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Securities Litigation Expert Witnesses

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William H. Purcell
Investment Banking Expert Witness
225 Cedar Ridge Road
Bedminster NJ 07921
USA
phone: (908) 781-1803; cell: (908) 581-1203
fax: (908) 781-5865
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Education:
  • Princeton, 1964 (B.A., Economics, with honors)
  • NYU Business School, 1966 (MBA, Top of class)
  • Expertise: Mr. Purcell has over 40 years of experience in every area of investment banking including the following:
  • Mergers & Acquisitions
  • Leveraged Buyouts and Recapitalizations
  • Fairness Opinions and Fairness Issues
  • Adequacy Opinions
  • Solvency Opinions
  • Bankruptcy issues, including fraudulent conveyance
  • Valuations
  • Advice to Special Committees of Boards
  • Due Diligence and Disclosure Issues
  • Fiduciary Issues
  • Damage issues and analysis
  • Lender Liability
  • Fee issues
  • Document Interpretation and Standards from investment banking point of views
  • Criminal cases involving alleged securities violations and insider trading
  • Financing of Debt and Equity (both public and private, taxable and tax-exempt, including structured financings)
  • Venture Capital
  • Leasing and Real Estate Financing
  • Background: Mr. Purcell was a Managing Director at Dillon Read for almost 25 years and has been a Senior Advisor to a number of medium-sized investment banks. He also has served as interim CEO of a public company and has served on Boards of Directors. Mr. Purcell is currently Senior Director to the Investment Banking Firm of Seale & Associates, Washington, DC. area.

    Mr. Purcell has been an expert in more than 100 cases with over 100 Law Firms, including cases for the SEC, IRS and the DOJ. He represents both plaintiffs and defendants. Subjects include all areas mentioned above.

    View Consulting Profile.
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    Bob Lawson, CFE®, AIF®, RFC®, LUTCF®
    Securities & Insurance Expert Witness | FINRA Arbitrator
    3800 American Boulevard West
    Suite 1110
    Bloomington MN 55431-4460
    USA
    phone: 800-741-0704
    fax: 952-835-1504
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    Securities ExpertCertified Fraud ExaminerMr. Bob Lawson, AIF®, CFE®, RFC®, LUTCF, is a Securities & Insurance Expert Witness retained for FINRA arbitration, mediation, and federal/civil court litigation. Mr. Lawson possesses over 30 years of experience within the securities and insurance industries. In 1988, Mr. Lawson founded Barrington Capital Management, Inc., a Registered Investment Advisory firm and Insurance Agency, and currently serves as the President and Chief Compliance Officer.

    In addition, Mr. Lawson presides as a FINRA & NFA Dispute Resolution Arbitrator for disputes concerning public and private investors, financial services professionals, broker-dealers, and dually-registered investment advisers. Claims often arise regarding breach of fiduciary duties, employment disputes, conflicts of interest, churning, unsuitable investments, and failure to supervise, among others. Mr. Lawson also serves as a public mediator and is a Qualified Neutral under Minnesota Rule 114 of Standard Practice in Mediation and Arbitration.

    His breadth of experience includes managing and supervising FINRA broker-dealer branch offices as a Registered Securities Principal, Options Principal, and Chief Compliance Officer. Mr. Lawson also has considerable experience with insurance products including variable annuities, fixed and indexed annuities, long term care, and life insurance. Mr. Lawson possesses numerous accolades and is certified as an Accredited Investment Fiduciary (AIF®), Certified Fraud Examiner (CFE®), Registered Financial Consultant (RFC®), and a Life Underwriter Training Council Fellow (LUTCF®).

    Retaining Mr. Lawson as an Expert Witness and Litigation Consultant will clarify and address relevant issues pertaining to your case from an insider's point of view. Upon a thorough examination and analysis of the case material, Mr. Lawson’s conclusions and opinions are impartial, objective, and predicated upon years of industry expertise and experience. Expert testimony and reports are supported by thorough and detailed research through case-specific analysis.

    Areas of Expertise:
    • FINRA & SEC Regulations
    • Breach of Fiduciary Duty
    • Promissory Notes
    • Securities Fraud Investigations
    • Ponzi Schemes
    • Options, Stocks & Bonds
    • Due Diligence
    • FINRA Arbitration
    • Professional Malpractice
    • Economic Damages & Losses
    • Employment Discrimination & Termination
    Services:
    • Litigation Consulting
    • Unbiased Case Analysis
    • Discovery Review & Recommendations
    • Portfolio Risk Reports
    • Securities Fraud Investigation
    • Damage Calculations
    • Expert Testimony
    View Bob Lawson's Consulting Profile.
    7/11/2017 · Securities
    In the securities brokerage industry, "selling-away" refers to the prohibited practice of an Associated Person effecting or soliciting the sale of securities or investment products not held or approved with whom the broker is affiliated without prior written consent. FINRA regulators have seen a steady flow of selling-away cases over the years involving registered representatives who are being targeted by issuers, promoters and marketing agents to sell their nontraditional investment products to their retail customers. In many instances, promoters of these products are marketing them as non-securities products that do not have to be sold through a broker-dealer by a registered person. In a significant number of cases, associated persons have sold these investments to their customers away from the broker-dealer and without firm approval as required by FINRA Rule 3270. Selling-away often occurs in an independent branch or a satellite office, where Associated Persons are removed from the day-to-day oversight and supervision of their brokerage firm's compliance department.

    9/23/2015 · Finance
    I receive phone calls throughout the year from attorneys who have taken on their first FINRA case and they frequently are unaware how the FINRA Dispute Resolution process differs from other venues. I thought it would be helpful to provide a quick overview for new participants and a refresher for those more experienced securities attorneys on how the FINRA Arbitration and Mediation process works.

    8/26/2015 · Finance
    In FINRA-related cases many attorneys see discovery requests objected to by opposing counsel. Typically, opposing counsel objects to discovery requests citing that items requested are either "overly broad, vague, or ambiguous", or "impermissible per FINRA's Code of Arbitration Procedure". However, despite opposing counsel's reasoning, many objections to discovery requests are irrelevant and do not hold up in regard to FINRA's Code of Arbitration Procedure. Attorneys should not be intimidated or discouraged by these objections, but rather should understand that FINRA's guidelines concerning arbitration allow for most applicable and reasonably obtainable discovery information to be delivered.

