Advisory Business Services, said:

"Fraud is a growing concern for companies around the world because it is one of the only business risks that is deliberately disguised. Some estimates claim 5-6% of business revenue is being lost. Companies are looking for specialist help in this area on a truly global basis".

The new practice will focus on helping global organizations navigate through the intricacies of corporate investigations and the complexities that may arise out of today's regulatory environment. In particular the practice will focus on three areas: fraud investigation; dispute services; and providing forensic legal technology support.

The practice, based in over 20 countries and operating worldwide, brings together over 1000 specialist professionals including leading forensic accountants, former government and regulatory agency officials, and former prosecutors and law enforcement agents.

The new practice will be jointly led by David L. Stulb (London and New York) and Steven Kuzma (Atlanta).

Mouillon welcomed the new leaders:

"With these appointments we bring together David Stulb, who is one of the most respected and sought after fraud investigators in business today, and Steven Kuzma, who has deep disputes expertise, to form the ideal partnership to lead our Global Service group in this complex field. David will focus on client service and business development while Steven will direct the operations and strategy side of the team's activities."

Notes to Editors

Attached: CV's for David L Stulb and Steven J Kuzma

About Ernst & Young

Ernst & Young, a global leader in professional services, is committed to restoring the public's trust in professional services firms and in the quality of financial reporting. Its 107,000 people in 140 countries pursue the highest levels of integrity, quality, and professionalism in providing a range of sophisticated services centered on our core competencies of auditing, accounting, tax, and transactions. Further information about Ernst & Young and its approach to a variety of business issues can be found at Ernst & Young refers to one or more of the members of the global Ernst & Young organization.

This press release has been issued by EYGM Limited, a member of the global Ernst & Young organization


Global Leader, Markets

Fraud Investigation & Dispute Services

David L Stulb is the Global Leader of Markets for Ernst & Young's Fraud Investigation & Dispute Services. He has extensive experience leading complex investigations in Europe, Asia, the Middle East and the Americas. Mr. Stulb works with the world's leading law firms and their corporate clients to provide risk advisory services and to investigate allegations of fraud and corruption.

Mr. Stulb's areas of focus include investigations of accounting fraud, alleged violations of the Foreign Corrupt Practices Act/OECD Anti-Bribery Convention, securities fraud, regulatory compliance and complex business disputes. His forensic accounting and investigative expertise is combined with extensive experience in many industries, including the financial services, energy, pharmaceutical, telecommunications and manufacturing sectors.

Mr. Stulb has led sensitive investigations for many global companies in heavily regulated industries. He served in an advisory role in the Nortel matter, assisting management with the restatement process. Mr. Stulb also played a prominent role in the investigation of Enron while leading the investigative practice at Andersen.

He has also routinely presented investigative findings to U.S. and international regulatory and law enforcement agencies, including the Securities and Exchange Commission, Department of Justice, the Federal Bureau of Investigation, the Federal Reserve Bank, and the New York State Department of Banking. He also has extensive experience in bankruptcy and reorganization matters that require investigative and regulatory expertise.

Mr. Stulb's recent experience has included serving as the lead engagement partner on the Iraqi Government's investigation into the Oil-for-Food program. He also continues to provide client service through leadership and advisory roles on numerous, complex on-going investigations.

He is frequently asked to give public presentations on accounting irregularities and securities fraud investigations, corporate governance, crisis management and political risk issues to corporate executives, attorneys, underwriters and other interested groups.

Before joining Ernst & Young, Mr. Stulb served as the Global Partner-in-Charge of the Business Fraud and Investigation Services for Arthur Andersen LLP; an Operations Officer with the C.I.A., and as an officer in the Marine Corps.


Global Leader, Operations and Strategy

Americas Managing Partner

Fraud Investigation & Dispute Services

Steven J Kuzma is the global leader of operations and strategy within Ernst & Young's Fraud Investigation & Dispute Services practice -- a group that offers accounting and financial advice to the corporate general counsel and retained counsel of global companies engaged in complex business disputes. Mr. Kuzma also is the practice's managing partner for the Americas.

He has more than 25 years of experience providing Fortune 1000 companies and large law firms with investigative services; financial, accounting, and economic analyses; valuation assistance; and complex commercial dispute resolution support. He has provided expert testimony in deposition, arbitration, and in federal and state courts throughout the U.S.

Mr. Kuzma has significant experience across a range of industries, including retail, consumer and industrial products; health care; entertainment; real estate; agriculture; utilities; and technology. He advises on commercial disputes, fraud and forensic investigations, economic valuation and damages analysis, and intellectual asset valuation.

Before taking on his current leadership roles within Ernst & Young, Mr. Kuzma served as the practice's leader for teams focused on the health sciences and the retail, consumer, and industrial products industries. Prior to joining E&Y in 1987, he worked as a financial analyst for KROH Brothers and for The Walt Disney Company.

Mr. Kuzma is a certified public accountant and a certified fraud examiner, and he is a senior member of the American Society of Appraisers with a specialty in business valuation. In addition, he has been recognized as being accredited in business valuation by the American Institute of Certified Public Accountants.

Mr. Kuzma holds a BBA from Florida Atlantic University and an MBA from Rollins College, both in finance and accounting. He completed postgraduate studies at Northwestern University's Kellogg Graduate School of Management.

Contact Information

  • Ernst & Young
    Kevin Russell, + 44 7884 235 847