The Center for Forensic Economic Studies is a leading provider of economic and statistical analysis relating to litigation. Our staff includes economists, statisticians and valuation experts.
We assist with discovery, critique opposing claims and produce clear, credible reports and expert testimony. Since 1980, attorneys and their clients have relied on our expertise in thousands of cases in jurisdictions across the country.
Our areas of Concentration Include:
Personal Injury / Wrongful Death Economic Damages
Commercial Damages / Business Interruption Claims
Economic Damages in Employment Matters
Employment Discrimination - Statistical Analysis
Business Valuations / Appraisal
Contact us to discuss your case.
Economics Business Damages Expert Witness James Christopoulos
Christopoulos Economics Consulting Group is a full-service expert witness firm, providing highly capable and professional analyses, reports, tables, charts, and credible testimony on Economic Damages and related issues for attorneys throughout California.
By specializing in litigation economics, Christopoulos Economics Consulting Group provides Forensic Analysis and Auditing, Economic Damage Analyses, Statistical Research, and Economic Loss Reports. They have the experience necessary to provide testimonies and produce reports which summarize and present opinions and conclusions in a manner that is clear and easily understood. They are consistently retained by both plaintiff and defense attorneys and are well versed in the calculation of present value past and future economic damages, including the calculation of future medical care costs.
James Christopoulos, JD, MA, the founder of Christopoulos Economics Consulting Group, is an Economist and a Lawyer. His comprehension of complex legal issues combined with his many years of experience as an economist provides his clients with a unique set of abilities when calculating economic losses and communicating those opinions to both judge and jury.
Mr. Christopoulos has testified as an expert witness economist in state and federal courts along with arbitrations, mediations, and depositions and has prepared and presented economic loss calculations for well over 1,000 cases.
Victor Republicano, Jr., CPA, CGMA is an accounting and consulting practitioner, who has provided professional services to business owners, corporate management, lawyers and their clients, since 1977. Mr. Republicano provides assistance in all phases of the litigation process, from strategy sessions early in the dispute, through settlement negotiations, and trial. Among his distinguishing achievements are his CGMA (Chartered Global Management Accountant) designation from the AICPA (American Institute of Certified Public Accountants); Diplomate status from the American Board of Forensic Accounting, and his Fellow status from the American College of Forensic Examiners, in addition to his affiliation with the Association of Certified Fraud Examiners. Mr. Republicano has extensive experience in providing litigation consulting services and expert testimony in a wide variety of areas. His litigation consulting projects have included damage assessment and analysis, inspection and reconstruction of accounting records, pre-trial preparation, expert testimony, witness preparation, courtroom assistance, and post-trial consultation with counsel. He has served as an expert witness in over 100 cases, including matters in state and federal court, administrative proceedings, and alternative dispute resolution forums. Mr. Republicano is experienced in small business consulting, accounting and auditing, publicly traded companies, and litigation services. His industry experience includes: Ag-Chem, Construction, Distribution, Financial Institutions, High-Tech, Manufacturing, Network Marketing, Non- Profit Organizations, Professional Services (Architects, Engineers, Law Firms, etc), Securities and Retail. Mr. Republicano has assisted a variety of companies with IPO's, private placements and statutory filings with the Securities and Exchange Commission. He also has provided extensive consultations to entrepreneurs and others and other non-public business owners regarding mergers and acquisitions, inventory control systems, credit and collections management, and property lease analyses. Litigation and Other Services:
Alternate Dispute Resolution (Mediation, Referee, Special Master)
Damage Calculations and Assessment
White Collar Crime
Investigative Services (accounting, finance, business and trade practices)
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 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
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.
Eric Forister, PhD, is an expert Economist with testifying experience on market definition, market power, and damages. His expertise includes applying advanced statistical techniques to datasets, synthesizing information from documents, and designing and evaluating surveys. A Senior Economist at Econ One, he focuses on relevant questions to tackle complex issues with an efficient and effective style of communication. Dr. Forister also has extensive experience consulting on issues including royalty rates, irreparable harm, sampling, survey design, common impact, and materiality.