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    Prof. J. Gregory Sidak
    1717 K Street, NW
    Suite 900
    Washington DC 20006
    USA
    phone: 202-518-5121
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    Gregory Sidak Antitrust Economics ExpertJ. Gregory Sidak is an Expert Economist in the fields of Damages, Antitrust, Patent, Telecommunications Regulation, Commercial and Investment Arbitration, and Intellectual Property Law. Prof. Sidak is Chairman of Criterion Economics, L.L.C. in Washington, D.C. The focus of his research has been regulation of network industries, antitrust policy, the Internet and electronic commerce, intellectual property, and constitutional law issues concerning economic regulation.

    Prof. Sidak formerly served as Deputy General Counsel of the Federal Communications Commission and as Senior Counsel and Economist to the Council of Economic Advisers in the Executive Office of the President. His writings have been cited by the Supreme Court of the United States, the U.S. Court of Appeals for the D.C. Circuit, and lower state supreme courts. He has also been cited by the Supreme Court of Canada, the European Commission, the Federal Trade Commission, and other regulatory agencies.

    In a typical engagement, Gregory Sidak assists senior management and outside counsel in devising and executing a litigation or regulatory strategy for addressing a consequential challenge or opportunity. Although he also serves as a court-appointed neutral expert, his typical clients are Fortune 500 companies or their overseas counterparts. Prof. Sidak's comparative advantage is applying economic analysis to novel legal questions that can materially affect the company’s enterprise value. He excels at communicating to legal decision makers the relevance of that economic analysis to answering the pertinent legal questions.

    Areas of Expertise:
    • Damages and Valuation - Trade Secrets, Trademark, Trade Dress, Copyright Infringement, False Advertising, Licensing (Know-How), Patents
    • Technology Disputes
    • Claims of Monopolization Antitrust & Unfair Competition
    • Administrative Proceedings
    • Price-Fixing & Dominance Allegations
    • Trade & Distribution Agreements
    • Competition Regulation and Enforcement in the US and EU
    View Consulting Profile.
    6/17/2015 · Telecommunication
    Regulators in many countries have asserted that setting asymmetric mobile termination rates (MTRs) between the incumbent mobile telephony operator and its smaller rivals is an efficacious means by which to help entrants attain efficient scale. We investigate empirically the efficacy of this policy experiment using data from a global sample of 34 countries from 1996 through 2014. We estimate a model that relates operators' long-run market shares to initial entry conditions and the degree of asymmetry among MTRs using an instrumental variables (IV) strategy. The estimates imply that a high degree of asymmetry among MTRs lowers an entrant's long-run market share by roughly 4 percentage points compared with a regime of symmetric MTRs, and the effect is roughly constant across market penetration levels. Furthermore, mobile operators tend to perform better when entering markets with higher levels of concentration and lower levels of market penetration. Our novel findings cast doubt on the efficacy of imposing asymmetric MTRs as a means to achieve greater equality of competitive outcomes. Our findings inform the larger body of theoretical literature on the pricing of interconnection and network access.

    5/18/2015 · Patents
    Under what conditions may the holder of standard-essential patents (SEPs) seek to enjoin an infringing implementer without breaching the SEP holder's contract with the standard-setting organization (SSO) to provide access to those SEPs on fair, reasonable, and nondiscriminatory (FRAND) terms? I show that the SEP holder's contractual obligations still permit it to seek an injunction. A FRAND commitment requires the SEP holder to offer a license for the SEPs on FRAND terms (or otherwise to grant implementers access to the SEPs). Extending an offer containing a price within the FRAND range discharges the SEP holder's contractual obligation.

    4/17/2015 · Telecommunication
    In 2005, Ofcom, then telecommunications regulator in the United Kingdom, implemented functional separation of British Telecom plc (BT), separating its wholesale and retail services. BT established a division within the company, Openreach, to provide equal access to its local access network and backhaul products. The tenth anniversary of this regulatory and corporate experiment is an appropriate moment to ask whether functionally separating Openreach from BT benefited consumers. We find that Openreach's creation generated short-run consumer benefits in the form of lower prices but also led to negative long-run effects, which outweighed the short-term price reduction.

    3/18/2015 · Insurance
    Google distributes proprietary applications for its open-source Android mobile operating system (OS) free of charge. Some of those applications (apps) are offered together as a suite of apps known as Google Mobile Services (GMS). Manufacturers of mobile devices can agree, pursuant to Google's Mobile Application Distribution Agreement (MADA), to install the suite of apps on their devices at a price of zero. Some theorize that Google's policy of offering some applications together as a suite of apps harms competitors or menaces consumer welfare.

    2/10/2015 · Patents
    Mark Lemley and Carl Shapiro propose that standard-setting organizations (SSOs) mandate that their members henceforth submit to binding, final-offer arbitration (commonly called "baseball arbitration") to set fair, reasonable, and nondiscriminatory (FRAND) royalties in licensing disputes concerning standard-essential patents (SEPs). SSOs should reject this proposal. It does not rest on sufficient facts or data, nor does it apply intellectually rigorous principles and methods of law and economics in a reliable manner. This is not to say that the voluntary use of arbitration to resolve FRAND licensing disputes is inherently problematic. However, the incremental efficiency that Lemley and Shapiro claim that their proposal would achieve over litigation or conventional commercial arbitration is illusory. For one, it is much harder to value a portfolio of SEPs over the span of five years than to value an individual baseball player for a single season.

    1/8/2015 · Patents
    What does it mean for a patent holder to commit to a standard-setting organization (SSO) to license its standard-essential patents (SEPs) on fair, reasonable, and nondiscriminatory (FRAND) terms? When is a royalty FRAND? Drawing from both legal theory and economic theory, I propose an interpretation of FRAND that distinguishes and reconciles the conflicting definitions of FRANDand provides courts a practical approach to identifying FRAND royalties

    12/4/2014 · Economics
    Complex civil litigation routinely includes expert economic testimony. However, determining which expert economist is more credible may confound a lay jury. It may even confound the judge when ruling on the admissibility of expert economic testimony during the Daubert hearing.1 One solution rarely employed is for the court to appoint its own neutral economic expert under Rule 706 of the Federal Rules of Evidence2 when a lawsuit contains a claim for damages that will require rigorous analysis of data. Based on my recent experience as Judge Richard Posner's court-appointed neutral economic expert on damages in patent infringement litigation, I explain in this article how the wider use of Rule 706 would assist the judge and jury and would facilitate the prompt settlement of intellectual property, antitrust, securities, contract, business tort, and other complex disputes.3 The benefits to courts and litigants would surely exceed the costs.

