Richard M. Teichner, CPA, ABV, CVA, MAFF, CFF, CRFAC, CRFAU, DABFA, FCPA, CGMA, CDFA, licensed in both Nevada and California, has over 45 years of experience in public accounting, and for approximately 25 of those years his areas of practice have been primarily providing expert services and consulting services in business litigation and family law matters. With offices in Reno and Las Vegas, Nevada, Mr. Teichner's practice extends to various jurisdictions throughout the United States. Although Mr. Teichner's services are mainly weighted toward complex business litigation and divorce matters, they also include performing valuations of businesses and business interests for estate tax and gifting purposes and for buy-sell situations. Clients have been both businesses and individuals involved in various industries, such as manufacturing, distribution, retail sales, construction, real estate development, and transportation, and in professional practices, e.g. medical, law and accounting, and other service businesses.
Litigation Matters - Expert services are provided to business litigation and family law litigation attorneys representing either plaintiffs or defendants. Mr. Teicher has testified over 45 times at trial and approximately 40 times at depositions. He has been engaged as a testifying expert or consultant in a variety of complex business litigation and family law matters. Such matters have involved forensic accounting, damages claims; contract disputes; disputes among business owners; fraud, including white collar crime; breaches of fiduciary duty; standards of care; and personal injury and wrongful death. Family law matters have involved property division, tracing, marital waste, alimony, business valuations, and tax implications of divorce.
Areas of Expertise:
Economic Damages / Lost Profits
Personal Injury / Wrongful Death Damages
Divorce and Family Law Matters
Business Valuations / Appraisal
Intangible Assets Appraisal
White Collar Crime
Standards of Care; Breach of Fiduciary Duties
Reno Office 3500 Lakeside Ct, Suite 210 Reno, Nevada, 89509 Telephone: 775-828-7474 or (775) 530-5106
Las Vegas Office 8275 S. Eastern Avenue, Suite 200 Las Vegas, Nevada 89123 Telephone: 702-724-2645 or (702) 467-8335
Joe Carlen, MBA, MISM, CVA, is a Certified Valuation Analyst with over 20 years of Business Analysis experience. He offers a strong combination of intellectual property, valuation, business and technology knowledge coupled with strong analytical and writing skills. Collectively, these translate to well-written and well-reasoned valuation reports and expert witness testimony.
Litigation Support - Mr. Carlen has been hired and prepared reports for cases pertaining to business valuation, patent valuation, and both patent infringement and trademark infringement matters. These have spanned multiple industries -- from high-tech to pharmaceuticals and alternative energy to less technology-intensive industries like hospitality, pet supplies, textiles, etc.
As a non-attorney associate of the national patent law firm Russ Weinzimmer & Associates, P.C. since 2006, Mr. Carlen brings his extensive experience with patents, trademarks, and copyrights to his expert witness work. Over the years, Mr. Carlen has completed over 200 market assessments and valuation reports for patents, trademarks and copyrights of almost every industry. He has also assisted in the preparation of some patent applications. There are relatively few valuation and damages experts with a comparable level of experience with intellectual property.
Mr. Carlen, the author of a comprehensive biography of valuation guru Benjamin Graham, brings his strong financial analysis and valuation skills to bear on all projects. He has been a Certified Valuation Analyst (CVA), in good standing with the National Association of Certified Valuators and Analysts, since 2014. Mr. Carlen earned an MBA from the University of Pittsburgh and an MISM (Information Systems) Master’s degree from Carnegie Mellon University.
A published author of multiple business books, Mr. Carlen has also contributed finance-related articles to CNBC, ValueWalk, Bloomberg and other financial media outlets. As multiple attorneys have noted, Mr. Carlen's reports are always well-written and thoroughly researched. He has also spoken at Columbia University, the University of California, Fordham University, The Museum of American Finance and other prestigious venues, organizations, corporations and conferences. He is an experienced and confident speaker who presents well in court.
This book charts how the pursuit of profit by private individuals has been a prime mover in revolutionizing civilization. Consulting rich archival sources, including some that have never before been translated, Carlen maps the course of human history through nine episodes when entrepreneurship reshaped our world. The author also discusses the new entrepreneurs who, through the nascent space tourism industry, are leading humanity to a multiplanetary future. Altogether, Carlen brings much-needed detail to the role of entrepreneurship in shaping history.