Ideal Client Engagement: For litigation-related matters, an ideal engagement would be providing an opinion on economics, damages, market power, or market definition; or providing pre-litigation advice on the economics of potential claims, or the merits of a survey. For non-litigation matters, an ideal engagement would be helping to explain the economics of different business models or consulting to those considering buying or starting an optometry office.
Experience: Dr. Forister has acted in a support/consulting role on over 100 matters. His support work has been a mix of plaintiff and defense work. Dr. Forister has designed and evaluated surveys for IP and marketing cases and worked on a wide range of other matters, including:
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.
Malcolm S. Cohen, PhD, President of Employment Research Corporation, has over 30 years of experience in the field of Economics and Employment specializing in Labor Markets and Statistical Analysis.
Dr. Cohen founded the firm in 1997, after retiring as the Director of the Institute of Labor and Industrial Relations at the University of Michigan, which he directed for 13 years. With a PhD in Economics from the MIT in 1967, his research interests include labor market information, labor turnover, employment forecasting and labor shortages. He has directed several major studies to identify national shortage occupations and measure labor turnover using administrative records.
Dr. Cohen's book, Labor Shortages as America Approaches the Twenty-first Century, was published by the University of Michigan Press. His most recent book, Global Skill Shortages, written with Professor Mahmood A. Zaidi, is published by Edward Elgar Publishing. He has had articles published in a large number of journals, including: Journal of Human Resources, Monthly Labor Review, Journal of Political Economy, Review of Economic Statistics, Journal of Economic Theory, and The American Economic Review.
Litigation Support - Dr. Cohen has either testified or been a consultant in over 1,000 audits or cases and has testified over 150 times. He has also served as an expert to the EEOC and U.S. Department of Labor in discrimination cases, and has directed many research projects sponsored by government agencies.
As the world entered the twenty-first century, global skill shortages in many occupations were evident throughout the world. While these were mitigated by a global recession, there is no generally agreed upon method for measuring these shortages. This book discusses various theories for measurement. Using data collected from 19 developed countries in North and Latin America, Europe, and the Pacific region, the authors explore various aspects of skilled labor shortages, develop a methodology of measuring shortages by occupation, and provide estimates of the likelihood of the occurrence of such shortages.
Predicting labor shortages is of great importance for planning education and training of the nation's present and future labor force. Malcolm Cohen has developed an innovative approach to measuring labor shortages. Originally sponsored by the U.S. Department of Labor, his work is presented here, updated for 1994.
Expert Witness Consulting Services, LLC (EWCS) provides a range of services to law firms, litigation trustees and others engaged in expert witness and related activities. We provide up-front assessment of cases, drafting assistance in writing the economic core of complaints; other consulting expert work; and testifying expert witness reports and testimony. As an affiliate of Gordian Group (one of the leading national restructuring investment banking firms), EWCS can tap Gordian's vast experience in litigation assignments, particularly relating to matters involving solvency, valuation, fairness and Board of Directors responsibilities. In addition, EWCS has built a nationwide cadre of other independent experts so that we can assist law firms and mediators in finding the right expert for each case.EWCS connects vetted and specialized expert witness professionals to law firms across the nation. With its incremental, litigation-experienced professional resources and national recognition within the legal community, EWCS’ mission is to work diligently with client law firms and mediators to provide exceptional work product in an efficient manner, starting with finding the right expert for each case.
As Experts and Consultants, the professionals at EWCS are able to provide clients and Boards of Directors with advice and guidance in structuring transactions appropriately, and in delivering financial opinions in connection with the same. They can reconstruct financial data through forensic analysis in order to explain how financial markets or decision makers may have made decisions. When it comes to evaluating the performance of boards, management teams, and financial institutions, the experts at EWCS are well-positioned to have a credible point of view, given their experience in cleaning up the aftermath of corporate disasters and fraud up close. The EWCS professionals have substantial experience in most industries, including but not limited to aerospace and defense; consumer goods; electronic technology; finance and insurance; food and beverages; heavy industry and manufacturing; life sciences; metals & mining; oil & gas and energy; real estate and hospitality; and retail and apparel. Their experts have done transactions within these segments, and use their “real world” experience in approaching projects.