    9/23/2014 · Telecommunication
    As part of the Modification of Final Judgment (MFJ) that implemented the divestiture of the Bell operating companies (BOCs) from AT&T on January 1, 1984, the BOCs were forbidden to carry telephone calls from one local access and transport area LATA) to another. Although the Telecommunications Act of 1996 superseded the MFJ, it retained the BOCs' interLATA prohibition and established, in section 271, a process – involving each state public utilities commission, the Federal Communications Commission (FCC), and the Department of Justice (DOJ), acting on a state-by-state basis – by which the BOCs could earn regulatory approval to enter the interLATA market within the regions in which they provide local exchange service. As of September 1, 2002, the BOCs had received section 271 authorizations to provide in-region interLATA service in fifteen states.

    8/19/2014 · Antitrust
    A recent phenomenon in competition policy is the acquisition of a private firm by an enterprise that is either wholly owned by government or in the midst of privatization. Such an acquisition poses the question of how public ownership may alter the incentives of a firm to engage in anticompetitive conduct. It also prompts one to examine the process by which such altered incentives revert, as the level of government ownership declines, to the same incentives that face purely private firms. Using Deutsche Telekom's acquisition of VoiceStream Wireless as a case study, this article presents the economic questions relevant to evaluating the competitive consequences of acquisitions by partially privatized firms. It predicts gains or losses to various constituencies of producer groups.

    7/15/2014 · Antitrust
    In this review of John Lott's book, Are Predatory Commitments Credible?: Who Should the Courts Believe?, we find that Lott is more successful in pointing out the likelihood of predatory pricing by public enterprises than in proving that predatory pricing by private enterprises does not occur. In Part I of this Review, we critique Lott's theoretical and empirical attempts to show that predatory pricing by private firms is implausible.

    6/6/2014 · Economics
    Mail delivery is one of the few economic activities that has avoided the wave of deregulation and privatization that has swept network industries over the last few decades. This Article examines several questions regarding the business activities of Canada Post Corporation in a competitive environment. What should be the appropriate mandate of Canada Post? If Canada Post is a natural monopoly, what form of regulation best serves Canadian consumers? If Canada Post's delivery of letter mail is not a natural monopoly, what basis exists for retaining Canada Post's current statutory monopoly? What potential exists for Canada Post to abuse its statutory monopoly-and other statutory privileges and immunities-to compete unfairly against efficient private suppliers of postal services?

    5/1/2014 · Economics
    Few phrases in public policy have become so overused so quickly as the information highway. Although it is unclear to many what that superhighway is or will be, this uncertainty has not prevented proposals to regulate the superhighway from being made. In this Article, we examine the economic principles that should govern competition and regulatory policies concerning the development and operation of the information superhighway.

    3/28/2014 · Antitrust
    Since 1975, when the debate over monopolistic predation began to boil in courts and universities, most discussion has focused on predatory pricing. And although the allegation of predatory innovation arose in some well-known litigation involving Kodak and IBM, lawyers and economists have produced little credible work explaining how this phenomenon can occur, let alone how it should be identified and remedied if deemed to threaten consumer welfare.

    2/19/2014 · Antitrust
    Antitrust law currently lacks a unified theory of liability and damages. But the Supreme Court's recent acceptance of consumer welfare as the goal of antitrust law underscores a growing judicial inclination to construe antitrust liability rules to encourage efficient production and efficient resource allocation. As the Court reconstructs the law of antitrust liability, it should also revise the law of antitrust damages by defining the rights created by those damage measures to accomplish specific economic goals.

    1/21/2014 · Antitrust
    A routine defensive tactic of targets of hostile tender offers is to seek a preliminary injunction under section 16 of the Clayton Act on the ground that the offeror's acquisition of the target's stock would effect a merger violating section 7 of the Act. The litigation costs that an antitrust injunction imposes on an offeror seems unlikely to exceed the offeror's risk-adjusted expected benefit from the takeover. In this Article, I discuss several reasons why the possibility of delay tendes to discourage a potential offeror from ever making a tender offer.

    12/13/2013 · Antitrust
    Through its antitrust enforcement system, society allocates resources to deter anticompetitive behavior. Antitrust enforcement is costly because prosecutors and judges mischaracterize some competitive or efficiency-enhancing behavior as horizontal collusion. In this early application of the Polinsky-Shavell argument about the tradeoff between the probability and magnitude of fines, this essay argues that, given prosecutorial and judicial error, society will not optimally allocate its antitrust enforcement resources by threatening price fixers with exorbitant economic penalties that have only a minimal probability of being enforced.

    11/11/2013 · Antitrust
    Current controversies over patent policy place standard-setting organizations (SSOs) on a collision course with antitrust law. Recent theoretical research conjectures that, in an SSO, patent owners can "hold up" patent users in the sense of demanding high royalties for a patented input after the SSO has adopted the patented technology as an industry standard and manufacturers within the SSO have incurred sunk costs to design end products that incorporate that standard.

    9/23/2013 · Antitrust
    We examine the consumer-welfare implications of Google's project to scan a large proportion of the world's books into digital form and to make these works accessible to consumers through Google Book Search (GBS). In response to a class action alleging copyright infringement, Google has agreed to a settlement with the plaintiffs, which include the Authors Guild and the Association of American Publishers.

    8/19/2013 · Antitrust
    We favor revision of the Horizontal Merger Guidelines.1 Our preliminary comments in this essay are based on a work in progress that we provisionally entitle, "Favoring Dynamic Competition over Static Competition."

    7/31/2013 · Antitrust
    Competition authorities in foreign jurisdictions have recently adopted or are considering guidelines on applying competition law to intellectual property rights (IPR). A common concern that certain exercises of IPR can restrict competition underlies IPR provisions that would enable competition authorities to compel holders of IPR to license their IP at regulated royalties.

