Business Intelligence and Investigations
Providing firms with investigative expertise to help resolve conflict.Business Intelligence and Investigations
Glen E. Harloff is a senior managing director for Kroll in Miami, Latin America, and the Caribbean. He specializes in forensic accounting, investigations, litigation consulting, and financial due diligence. Glen has extensive experience in the prevention, detection and investigation of fraud relating to such areas as insolvency/bankruptcy, secret commissions, and internal investigations. Glen has traced and secured assets relating to the proceeds of crime/money laundering throughout North America, the Caribbean, Europe, Asia and Africa. He has testified in civil and criminal proceedings and lectured on fraud related matters to businesses, law firms, and others.
Prior to joining Kroll, Glen was a member of the Royal Canadian Mounted Police (“RCMP”), Toronto Commercial Crime Section, where he conducted complex national and international white-collar crime investigations While with the RCMP, he was on secondment to a major Canadian Bank’s Corporate Audit Treasury Group, where he conducted audits of all aspects of domestic and international banking operations, including securities trading, foreign exchange, wire transfers, credit card operations, and loan administration. He was Vice-President of Forensic Investigations for PricewaterhouseCoopers LLP from 1996 to August 2001 and a Principal with LECG Canada Limited Forensic Investigations Group from September 2001 to April 2007.
Glen is a Certified General Accountant (“CGA”), founding member and past President of the Canadian Association of Certified Forensic Investigators (“CFI”), past President of the Association of Certified Fraud Examiners (“CFE”), and a Director of the Grenada Authority for the Regulation of Financial Institutions (“GARFIN”) since 2009.
A licensed offshore bank in Grenada, with reported assets of US$65 billion, was placed into liquidation. Individuals from Canada, the UK, USA and other countries had placed funds on deposit with the bank based on advertised annual returns of 100% and the deposits being fully guaranteed. The forensic investigation identified that the capital, assets, and investments of the bank were misrepresented and that the bank was operating a Ponzi scheme. A cash flow analysis identified assets in the Caribbean, the USA, and Africa, some of which were subsequently seized and forfeited.
Engaged to conduct an investigation of approximately US $1 million allegedly misappropriated funds from the financial institution. The investigation identified an employee responsible for the misappropriation, as well as outsiders. Funds were traced to an account in the UK and applications made for recover. Evidence was prepared and presented to the RGPF for subsequent criminal prosecution of the employee. Internal controls were also reviewed and recommendations made to reduce the risk of further misappropriation.
Glenn conducted a review for a Grenadian financial institution of a commercial loan portfolio and more specifically delinquent loans. During the review process, Glen met with the various borrowers to review their financial records, expenditures, projected revenues, budgets, and cash flow projections. This resulted in recommendations to the financial institution regarding forbearance strategies and working with the borrowers to improve their abilities to service the debt.
Since February 2008, Glen has assisted the Receiver in placing Capital Bank in receivership, conducting a thorough review of the financial records of the bank, and reporting to the Court. For the past six years, Glen has overseen the administration and operations of the bank, including the collection on loans, foreclosures, and other operations.
Engaged by a private company to conduct a review of its policies and procedures (P&P) relating to the receipt, authorization, and processing of expenditures. This included a full review of expenditures over a period of three years. Through data analytical analysis, expenditure trends were identified and investigated. As well, we reviewed the current P&P, compared to best practices for the industry, and made recommendations to improve P&P.
A breach of P&P resulted in the misappropriation of approximately US $7 million from the financial institution. Glen conducted the investigation to review the financial records, P&P, interview staff, and other investigational steps. As a result, persons were identified within the financial institution as being responsible for the misappropriation, with the matter referred to the police. Glen assisted the financial institution in recovering the funds from foreign jurisdictions and also recommending changes to P&P to reduce the risk of a further occurrence.
Conducted a forensic review of the operations of a Caribbean domestic bank, including the conduct of senior management and others. The review identified incidences of fraud, theft, loan irregularities, money laundering, and other irregularities. Recommendations were made to the Bank’s Board of Directors to address internal control weaknesses, compliance with money laundering guidelines, the dismissal of staff for cause, and litigation against former senior management
Engaged by a securities company in Canada to review its back-office operations over the past 2 years. The company had been the victim of an internal fraud resulting in the misappropriation of funds in excess of $1 million. The Fraud review include a review of the cage procedures for the receipt and disbursement of securities, review of trading operational procedures, access authority to client accounts, dormant accounts etc. the review identified significant issues regarding cage access and the segregation of duties. Recommendations were made to update and improve P&P.
Engaged by legal counsel representing the Special Committee, Board of Directors, of a publicly traded mining company with operations in Colombia. The investigation related to allegations of conflict of interest in the purchase and sale of company assets, kick-backs, misappropriation of funds, and expense irregularities. The investigation included the review of financial records, the review of contracts, the investigation of offshore entities, and other investigative steps. Civil proceedings were commenced against the company’s former management and resulted in a settlement early in the proceedings.
Conducted a forensic investigation relating to allegations of investment fraud. Glen reviewed and analyzed investments, banking records, contracts, and other correspondence. As a result of the analysis, he was able to trace funds misappropriated from investors to a bank account in Bermuda where the funds had been subject to a freezing order. Glen testified in the Superior Court of Bermuda in civil proceedings instituted by the investors against the bank regarding the tracing and subsequent dissipation of certain of the funds.
Engaged by legal counsel to conducted a forensic investigation relating to allegations of impropriety by former officers and directors of the company. Glen reviewed and analyzed investments, related party, and other accounts and identified irregularities including the margining of company accounts for personal investments, and the transfer of funds to offshore accounts in the Bahamas. Civil proceedings were commenced against former officers and directors, resulting in a settlement.
Conducted forensic review of a Canadian brokerage firm and identified irregularities relating to front running, churning, misappropriation of client funds and other trading irregularities.
Conducted a forensic review of a publicly traded mining company regarding allegations of related party transactions, conflicts of interest, secret commissions, and expense irregularities. The investigation resulted in the identification of significant irregularities, the identification of fraudulent vendors, and other irregularities. Our recommendations result in the rewriting of procurement policies & procedures.