Tag Archives: finance
Securities Fraud Expert Witnesses

Securities Fraud Expert Witnesses

Securities fraud experts may consult and testify in cases involving financial crime such as the illegal process of convincing others to make investments in the stock market based on false information. Today, the SEC charged Andrew Caspersen, a Park Hill Group partner, with securities fraud. Caspersen is accused of seeking to defraud institutional investors of $95M and using the bulk of the money for investments in his personal account. The SEC complaint filed in federal district court in Manhattan alleges:

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Antitrust Experts And EMV Dispute

Antitrust Experts And EMV Dispute

Antitrust expert witnesses are called upon to testify in business disputes which may include business operations, financial liability, and fair business practices. In the news, US merchants have filed an antitrust lawsuit against major credit card companies and some of the nation’s banks over EMV chips. The U.S. District Court for the Northern District of California lawsuit claims that the credit card companies and banks have colluded to shift liability of fraudulent credit card purchases to merchants without giving the businesses time to put procedures in place.

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Securities Fraud Experts & Morgan Stanley $2.6B Penalty

Securities Fraud Experts & Morgan Stanley $2.6B Penalty

Securities fraud expert witnesses may consult and testify on the illegal process of convincing others to make investments in the stock market based on false information. These cases may involve mortgage backed securities, asset backed securities, as well as other types of securities and investments. The Justice Department today announced that Morgan Stanley will pay a $2.6B penalty to resolve claims related to Morgan Stanley’s marketing, sale and issuance of residential mortgage-backed securities. Morgan Stanley acknowledged in writing that it failed to disclose critical information to prospective investors about the quality of the mortgage loans underlying its RMBS and about its due diligence practices. Investors, including federally insured financial institutions, suffered billions of dollars in losses from investing in RMBS issued by Morgan Stanley in 2006 and 2007.

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Economics Expert Witness & Fraud Case

Economics Expert Witness & Fraud Case

What areas may economics expert witnesses consult on? They may write reports and opine on business valuations, damage calculations, financial fraud, and other aspects of business. Charged with official misconduct, theft and false entry, suspended Deputy Fire Chief Ronald Pieri is accused of defrauding Highwood, IL, taxpayers by falsifying time records and claiming compensation for hours not worked between 2006 and 2010. While economics expert witness for the defense Benjamin Wilner testified “there is no economic basis behind any of the prosecutor’s allegations that Mr. Pieri defrauded Highwood,” the Lake County state’s attorney’s office has brought criminal charges. Allegations include accepting approximately $50K in salary when he was not on the clock.

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When Is An Economic Expert Witness Needed? Part 1

When Is An Economic Expert Witness Needed? Part 1

In Getting the full value of economic experts in IP litigation: A qualified expert is key, attorney Devon Zastrow Newman writes that “Expert witnesses can make or break your intellectual property litigation.”

A plaintiff’s claims in intellectual property litigation may take several forms, including assertion of claims of infringement of the IP right or loss of the plaintiff’s right to the IP through unlawful misappropriation (e.g., trade secret theft). To prevail, the plaintiff must establish three elements: the defendant’s breach of the IP right belonging to the plaintiff; the defendant’s breach damaged the plaintiff; and the measure of damages the plaintiff accrued as a direct cause of the defendant’s breach. An economic expert may be the key to establishing the third element.

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Securities Expert Witness Testifies In Nomura Trial

Securities Expert Witness Testifies In Nomura Trial

Securities expert witness Peter Rubinstein testified in the Nomura trial against the Federal Housing Finance Agency. Namura Holdings Inc, a global financial services group based in Asia, says the 2007 US housing market is to blame for the financial crisis in 2008 and not the company’s sale of mortgage backed securities. The Federal Housing Finance Agency has sued 18 financial institutions on behalf of Fannie Mae and Freddie Mac.

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Finance Expert Witness Hired by Detroit Financial Review Commission

Finance Expert Witness Hired by Detroit Financial Review Commission

Finance expert witness Martha Kopacz has been hired by the Detroit Financial Review Commission “advise the Commission and Executive Director Ron Rose on financial matters related to the development and implementation of the City’s four-year budget. “ Ms. Kopacz, Phoenix Management Services, served as U.S. Bankruptcy Judge Steven Rhodes expert witness in Detroit’s bankruptcy proceedings.

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Money Laundering Expert Witnesses

Money Laundering Expert Witnesses

What areas may money laundering expert witnesses consult on? They are experts in fraud investigations, forensic auditing, and financial forensics. On March 12th, Commerzbank of Germany has admitted to illegal conduct under US sanctions and bank secrecy laws. The second-largest German bank will pay $1.45B in fines after hiding transactions with Iran and Sudan and processing hundreds of millions of dollars through New York.

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Securities Fraud Expert Witnesses

What areas of finance may securities fraud expert witnesses consult on? They may write reports and testify on insider trading, Ponzi schemes, and SEC investigations. On February 6th former SAC Capital Advisors portfolio manager Mathew Martoma was found guilty of insider trading. Officials said Martoma sold shares in two pharmaceutical companies after getting inside information from Dr. Sidney Gilman. Dr. Gilman testified he disclosed drug test data to Martoma before the information was made public in 2008. Martoma then sold the shares and made SAC $276M.

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School Finance Expert Witness Testifies In Texas School Boards Case

School Finance Expert Witness Testifies In Texas School Boards Case

School finance expert witness Dan Casey of Moak Casey & Associates, testified that the state of Texas is not doing its job with helping schools finance new construction. Casey is a past Director of Governmental Relations for the Texas Association of School Boards and testified that some school boards are using moneys from operating budgets to pay off indebtedness.

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