    7/16/2013 · Antitrust
    The OECD's proposed regime of asymmetric ex ante regulation for Mexico's telecommunications marketplace would reduce competition, contrary to the OECD's aims. The OECD's proposals would harm Mexican consumers and force an increase in prices paid for telecommunications services. They would create a government-sanctioned price cartel among the telecommunications providers.

    6/24/2013 · Antitrust
    A recent phenomenon in competition policy is the acquisition of a private firm by an enterprise that is either wholly owned by government or in the midst of privatization.

    6/5/2013 · Antitrust
    agencies in the United States and the European Union began investigating Google's search practices in 2010. Google's critics have consisted mainly of its competitors, particularly Microsoft, Yelp, TripAdvisor, and other search engines.

    5/6/2013 · Antitrust
    The landmark Microsoft case raises challenging questions concerning antitrust remedies. In this Article, we propose a framework for assessing the costs and benefits of different remedies, particularly divestiture, in monopolization cases involving network industries.

    4/2/2013 · Antitrust
    What is the proper legal standard for product integration involving software? Because software is subject to low marginal costs, network effects, and rapid technological innovation, the Supreme Court's existing antitrust rules on tying arrangements, which evolved from industries not possessing such characteristics, are inappropriate.

    2/28/2013 · Antitrust
    A “price squeeze,” or “margin squeeze,” is a theory of antitrust liability under section 2 of the Sherman Act that concerns a vertically integrated monopolist that sells its upstream bottleneck input to firms that compete with the monopolist’s production of a downstream product sold to end users.

    The Telecommunications Act of 1996 sets forth extensive provisions to unbundle the local telecommunications network to encourage the development of a competitive market for local telephone.

    10/22/2012 · Antitrust
    The September 2009 announcement that the Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice have initiated a review of the Horizontal Merger Guidelines provides a formal process for redefining the proper role of dynamic competition in antitrust law.

    J. Gregory Sidak, Dan Maldoom, Richard A.D. Marsden, Hal J. Singer
    The Brussels Round Table, a forum of leading EU telecommunications operators and equipment manufacturers, commissioned these articles. They examine the deployment of broadband in European countries and make policy recommendations related to telecommunications regulation. Specific topics include pricing flexibility, competition, growth potential, likely future dynamics, competition, investment opportunities, eliminating excess regulation, facilitating longer-term points of view, and suggestions for transparent and competition-neutral subsidies.
    J. Gregory Sidak
    This book addresses deregulatory policies that threaten to reduce or destroy the value of private property in network industries without any accompanying payment of just compensation, policies that are termed "deregulatory takings." The authors further consider the problem of renegotiation of the regulatory contract, which changes the terms and conditions of operation of utility companies.
    J. Gregory Sidak
    Restrictions on foreign investment in U.S. telecommunications firms have harmed the interests of American consumers and investors, argues J. Gregory Sidak in this convincing study. Sidak shows why these restrictions, originally intended to protect America from the perils of wireless telegraphy by foreign agents, should be repealed...
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    Charles Porten, CFA
    CFA, President
    9 Little Fox Lane
    Weston CT 06883
    USA
    phone: 203-454-4615
    fax: 203-227-2763
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    Charles Porten, CFA, is a Registered Investment Advisor, Chartered Financial Analyst, and investment expert with more than 30 years of experience in portfolio management of trust and advisory accounts, brokerage accounts, hedge funds and mutual funds, due diligence procedures, and compliance issues. His clients include attorneys, individuals, banks, investment advisors, broker-dealers, corporations, and the SEC.

    Background Experience - Mr. Porten has an extensive background within broker-dealer, investment advisor and bank trust environments and overseeing organizations staffed by as many as 100 personnel in managing asset bases as high as $20 billion. He has been an analyst, research director, portfolio manager, chief investment officer, business manager, and registered representative at four leading financial institutions. He has also been a guest lecturer at Harvard Law School and serves as a FINRA arbitrator.

    Litigation Support - Mr. Porten has testified over 75 times in court, depositions and arbitrations. He has been qualified to testify as an expert witness for both plaintiff and defendant on matters including:
    • Fiduciary Duty
    • Hedge Funds
    • Mutual Funds
    • Trusts and Estates
    • Variable Annuities
    • Investment Advisor
    • Brokerage Accounts
    • Portfolio Management
    • Due Diligence
    • Supervision
  • Standards of Care
  • SEC
  • Exchange Funds
  • ETF's
  • ERISA
  • IRA's
  • Securities Fraud
  • Acquisions
  • Suitability
  • Compliance Issues
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    Michael K. Smith, NFA, FINRA
    Bozeman MT USA
    phone: 630-531-1000
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    Michael K. Smith, NFA, FINRA is a highly experienced Financial Services Executive and Finance Professional with over 40 years dedicated to high-end client representation and large-scale regional management.

    As Managing Director and as Regional Manager since 1997, Mr. Smith was responsible for all aspects of the securities and banking activities within the Midwest region for three major firms: Lehman Brothers, Barclays Wealth and Citi Private Bank. He was responsible for supervising more than 50 registered representatives.

    From 1982 to 1997, Mr. Smith was a dedicated Top Producer accustomed to results-based rewards for services provided to Morgan Stanley’s ultra high net worth clients (UHNW). He specialized in developing and executing solutions to meet complex financial objectives. This period was highlighted by providing substantial agency, principal and fiduciary related transactional and investment management business for top-tier clients with $25MM - $10B net worth.

    Mr. Smith offers substantive experience and expertise in the following:
    • Options
    • Futures
    • Commodities
    • Common Stock, Preferred Stock
    • Municipal Bonds
    • Corporate Bonds
  • Hedge Funds
  • Margin & Lending
  • Derivative Securities
  • Limited Partnerships
  • Mutual Funds & ETF's
  • Discretionary Managed Assets
  • Litigation Support - Michael Smith has distilled his 40 year career in Securities and Banking into a focused expert practice. His nationwide services are requested when a client is contemplating filing an arbitration claim or after an arbitration claim or suit has been filed. He acts as an expert witness for plaintiffs or defendants involved in the following claims:
    • Misrepresentation
    • Unsuitable Trading
    • Breach of Fiduciary Duties
    • Failure to Supervise
    • Omission of Facts
    • Negligence
    • Churning
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    Michael B. McDonald, PhD
    Financial Economist
    76 English Lane
    Shelton CT 06484
    USA
    phone: 203-302-0367
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    Michael B. McDonald, PhD, is a professional Financial Economist with a PhD in finance, and a significant background working in finance. His consulting clients and professional work experience includes engagements for Fortune 500 companies, government regulators, and institutional investors.

