Grand Jury Investigates Proxy Firm: A New...

Grand Jury Investigates Proxy Firm: A New York state grand jury is conducting a criminal fraud investigation into the billing practices at the Carter Organization, one of three companies that dominate the business of proxy solicitation for takeover fights, the New York Times reported. The Times said state prosecutors believe that the firm billed clients for millions of dollars in bogus expenses. But Carter representatives reportedly told investigators that the expenses are proper if the cost of overhead is included. The investigation is also examining whether Donald C. Carter, head of the firm, charged personal expenses to the company, the Times said.