Areas of Expertise:
International Business (particularly in Asia)
Intellectual Property / Patents
Real Estate Market Feasibility
Kelly T. Hickel, Co-founder at EWCS, is a Financial and Business Advisor who has served as a senior executive for over 30 years. Mr. Hickel has many years of experience in the technology industry and with turnarounds of troubled companies. Throughout his career, he has arranged numerous private and public company financings and financial restructurings and has raised and/or returned over a $1 billion to investors and lenders. Mr. Hickel served as Turn-around President to Miniscribe Corp., a troubled Fortune 500, $600 million annual revenue disk drive manufacturer, and President of the Maxwell Technology Information Systems Group from 1993 until 1997, during which, Maxwell was the 9th best performing stock on NASDAQ and the #1 performing stock in California in 1996. As Chairman and Chief Restructuring Office of The Tyree Company in Farmingdale, New York, Mr. Hickel was responsible for running the largest oil downstream services company in the northeast. With all of his experience, he then founded and managed emerging Pharmaceutical companies, taking a product through FDA approval for a supplement through distribution in over 2000 retail pharmacy outlets. Beltway Catalyst recently interviewed Kelly T. Hickel for their Thought Leader Spotlight. Check out the podcast here: https://lnkd.in/gPg23ue
Jim Timmins, ASA BV/IA, MAFF, CEP, is the Managing Director and heads the valuation, litigation, and advisory services practices at Teknos. He has worked in Silicon Valley for more than 35 years, as a Valuation expert, a Venture Capitalist, and an Investment Banker. Mr. Timmins has overseen 1,000s of valuations, fairness opinions, and solvency opinions in connection with financial reporting, tax compliance, merger and acquisition transactions, financings, spin-offs, and recapitalizations, and litigation. He has also participated in numerous merger and acquisition transactions, private placements, and public offerings during his career. Prior to forming Teknos, Mr. Timmins was a Managing Director at Pagemill Partners, where he created and managed the valuation practice. Before that he was the Managing Director of the Silicon Valley office of NIF Ventures (the venture capital arm of Daiwa Securities SMBC of Japan), and a General Partner of Glenwood Ventures and Glenwood Capital. Earlier in his career, he held positions in investment banking at Hambrecht & Quist and Salomon Brothers. Mr. Timmins has served as an expert witness for more than 60 cases involving valuation, fiduciary duty, and venture capital practice. He has been retained as an expert by both plaintiffs and defendants.
Paul S. Black, President of Paul S. Black & Assoc., Inc. has more than 35 years of experience as a Real Estate Market Feasibility Analyst, including multiple types of residential, office, retail, industrial and mixed-use properties. Mr. Black has been employed by local and international accounting firms in their real estate consulting groups as well as local and regional consulting companies. For 20 years, Mr. Black has served as a lecturer/adjunct professor teaching Real Estate Principles and Practices as well as Real Estate Market Analysis at the graduate (MBA) and undergraduate levels. Areas of Expertise: Economic Damages, Construction Defects / Delay Damages, Lost Revenue / Profits, Unjust Enrichment, Due Diligence, Commission Disputes, Procuring Cause, Real Estate Brokerage, Broker/Realtor Standard of Care, Code of Ethics – National Association of Realtors (NAR), Real Estate Disputes, Fraud / Misrepresentation, Insurance Defense, Eminent Domain, Market Feasibility / Evaluation.
Scott D. Gilbert, PhD, has over 20 years of experience specializing in Economics and Statistics. He is an academic research economist, financial expert, and statistician, with banking sector experience. Dr. Gilbert received his PhD degree in economics in the year 1996, and before that worked as an economics research associate at the nation's central bank on the west coast, the Federal Reserve Bank of San Francisco. He serves as associate editor of The American Statistician, and his academic research has been published in high-quality peer-reviewed journals in the fields of Economics, Statistics, and Finance. He also has 25 years of teaching experience in economics and statistics, at University of California San Diego, Claremont Graduate School, University of Mississippi, Southern Illinois University, and Webster University. Dr. Gilbert is a Member and Board member of AAEFE (American Academy of Economic and Financial Experts), a member of the NAFE (National Association of Forensic Economics), the AEA (American Economics Association), the National Bar Association, and the CPDE (Collegium of Pecuniary Damage Experts).