    Litigation Support - Dr. McDonald is also a university professor of finance, a FINRA arbitrator, and a frequent expert witness in the field of Forensic Economics. He prides himself on being:
    • Adept at bringing dry material to life
    • Proficient with using sophisticated statistical analysis in securities and valuation matters to objectively and effectively make your point in court
    Dr. McDonald specializes in working on cases related to business disputes, economic loss, bankruptcies, spin-offs, and unfair business practices. He has done past consulting work in the following areas:
    • Accounting Fraud
    • Bank Analysis
    • Bankruptcy
    • Business Appraisal
    • Business Analysis
    • Business Economics
    • Business Litigation
    • Business Valuation
    • Corporate Finance
    • Corporate Governance
    • Damage Analysis
  • Damage Models
  • Economic Analysis
  • Economic Forecasting
  • Financial Forecasting
  • Financial Analysis and Assessments
  • Feasibility Studies
  • Municipal Bond Analysis
  • Municipal Distress
  • Risk Assessment
  • Securities Valuation / Litigation
  • Tax Planning
  • Author - Dr. McDonald writes a regular column on valuation in oil and gas markets for OilPrice.com. His writing is often syndicated to TIME Magazine, Yahoo Finance, Business Insider, Seeking Alpha and been cited in the Wall Street Journal, Marketwatch, Bloomberg, and dozens of other financial publications. Dr. McDonald has authored extensive research studies on investments, corporate debt, rates of return to investors under various scenarios, and valuation of tangible and intangible assets.

    Dr. McDonald has authored numerous studies on which he has received various awards from professional organizations like the Academy of Economics and Finance, and the Association of Business and Behavioral Finance.

    View Dr. McDonald's Consulting Profile.
    7/22/2016 · Finance
    In many bankruptcies the choice of how to proceed with a case turns critically on the level of debt the firm has and the sustainability of that debt. Effective negotiations with creditors or arguments in court require marshalling a cogent line of reasoning regarding the ability of a firm to handle the debt that it is carrying. This guide is intended to help attorneys understand the basic financial metrics that objectively determine whether a business can sustain its proposed debt load upon exiting bankruptcy.

    6/15/2016 · Finance
    Abstract: This paper investigates whether firms vary the debt side of their capital structure, based on changes in investor demand for bonds. Examining asset flows into various asset classes over the last 30 years reveals that companies respond to recent increases in demand for bonds from investors by altering their capital structure towards greater use of debt. Firms are more likely to issue debt as demand for bonds rises, and their use of debt increases (decreases) in periods when demand for bonds is high (low) compared to periods when demand is not significantly changed. Firms use more (less) debt when spreads between corporate yields and Treasury rates are low (high), consistent with efforts by managers to adjust their debt issuances based on relative debt costs. These results hold after controlling for seasonality, firm effects, and macroeconomic conditions. These findings suggest that investor demand for debt needs to be taken into account when examining the capital structure puzzle.

    5/6/2016 · Finance
    Let me tell you a sad story; Joe owned a marketing company and earned a prosperous living for several years. Joe's business was growing rapidly and all seemed right with the world. Then a trusted employee left Joe's firm, taking with him half of Joe's customers in violation of his non-compete agreement. Joe's business slowly suffered and lost customers until eventually his firm declared bankruptcy.

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    Gontran de Quillacq
    Securities Consultant / Quantitative Portfolio Manager
    NY / NJ
    USA
    phone: 732-533-9066
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    Gontran de Quillacq has over 20 years of Securities experience specializing in Portfolio Management, Equity Derivatives Trading, Proprietary Trading and Investment Research. He has worked with top-tier banks and hedge funds in both London and New York.

    Background Experience - A proprietary and derivatives trader, Mr. de Quillacq traded derivatives, from vanillas to exotics. As a portfolio manager, he researched and managed investment strategies, delivered both in hedge fund and in structured note formats. He actually initiated the distribution of investment strategies with derivatives, an activity now called 'portable alpha' and 'smart beta'. For five years, Mr. de Quillacq then ran due diligence on investments strategies and selected senior investment personnel for some of the world’s most famous and most demanding hedge funds and asset managers - portfolio managers, analysts, quants, CIOs, CROS. In 2017, he co-founded a quantitative fund deploying the latest machine learning techniques in global long/short equities.

    Litigation Support - Mr. de Quillacq's investment experience and cross-sectional review of other professionals give him unique experience on what can be done, what should be done, what should not be done, and the grey areas in-between. During a personal case against HSBC, his legal team was so impressed by his wide and thorough knowledge in finance, his capacity to explain complicated ideas in simple terms, and his strong performance on the stand, that they strongly recommended he expand his litigation support services.

    Mr. de Quillacq's services are available to attorneys representing plaintiff and defendant and include written reports, deposition, arbitration, mediation, and trial testimony as needed.

    Areas of Expertise:
    • Investments and Trading: Securities and derivatives (stock options, swaps, exotics...), structured products, complex financial instruments, benchmarks manipulation (Libor, FX, indices), liquidity management, statistical arbitrage and algorithmic trading, portfolio construction and risks, management fees, broker dealers, hedge funds
    • Recruitment and Employment: Front-office personnel, portfolio managers, traders, quants, analysts, broker-dealers, compensation, due diligence, U5
    • Supported Practice Areas: Financial fraud & litigation, commodities & securities manipulation, white-collar crime, broker-dealers, hedge funds, investigations, enforcement, whistleblowing, alternative dispute resolution, FINRA arbitrations


    Education / Training:
    • HEC Paris, MBA Finance, 1995
    • US Berkeley, visiting scholar, differential algebra, 1993
    • Ecole Superieure d'Electricite, doctoral degree (DEA), 1993
    • Stanford Research Institute, international fellow, atomic physics, 1992
    • Ecole Normale Superieure de Lyon, MS theoretical physics, 1992
    • Ecole d'Application du Train, lieutenant, 1990<
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    G. Michael Phillips, PhD
    750 E. Walnut Street
    Pasadena CA 91101
    USA
    phone: 626-744-3540
    fax: 626-744-3530
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    Phillips, Fractor, and Company (PFC) is a boutique litigation support and consulting firm that specializes in Economic, Financial, Statistical, Managerial, Valuation, Accounting, and Complex Analyses.

