The court-ordered inquiry into Lord Black of Crossharbour's finances comes after prosecutors in the fraud case accused the businessman of hiding millions of dollars in assets from investigators, The Independent said Sunday.

Black was convicted of fraud and obstructing justice in an Illinois court on Friday, but is residing in Chicago since being released on bail.

The investigation into Black's finances will play a role in the media official's final sentence, that could reach 20 years in prison if hidden funds are found, the British newspaper said.

Author George Tombs, who wrote a biography of Black, said the financial inquiry will prove daunting due to Black's diverse holdings and interests.

"It is a very hard task, so hard it would take a forensic accountant," Tombs said. "One thing to consider is that he has more than real estate. He has art works and antiques and other property."

The Independent said Black is due back in court Nov. 20 to learn his final sentence.