Litigation Support - Dr. Gilbert provides expert witness and litigation support services on economic matters in tort and contract law, via the consulting firm Gilbert Economics. Since 1998, he has served as an economics expert on a range of legal matters, in cases filed in Illinois, Indiana, Missouri, Kentucky, and Mississippi. As an expert witness he serves all Midwest states, and does not charge clients for travel time or expenses in the states of Arkansas, Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Minnesota, Tennessee, or Wisconsin. Dr. Gilbert uses his expertise in economics, statistics, and financial matters to assist both plaintiff and defense lawyers in tort and contract cases. As an academic and researcher, his approach to loss and damages estimation is modern and rigorous. Equally important for litigation matters, he knows that evidence documentation is key to developing useful expert opinions, and he assists attorneys in the discovery process. He also explains to lawyers weaknesses in opposing experts' views. His writing in this area has appeared in the Journal of the Missouri Bar Association, and more is (tentatively) forthcoming in the Illinois Bar Journal.
This book covers the subject of economic damages and its role in insurance claims and lawsuits against businesses. After reading and understanding this book, the reader will be able to identify economic damages as a component of business liability, describe the business risk posed by economic damages, explain the key determinants of economic damages, and estimate economic damages and business loss in a variety of cases.
Forensic Accounting Expert Witness Joseph Matheson
Joseph B. Matheson, CPA, ABV, CVA, DABFA, FACFEI, CITP, CFF, CFE, is a Certified Public Accountant, with over than 30 years of public and private accounting experience. Mr. Matheson is a Certified Valuation Analyst (CVA) by the National Association of Certified Valuation Analysts (NACVA, one of the oldest and most prestigious certification organizations) and is Accredited in Business Valuation (ABV) by the American Institute of Certified Public Accountants (AICPA). He is also a Fellow of the American College of Forensic Examiners Institute (FACFEI), holds a Diplomate from the American Board of Forensic Accountants (DABFA), and is a Certified Fraud Examiner (CFE) from the Association of Certified Fraud Examiners. In addition, Personal Financial Specialist (PFS), and a Certified Financial Forensics (CFF) all of which are earned from the AICPA. Mr. Matheson has taught various accounting and business classes for the Small Business Development Centers of New Jersey (part of the SBA), continuing education classes to other CPAs, and was a member of the Speakers Bureau for the New Jersey State Society of Certified Public Accountants.
Litigation Support - Joseph Matheson uses Forensic Accounting and Auditing skills to provide an analysis of financial records in conjunction with dispute resolutions, as well as fraud and theft investigation. His damage measurement methods can determine the extent of financial loss and illegal accounting practices. Mr. Matheson is qualified and testifies as an expert witness in New Jersey State and Federal Courts. He also provides analysis to mediation attorneys to assist in settlement.
Areas of Expertise:
Business Valuation for bankruptcy, partner and shareholder disputes, contract disputes, marital disputes
Valuation of closely held businesses, stock options and restricted stock for capital gain, gift tax and compensation purposes
Wage and economic loss reports, business interruption loss reports, divorce (lifestyle analysis, tax-effected balance sheet preparation, alimony, and child support analysis)
Identity theft remains a top priority for the Internal Revenue Service in 2014. Identity theft is one of the fastest growing crimes nationwide, and refund fraud caused by identity theft is one of the biggest challenges facing the IRS. This year, the IRS continues to take new steps and strong actions to protect taxpayers and help victims of identity theft and refund fraud.
EJ Janik, CPA, CFF, CFE is a Certified Public Accountant with 37 years of professional experience. He specializes in financial audits, compilations and reviews, consulting for commercial litigation, antitrust matters, engineering and construction matters, real estate, and bankruptcy / business reorganizations matters. Mr. Janik holds a Master of Science in Accounting from Louisiana State University and a Bachelor of Commerce from Rice University. He is a member of the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants.