    PFC's team is comprised of experts and consultants who blend active academic careers with real-world experience in a variety of fields. They draw on economic theory, statistical analysis, survey research, mathematics, computer science, business theories, and management best practices to conduct high quality research based on appropriate methodology to give precise insights into specific research problems which they clearly communicate in a variety of venues.

    Litigation Support / Testifying Experts - PFC's team of PhDs and other leading experts work closely with clients from the beginning to the end of each engagement, identifying key issues, selecting appropriate methodologies, conducting and supervising analysis, writing reports, and testifying or otherwise presenting results in a clear and understandable manner.

    Commercial Damages and Valuation Expertise:
    • Lost Profits - Business interruption, bad faith, faulty materials, transportation corridor closures, theft of trade secrets analysis. Analyze loss due to piracy, theft of trade secrets, unlicensed use of tools and plans, and intellectual property infringements
    • Commercial Damages - Estimate extensive damage or loss due to contract disputes, fraud and unfair competition, or negligence claims
    • Intellectual Property - Estimate losses and licenses associated with intellectual property. Apply advanced economic and statistical analysis, hedonic valuation methods, Georgia-Pacific factors, surveys, focus groups, analytical approaches, reasonable royalty analysis, cost savings estimates, industry "rules of thumb," meta-analysis, and other appropriate methodologies; brand and trademark confusion; market research surveys, focus groups, and analysis; utilization of online surveys for quantitative analysis and hypothesis testing; valuation of trade secrets, know-how, and proprietary processes; Hedonic Price Regression
    • Financial Analysis - Pro Forma analysis, deal analysis, simulations, "what if" analysis, real options valuation, and analysis of contracts. Competitive benchmarking, industry analysis, analysis of start-ups, cost of credit, credit rating damages, appropriate discount rates, weighted average cost of capital, cram down rates, and analysis of "but for" potential rates of return and appreciation
    • Investment Market Analysis - Analyzed hundreds of open market class action securities cases involving 10b-5, 33, and 34 act issues; investment valuation; event studies; options and derivatives valuation; portfolio construction; analysis of risk and return; analysis of investment characteristics; analysis of commissions; analysis of trading frequency; analysis of prudence; benchmark comparison and analysis; Index creation and analysis; ETFs, mutual funds, hedge funds, structured products, UITs, commercial banking; custom modeling
    • Investment Suitability - Link investor risk tolerance to investment characteristics; identify impact of investments on overall portfolio; model portfolio analysis; analyze impact of economy on investments and portfolios; UPIA; UPMIFA; managed accounts; PPM analysis; hedge funds; investment "systems"; quantitative modeling; surveys, focus groups, class census analysis; Real Options analysis; "what if" analysis; Monte Carlo & Simulation; Financial Econometrics
    • Internet Issues - Assess value by using statistics and econometrics to measure "internet presence"; test for trademark, URL, and brand confusion; start-up valuations; shadow stock valuation; domain name valuation; search engine confusion; unauthorized likeness
    • Industrial Organization & Competitive Analysis - Determine the competitiveness of markets including monopoly and monopsony power, concentration ratios, valuation of acquired interests, HSR analysis, pre-merger and acquisition analysis, securities valuation, financial analysis of contingent liabilities, real options analysis, industry analysis for trade associations and regulatory entities, econometric modeling and forecasting, and custom research
    • Entertainment Industry - Valuation, forecasting, modeling; statistical analysis of script content; royalty and licensing computation; quantitative analysis; special projects
    • Product Liability - Analyze customer records, perform actuarial type analysis on warranty claims and product failures, work with lemon law type issues, and perform surveys and focus groups to develop data regarding liability and damages
    • Real Estate & Urban Policy - Fiscal and economic impact analysis, financial analysis, and public private partnership/joint venture negotiations; eminent domain analysis; hedonic regression analysis; statistical valuation models; regional economic forecasting; analysis of public policy on local economy; impact of environmental issues on property values; impact of tax policy; special projects
    • Construction Defects & Destructive Testing - Create and supervise or evaluate sampling plans; compute margins of error; compute projections and extrapolations
    • Surveys & Sampling - Mail, telephonic, computer panel surveys; focus groups; questionnaires; intercept surveys; census; record sampling; warranty card analysis; Eveready, Sprite, and other marketing surveys; consumer expectation surveys; special projects
    • Statistics, Econometrics & Forecasting - Create forecasts, "what if" simulations and models, test hypotheses, and perform custom research
    • Class Action, Mass Actions, Mass Torts - Assess commonality, or lack thereof, using economic and statistical analysis; conduct census or surveys; design sampling for random depositions; analyze corporate records; special analysis
    View PFC's Consulting Profile.
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    Ian Allport
    Information Technology Consultant
    New York NY 10022
    USA
    phone: 212-813-0403
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    Ian Allport Intellectual Property Expert PhotoIan Allport, principal at Radical Software & Consulting Inc., has over 30 years of experience in the Financial Services and Information Technology industry.

    Background Experience - For over 25 years Mr. Allport worked in various roles in the financial services industry. He has experience in developing applications for many business types and has operated at many different levels of responsibility including project management, application design, and programming. In those roles, he provided technology solutions and was intimately involved in the creation of new business platforms. At all times, Mr. Allport has been strongly aligned with the business operations in companies.

