The Banking Committee and the Inspector General were looking into the propriety of Korsmo's participation in a fundraising event for a congressional candidate.
[1] In a written response to Senator Sarbanes, Korsmo stated that he did not know how the congressional campaign obtained contact information for the banking officials.
Korsmo also admitted that he lied to Inspector General agents regarding his knowledge that his wife had provided the contact lists to the campaign.
Korsmo was convicted of a felony in the United States District Court for the District of Columbia, in the case of United States of America v. John T. Korsmo, Case Number CR05-104-01, as follows: 18 USC 1001(a)(2), False and Fictitious Statements, for which he received a sentence of unsupervised probation for a term of 18 months, an assessment of $400 and a fine of $5,000.
[3] His son is Charlie Korsmo, a law professor at Case Western Reserve University and former child actor.