Warren Buffett-widely considered the most successful investor of all time-has repeatedly acknowledged Benjamin Graham, the “father of value investing”, as the primary influence on his investment approach. Indeed, there is a direct line between Buffett’s record-shattering investing performance and Graham's investing system that revolves around ascertaining the true business value (aka “intrinsic value”) of publicly-traded companies. The author distills the best from Graham's extensive published works and draws from personal interviews he conducted with Warren Buffett and many other top investors, as well as Graham's surviving children and friends. Carlen's book integrates Graham's eventful life with his proven techniques for generating wealth.
Huggins Actuarial Services, Inc is a full-service independent consulting firm with more than 100 years of experience providing innovative and clever solutions to a wide range of Actuarial and Risk Management challenges. They offer a wide range of tactical consulting services providing valuable assistance in the day-to-day operation of your firm, as well as strategic consulting to inform decision-making on matters of extreme gravity.
Litigation Support - Huggins’ credentialed actuaries have extensive industry experience providing expert witness testimony as part of legal proceedings or for valuation services. Their actuaries are renowned industry experts, providing credible unbiased advice to the client. An actuary providing expert testimony performs an important service to the forum, the finder of fact in the forum, and the public by providing information that can be critical to resolution of disputes. This may include explaining complex technical concepts so they can be understood by the audience to whom the testimony is directed.
Clients are usually a law firm, insurance entity, or an individual person. Huggins undertakes insurance and reinsurance litigation and arbitration support projects and provides assistance as the client may request, and will generally consult with, advise and assist the client. Huggins’ expert actuaries work with the client to evaluate the strengths and weaknesses of the case in order to formulate the best possible strategy. Clients typically request the following services:
Areas of Expertise:
Lawsuit, Arbitration, Deposition Support
Actuarial Malpractice Support
Actuarial Work Product Review
Collateral Negotiations / Disputes Claims
Ronald T. (Rusty) Kuehn, FCAS, MAAA, CERA, CPCU, ARM, FCA, is a Consulting Actuary with Huggins Actuarial Services, Inc. and a Fellow of the Casualty Actuarial Society and the Conference of Actuaries in Public Practice, a Member of the American Academy of Actuaries and the International Actuarial Association. In addition, Mr. Kuehn holds the Chartered Enterprise Risk Analyst (CERA) designation, the Chartered Property-Casualty Underwriter (CPCU) designation, and the Associate in Risk Management (ARM) designation.
Mr. Kuehn is professionally active; he has served as the chairman of the Casualty Loss Reserve Seminar (CLRS), which is jointly sponsored by the Casualty Actuarial Society (CAS), the American Academy of Actuaries and the Conference of Consulting Actuaries. He has also served on the on the Casualty Practice Council of the American Academy of Actuaries, the CAS Examination Committee and Committee for Consultants’ Interests, and as past President, Education Chairman and Board Member of the Casualty Actuaries of the Mid-Atlantic Region (CAMAR).
In addition, Mr. Kuehn has served on the Insurance Services Office Private Passenger Automobile Subcommittee and the Homeowners Subcommittee. Mr. Kuehn has also served as a Member of the Conference Task Force on Public Policy Debate of the Conference of Actuaries in Public Practice. He currently serves on the Board of the Insurance Society of Philadelphia (ISOP), and he is a member of the ORSA subgroup of the ERM Committee of the Risk Management and Financial Reporting Council of the American Academy of Actuaries. His over 45 years in business have given him a thorough knowledge of the property-casualty business both from a company and consulting viewpoint.See Full Bio and Consulting Experience.
Grover M. Edie, MBA, FCAS, MAAA, CERA, CPCU, ARM, ARP,is a Fellow of the Casualty Actuarial Society, a Member of the American Academy of Actuaries, a Certified Enterprise Risk Analyst, a Chartered Property Casualty Underwriter, an Associate in Risk Management, and an Associate in Research and Planning.