    Litigation Support - Since 2000, Mr. Allport has provided litigation services for legal firms throughout the United States and Canada in the area of infringement of intellectual property, namely: Patents, Copyrights, and Theft of Intellectual Property. His cases have included subject matter related to:
    • Financial Service Applications
    • Health Care Services
    • Medication Dispensing Software
    • ATM and Point of Sale Transaction Processing
    • Check Image Processing
    Areas of Expertise:

    Patents - Ian Allport has extensive experience in automated trading, including algorithmic and high frequency technology. These skills have been utilized on cases including Reuters vs. Bloomberg, LLC in a patent infringement litigation and a case of potential patent infringement involving automated execution platforms. Mr. Allport creates and examines claim charts, provides input to attorneys evaluating the validity of a patent, and performs detailed code and processing analysis of an application that potentially violate a patent.

    Copyrights - To determine if a copyright has been violated, Mr. Allport utilizes analytical skills including abstraction, filtration and comparison, standards of substantially similar, look and feel protection, virtually identical analysis, and a detailed examination of the processes used in conjunction with the potential violating application. These tasks culminate in a report detailing whether or not the copyright was violated and, if so, the manner in which it was done including the use of copyright case history to highlight how conclusions were drawn.

    Theft of Intellectual Property - Mr. Allport examines motives, defendant skill sets, opportunity, and the systems in question to determine if IP theft has occurred. Extensive reports are created based on his findings.
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    Patrick Chylinski, MAFF, CVA, CFE
    515 South Flower Street 41st Floor
    Los Angeles CA 90071-2201
    USA
    phone: 213-330-4605
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    RSM US, LLP is the 5th largest Accounting and Consulting Firm in the country, with over 85 offices across the United States. Our litigation consulting and financial forensics practice focuses on assisting counsel and clients in the areas of business and commercial litigation matters, forensic and fraud investigations, contract compliance matters, and royalty inspections.

    Our professionals have extensive experience assessing and quantifying damages in a variety of matters including contract disputes, post-closing and post-acquisition disputes, breach of fiduciary duty matters, real estate disputes, fee disputes, partnership disputes, as well as conducting analysis in forensic and fraud matters.

    Industry experience includes, among others, technology, manufacturing, hospitality, government and public sector, banking, consumer products, real estate, financial services, and entertainment. Our team of consultants has qualifications, certifications, and educational experience that include Certified Public Account (CPA), Master Analyst in Financial Forensics (MAFF), Certified Fraud Examiner (CFE), Certified in Financial Forensics (CFF), Certified Valuation Analyst (CVA), MBA, and JD.

    Our professionals have experience testifying at deposition, arbitration, and trial and have experience working in the following types of matters:
    • Economic Damage Analysis
    • Fee Disputes
    • Billing Disputes
    • Breach of Contract Matters
    • Post-acquisition Disputes
    • Earn-out Disputes
    • Fraud Investigations
    • Forensic Investigations
    • Breach of Fiduciary Duty Matters
    • Business Interruption Matters
  • Construction Claims
  • Covenant Not To Compete Matters
  • Business Valuations
  • Contract Compliance / Royalty Investigations
  • Health Care Litigation Matters
  • Insurance Claims & Coverage Disputes
  • Intellectual Property Related Matters
  • Marital Dissolution Matters
  • Purchase and Sale Disputes
  • Securities Litigation Matters
  • Patrick Chylinski Economic Damages Expert PhotoPatrick Chylinski, MAFF, CVA, CFE is a principal and the West Region Practice Leader for RSM’s Litigation Consulting and Financial Forensics practice. He has extensive experience managing and directing engagements relating to complex commercial litigation, business disputes, investigations of fraud and financial misconduct, and business valuations. He has been designated as an expert in numerous cases, and has testified as an expert in litigation matters relating to contract and fee disputes. Mr. Chylinski has experience serving clients across various industries including healthcare, financial services, real estate, construction, insurance, gaming, entertainment, and technology.

    Past experience includes roles as a Director of the Litigation Consulting and Forensic Accounting Services practice group for a top-25 national accounting and consulting firm, as well as a leadership position at a top regional firm. Earlier in his career, Patrick worked in the Financial Advisory Services group at Deloitte & Touche, focusing on dispute consulting.

    In addition to his work experience in professional services, Patrick has extensive industry experience, having worked as a Vice President of Financial Planning and Analysis for what was one of the largest mortgage banking and financial services firms in the country. Patrick also worked in commercial real estate, performing financial analysis and mergers and acquisition due diligence at a commercial real estate investment firm. He also has experience in the securities industry, at one time holding NASD Series 7 and 63 licenses.

    Litigation and Dispute Services:
    • Contract Disputes
    • Fee Disputes
    • Damage Analysis
    • Lost Profit Analysis
    • Partnerships and Real Estate Disputes
    Forensic and Investigative Services:
    • Licensing and Royalty Disputes
    • Purchase Price / Earn-out Disputes
    • Forensic Analysis
    • Fraud Investigations
    • Contract Compliance
    8/20/2014 · Forgery & Fraud
    When many people think about fraud, their thoughts usually turn to banks, investment firms and large businesses. But don't be fooled. Not-for-profit organizations – including many charities, colleges, religious entities and trade groups – are often easy targets for sophisticated fraud schemes.

    Business acquisitions and dispositions are often highly complex transactions which can possess an increased potential for disagreements-disagreements that can eventually lead to contentious and costly litigation. Various types of disputes can arise from the purchase or sale of a business, and these post-closing or postacquisition disputes can delay or even derail what may otherwise appear as obvious "win-win" transactions.

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    2418 Teaberry Glen
    Escondido CA 92027
    USA
    phone: 858-395-8694
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    Charles L. Stanley CFP, ChFC, AIF, has over 25 years of experience as a Financial Advisor. A partner in WorthPointe, LLC, a Wealth Management firm with offices in San Diego, CA and Austin, TX, he provides investment advisory services to private clients, many of whom are Trustees and fiduciaries under the Uniform Prudent Investor Act.

    Litigation Support - Mr. Stanley has been providing expert witness and consulting services in cases relating to the Uniform Prudent Investor Act since 1998. As an Accredited Investment Fiduciary®, he has received special training in prudent fiduciary practices.

    Mr. Stanley applies over 25 years of experience as an Investment Advisor to trustees on behalf of attorneys who require clear, concise opinions on disputes between trustees and beneficiaries regarding the investment and management of trust assets as required under the Uniform Prudent Investor Act. His areas of expertise include Estates, Financial Matters, and Securities.