Mr. Janik has provided over 150 financial audits and consulted in over 685 business disputes. He has provided expert testimony in over 80 matters including trial testimony in 48 trials or hearings in 8 states. Mr. Janik's accounting services include Damages/Lost Profit analysis, Forensic Accounting, Fraud Investigations, Fact Finding, Financial Analysis, and Expert Witness Testimony when necessary.
Debt & Capital Analyses
Mergers & Acquisitions
Royalties, Commissions, Income
White Collar Crimes
Mr. Janik is also uniquely qualified to measure construction claims and damages. With over 11 years of construction experience, he has accumulated over 13,000 Engineering and Construction (E&C) auditing hours, 10,000 E&C consulting hours, and 15,000 E&C supervised hours.
Salt Hill Statistical Consulting Alan Salzberg is Senior Statistician and Principal of Salt Hill. Dr. Salzberg's focus is statistical analysis, sampling, estimation, and modeling, especially using large or complex datasets. Many of Dr. Salzberg's consulting projects relate to the detection and measurement of bias or fraud. Dr. Salzberg has testified as an expert witness in statistics in multiple venues. Prior to joining Salt Hill, Alan was CEO at Analysis & Inference. He has also held positions at KPMG (in its Economic Consulting group) and at Morgan Stanley. Dr. Salzberg holds a Ph.D. in Statistics from the Wharton School of the University of Pennsylvania, where he also received a Bachelor of Science in Economics. For musings on everyday probability, see Dr. Salzberg's blog: "What are the chances?"
Dr. Stan V. Smith is a nationally renowned Economist and Financial Consultant providing analysis in simple terms that any trier-of-fact can understand. As an expert consultant to plaintiff and defense attorneys representing clients in Federal State courts, he provides testimony and litigation support services in evaluating damages.
Dr. Smith provides Analysis, Testimony, and Litigation Support Services in Evaluating Damages for plaintiff and defense attorneys representing clients in federal and state courts nationwide. His concept of Hedonic Damages is acknowledged by judges, attorneys, and legal journalists as one of the most innovative tort concepts in the last 30 years. He has been interviewed and published in dozens of respected professional journals.
Dr. Smith has assisted in the successful resolution of thousands of lawsuits on behalf of clients that include many dozens of the nation's largest law firms, the U.S. Department of Justice, as well as thousands of other prominent plaintiff and defense law firms in almost every state.
The increased use of economic experts in commercial damage cases, as well as in personal injury and wrongful death cases, has resulted in the emergence of a group of experts who offer economic services but are unqualified and ill-trained in economics.
Philip M. Trick, FCA, ACAS, MAAA, is an Actuary with extensive learning in Insurance, Probability, Risk, and Math as part of his actuarial training. Mr. Trick is a Fellow of the Conference of Consulting Actuaries, Associate of the Casualty Actuarial Society, and Member of the American Academy of Actuaries. He earned his Masters in Economics and Bachelors in Economics and Mathematics from Boston University, Cum Laude.
Background Experience: Mr. Trick's experience includes constructing an Optimization Engine for mortgage loan coverage assignments and share distribution. He has developed and deployed cutting-edge factory resource allocation management tools and reporting systems for tracking, analyzing, and projecting manufacturing performance. He has also designed and applied a mixed-distribution claims simulations to determine the level of risk transfer for a WC reinsurance agreement using industry data based on the projected estimated reinsurer deficit.
Awards and Honors: Mr. Trick has been honored with several distinction through ModelOff, an innovative and challenging annual global online competition for professionals and students to develop and test their Financial Modeling Skills. In 2016, he was a ModelOff Finalist. For multiple years, he made ModelOff Gold Class and Top 50 International Financial Modelers in the world rankings.
Litigation Support: Mr. Trick provides expert witness services to attorneys in need of data-driven solutions. He offers analytics and analysis to help improve the ability to make strategic and responsive legal decisions. Mr. Trick's services are available to plaintiff and defendant and include developing and writing expert witness reports in addition to serving as support for legal counsel during expert witness depositions.