Prior to joining Huggins, Mr. Edie was Vice President and Chief Actuary at GMAC Insurance Company, where he oversaw all actuarial activities including pricing, loss reserving, and enterprise risk management in personal auto, commercial lines, auto extended service contracts, assumed reinsurance and other miscellaneous lines of insurance. He introduced Economic Capital Modeling to the organization during his tenure. His previous employers include Erie Insurance Group, John Deer Insurance, and the Insurance Services Office.
Mr. Edie has over 25 years of actuarial experience. He started his insurance career as an underwriter. The primary services Mr. Edie provides to his clients includes Economic Capital Modeling, Enterprise Risk Management, profitability analysis, rate level reviews and filings, and loss reserve analysis. See Full Bio and Consulting Experience.
Kim E. Piersol, FCAS, MAAA, is a Fellow of the Casualty Actuarial Society and a Member of the American Academy of Actuaries. Prior to joining Huggins, he served as Senior Vice President & Chief Actuary for Crum & Forster Insurance Companies. Prior to that he served as Group Vice President & Chief Actuary for CNA Insurance Companies, and was a consulting actuary for KPMG LLP, Arthur Andersen LLP, and CFO of AIG Risk Management (AIGRM).
Mr. Piersol is professionally active; he has served on the American Academy of Actuaries Environmental Liabilities Work Group, the NAIC Technical Advisory Committee on Catastrophe Reserves, the Workers’ Compensation Reinsurance Bureau Actuarial Committee, and has been a Director and Treasurer of the Professional Liability Underwriting Society (PLUS). He also served on the Professional Liability Actuarial Subcommittee of the Insurance Services Office (ISO). He has also served as a 1st Lieutenant in the United States Army Field Artillery. His over 40 years in the actuarial field have given him a thorough knowledge of the property-casualty business both from a company and consulting viewpoint.See Full Bio and Consulting Experience.
Michael B. Vaughn, through his company, Golden Age Advisory, provides analysis and testimony as an Expert Witness with extensive experience in Finance and Valuation of Real Estate and Mortgages, especially in Senior Housing.
Mr. Vaughn's background as Director of HUD’s 232 FHA insurance program, and years in senior positions in mortgage banking and government, give him unique credibility and expertise. Until January 2018, he was senior vice president, and originator of FHA and bridge loans for assisted living, skilled nursing, and other healthcare facilities for Walker & Dunlop, one of the largest commercial mortgage banking firms.
Mr. Vaughn originated or obtained portfolio approvals for over $1 billion in HUD, Fannie Mae, Freddie Mac, and proprietary bridge loans on Seniors, Healthcare and Multifamily loans in his career. He represented W&D and sourced new business relationships at numerous industry functions and successfully publicized W&D through quotes and articles in the Wall Street Journal, and senior housing industry publications.
Litigation Support - Mr. Vaughn is able to provide convincing analysis and testimony related to complicated financial cases in a way that is understandable to an average non-professional. Mr. Vaughn's experience testifying in both Federal and State Supreme Court trials.
Areas of Expertise:
Skilled Nursing Facilities
Continuing Care Retirement Communities
HUD FHA Multifamily
Public and Section 8 Housing Finance
CMBS / Bank and other Lender Financing
Operating Business Valuation
GSA Real Estate Procurement
Loss of Income
Valuation of Leaseholds
Valuation of Contracts
Financial and Document Analysis
Assistance in Deposition and Cross-examination of Opposing Witnesses
Dennis M. Giuffré is an Economist and Professional Engineer in private practice since 1978, and previously with the consulting firms, Allstates Engineering Company and Equitable Environmental Health, Inc.
Background Experience: Prior to a consulting career, Mr. Giuffré engaged in basic subsurface research at Texaco, Inc., corporate planning and development at the Gulf Oil Corporation, process engineering and design at the Petro-Tex Chemical Corporation, and process engineering and economics at the Olin Corporation, among other companies.
Economic Damages Expert Services: Mr. Giuffré provides expert witness services primarily in the area of Economic Damages, and in related economics and technical issues. He has been engaged by both plaintiffs and defendants, and has testified as an expert witness in federal and state courts, and in arbitration and administrative hearings.