    Specialty Focus:
    • Uniform Prudent Investor Act
    • Prudent Investor Rule
    • Fiduciary Practices
    • Trust Investing
  • Trust & Estates Litigation
  • Fiduciary Duty / Fiduciary Practices
  • Lack of Diversification
  • Partial Treatment of Beneficiaries
  • View Charles Stanley's Consulting Profile.
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    Keith Underwood, MBA
    FX Expert Witness
    315 Madison Ave, 24th Fl.
    New York NY 10017
    USA
    phone: 917-860-0208
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    Keith Underwood is a respected 25-year veteran of the Global Foreign Exchange market where he earned a reputation as a formidable FX derivatives portfolio manager and business architect. He is an expert in market practice and in the institutional structure and widespread trading strategies commonly employed by traders.

    Background Experience - Mr. Underwood has managed spot, forward, option, and NDF traders globally. In the course of building customer franchise businesses for US investment banks and European commercial banks, his endeavors carried him to every major trading center in the world. He spent 17 years in the London FX market and eight years in New York. He is a dual citizen of the US and the United Kingdom.

    Throughout his career, Mr. Underwood has held several managing director positions at global FX banks including Lloyds Banking Group, Standard Chartered, Credit Agricole, Lehman Brothers, and Morgan Stanley.

    Litigation Support - Keith Underwood provides expert witness services to top multinational law firms on cases involving Loss Attribution, Product Identification, Derivative Pricing, and Trader Reasoning. His services include detailed written reports and testimony when needed. Mr. Underwood's specialized knowledge is available to attorneys representing both Plaintiff and Defendant.

    Areas of Expertise:
    • Currency, Product, and Trade Detail Identification: Investigations and forensic deal deconstruction
    • Valuation and Pricing: Expertise in the pricing of derivatives and historical pricing
    • Data Solutions: Consolidate and mine key historical trade and market data for analysis
    • Trade Blotter Analysis: Identify abnormalities, off-market prices and practices, or inconsistencies in connection with trading activity
    • FX Market Speak: Translate industry language and provide clarity to complex market practices
    • FX Best Practice: Providing best practice global guidelines from the foreign exchange committees worldwide

    View Keith Underwood's Consulting Profile.
    5/13/2016 · Finance
    Between the Delloite 2016 Global FX Survey and the FIREapps Q4 2015 Currency Impact Report, it appears that treasurers and CFO's have resigned themselves to accepting emerging markets currency risks. A deeper dive into the surveys reveals that the FX exposures to hedge (if known because its too expensive to track) can't necessarily be trusted (can't verify hedging numbers), and the high volatility price of EM currency pairs makes it difficult. My advice to those with responsibility for hedging currency exposures is to budget for currency exposure reporting software for 2017, put in place a hedging policy and procedure document that is board approved, and ensure that zero cost collars are utilized to hedge EM exposures.

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    Steven G. Roberts
    CPA/CFF, CFE, CCI, CGMA, FCPA
    Sammamish WA 98074
    USA
    phone: 425-868-3330 ext.151
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    Steven Roberts Forensic Accounting Expert PhotoSince 1987, Steven G. Roberts, CPA, CFF, CFE, CCI, CGMA, FCPA, has focused exclusively on Valuation, Economic Analysis, Economic Loss Measurement, Forensic Accounting, and Fraud Examination. His assignments regularly include expert report and exhibit preparation, and deposition and courtroom testimony. Other of his engagements include arbitration, mediation and appraisal testimony.

    Mr. Roberts has also been retained directly by the court as a Special Master relative to economic loss measurement and forensic accounting issues. He is a Certified Public Accountant, Certified Fraud Examiner and Forensic Certified Public Accountant. He is also certified by the AICPA in Financial Forensics, is a Certified Criminal Investigator, and is a member of the Academy of Court Appointed Special Masters. Over the past 29 years, Mr. Roberts has been directly responsible for designing, implementing and managing more than 2,000 engagements involving billions of dollars.

    He has managed economic loss and valuation engagements in Alaska, Europe, across North America, in Mexico, and throughout the Gulf and Pacific Rim. He is a speaker, lecturer and author of courses and articles on economic damage measurement principles, forensic accounting issues and independent expert practices. Mr. Roberts is the principal and founder of Veritas Forensic Accounting and Economics.

    Areas of Expertise:

  • Breach of Contract
  • Breach of Fiduciary Duty
  • Business Interruption
  • Business Dissolution
  • Economic Viability
  • Class Actions
  • Bellwether Plaintiffs
  • Construction Defect Issues
  • Construction Delay, Cost Overrun
  • Builder's Risk Policies
  • Employee Dishonesty
  • Receivership
  • Bankruptcy
  • Fraud
  • Insurance Loss
  • Inventory Loss
  • Property Damage
  • Intellectual Property
  • Partner Disputes
  • Personal Injury
  • Wrongful Death
  • Product Liability
  • Securities Damages
  • Wrongful Termination


  • View Steven Roberts' Consulting Profile.
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    Craig Wolson
    Expert Witness and Consultant
    One Grand Central Place, 60 E. 42nd Street
    Suite 4600
    New York NY 10165
    USA
    phone: 203-858-4804
    Craig A. Wolson acts as a Structured Finance and Derivatives Expert Witness and Consultant. He specializes in cases involving credit default swaps (CDS), collateralized debt obligations (CDOs), mortgage-backed securities (MBS) and other types of derivatives and securities.

    Background Experience Includes: Acting on behalf of 40,000 investors in $1.6 billion class action suit against bankrupt sponsor of special purpose issuer of notes secured by notes issued by CDO and credit default swaps with sponsor; acting on behalf of class led by two major pension funds against a major bank and numerous large underwriters involving mortgage-backed securities issued by several vehices established by the bank, and securities issued by the bank; acting on behalf of large investment bank defendant in arbitration proceeding brought by another large investment bank involving nine CDOS established by defendant; acting on behalf of large bank that had invested in now-worthless notes issued by SIV established by defendant banks; acting on behalf of large bank against another large bank that had sold the former CDOs and CDS.

    Areas of Expertise:
    • Securitizations
    • Derivatives
    • Securities Law and Corporate Finance
    • Loans and Credit Facilities
    • Due Diligence