Lehman Executives Including Fuld Subpoenaed

Prosecutors have subpoenaed a dozen executives of Lehman Brothers Holdings including Chief Executive Dick Fuld in connection with three grand jury probes investigating the fall of the investment bank.

It appears that federal prosecutors will focus on whether Lehman executives made false comments about the health of the firm ahead of the brokerage's recent bankruptcy.

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CNBC has confirmed the names of four people on the list of 12 being subpoenaed:

• Dick Fuld
• Erin Callan - former CFO, now with Credit Suisse
• Joe Gregory – former COO
• Ian Lowitt – CFO

Law enforcement sources told CNBC the investigation is still in its early stages. None of the individuals named above has been charged.

As CNBC first reported Sept. 24, multiple federal investigations at Lehman and at least 25 other firms are focusing primarily on asset values—that is, whether companies like Lehman were properly valuing things like mortgage-backed securities on their books, as well as the securities they sold to the public.

In a Congressional hearing last week, Fuld also faced questioning about whether he and other executives misled investors about the health of the company. Fuld acknowledged that he was wrong when he told investors in late 2007 that the worst of the crisis was over, but said, "No one realized the extent and magnitude of these problems."

The Justice Department is in many cases still determining which U.S. Attorney's offices will handle which cases. Three Federal grand juries are reportedly at work in New York and New Jersey alone, with other investigations of other firms ramping up across the country.

Lehman, a 158-year-old Wall Street firm, filed for Chapter 11 bankruptcy protection on Sept. 15.

- CNBC Senior Correspondent Scott Cohn contributed to this report.

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