Mr. Giuffré has been retained as a damages analyst and expert in insurance claim losses, patent and other intellectual property infringement, trade secrets misappropriation, antitrust, breach of contract, deceptive trade practices, unfair competition, unconstitutional taking, products liability, negligence, breach of fiduciary duty, fraud, defamation, slander, trespass, legal malpractice, and numerous other causes of action pertaining to business entities; as well as in personal injury, wrongful death, medical malpractice, discrimination, retaliatory discharge, class action, and other causes of action pertaining to individuals and households.
Donald M. May PhD, CPA, Managing Partner at DMA Economics, LLC, possesses over 30 years of Valuation and Economic Damages experience. He implements a broad range of damage analyses and valuations for clients, including billion-dollar investment funds under SEC investigation as well as multi-national firms involved in intellectual property disputes, consumers in product mislabeling cases, and small to mid-sized businesses involved in complex commercial litigation.
Background Experience - Prior to founding DMA Economics LLC, Dr. May was Managing Director at Berkley Research Group and the Principal in charge of valuation and litigation support services for a regional accounting firm, a Managing Director for PricewaterhouseCoopers, and a professor at the Massachusetts Institute of Technology - Sloan School of Management. He has performed over 200 valuations of closely held businesses across numerous industries for financial reporting and estate planning. Dr. May has been published in several distinguished academic and practitioner journals such as The Journal of Finance, The Quarterly Review of Economics and Finance, Hedge Fund Law Review, and is currently an editorial board member of The Journal of Business Valuation and Economic Loss Analysis.
Litigation Support - Dr. May is a world class expert in the Valuation of Damages. Dr. May has prepared expert reports and testified in federal and state courts as well as AAA, JAMS, and FINRA arbitration hearings, and has also effectively communicated as an expert witness testifier and consultant in several multi-million dollar cases.
Recent Litigation Matters:
Misrepresentations in Leveraged Buyout (“LBO”) Financing Practices
Theft of Trade Secrets, Trade Dress, and Intellectual Property
Food Product Mislabeling
Securities Fraud Under SEC Section 10b-5 and Section 11
Accounting Misstatements in Public and Private Company Acquisitions
Lost Profits and Lost Enterprise Value Associated with Product Defects and Breach of Contract
Mascara falsely labeled as being natural. Label claims “Natural” fibers on mascara are alleged and proven to be false. Class action filed and DMA Economics is tasked with computing aggregate damages to the class who purchased the mascara at a premium because they believed it was natural.
The fund managers were alleged to have violated their fiduciary duty to maintain proper diversification in the fund by allowing one particular security to make up more than 25% of fund value and up to over 40% of fund value by mid-2015.
This article finds evidence consistent with the hypothesis that managers consider personal risk when making decisions that affect firm risk. I find that Chief Executive Officers (CEOs) with more personal wealth vested in firm equity tend to diversify. CEOs who are specialists at the existing technology tend to buy similar technologies. When specialists have many years vested, they tend to diversify, however. Poor performance in the existing lines of business is associated with movements into new lines of business.
Scott S. Miller, MBA, ASA, ABV, specializes in Business Valuation and Transaction Consulting for small to middle market companies. He has over 35 years of professional business experience that ranges from senior operations management with publicly-traded companies to handling all aspects of operations in small privately-held manufacturing and service businesses.
Along with an MBA from the University of Houston, Mr. Miller achieved the Accredited Senior Appraiser (ASA) designation from the American Society of Appraisers, the Accredited in Business Valuation (ABV) certification from the American Institute of Certified Public Accountants and has over 15 years of business / financial asset valuation and consulting experience. He is currently serving as Region 3 Governor for the American Society of Appraisers and is past President of the Houston Chapter for the ASA.
Prior to the formation of Convergent Capital Appraisers in 2007, Mr. Miller held positions with McClure, Schumacher & Associates, RR Donnelley Financial, several positions/locations with Bowne & Co., Inc., and Industrial Screenprint, Inc.
Litigation Support - Mr. Miller provides expert witness services to attorneys for plaintiff and defense in need of appraisal services. His expertise is in business valuation of closely-held businesses and the appraisal of fractional interests of equity holders. His services include thorough review and reporting, depositions, and trial testimony as needed.
Business valuation and appraisal services have been provided for a variety of purposes including, but not limited to: