Securities Investments Finance Consultant Expert Witness

Expert Witness No.1156

Massachussetts

Expert No. 1156 was educated in the public schools of New Jersey, graduating from Bridgeton High School. He attended the Massachusetts Institute of Technology, receiving both his Bachelor of Science degree and Doctor of Science degree.

He has taught at both MIT and Simmons College. While at Simmons he chaired the faculty committee that set up the program in computer studies, while carrying out a program of securities-oriented research.

He served on the research staff at MIT and is the former Treasurer and Director of Development of a not-for-profit consortium of 42 colleges and universities in New England, including Harvard, MIT, Dartmouth, the University of Massachusetts, Yale, Brown University, and the University of Maine.  This company operated a computer network providing economic and other data including stock price data to its member institutions for teaching and research purposes.

He was employed as an investment manager by a Boston-based fund manager and supervised the development of numerous trading strategies. The firm provided consulting and money management services to major brokerage houses and individual clients, including option trading services.

He was formerly President of CSCI and is now President of MCC, in which capacities he has consulted with those having interests in various financial markets. Expert No. 1156’s consulting efforts have included work for the New York Stock Exchange, Teachers Insurance and Annuity Association/College Retirement Equity Fund, Intermarket Clearing Corporation/Options Clearing Corporation, banks and other major clients.

Expert No. 1156 has developed various models of the stock market, including different industry groups. He has analyzed the performance of various stock funds and individual stocks including new issues and has analyzed the profitability of customer accounts at a major brokerage house. He has consulted on valuation questions relating to firms operating in the financial markets, including valuation of broker-dealer firms, futures commission merchants and trading advisor firms. He has also performed due diligence work in connection with securities offerings.

Expert No. 1156 has consulted for banks, including having set up systems for in-house money management. He consulted on the problem of hedging a portfolio of fixed income securities for a major insurance and annuity association, and has advised a number of corporate hedging clients as well as individual clients. He has been a consultant to OCC and the Board of TCC concerning risk analysis and margin setting practices.

He has consulted in the preparation of litigation or as an expert witness in court cases and arbitration hearings. For a period of time he regularly reviewed customer complaints for major Wall Street brokerage houses. He has participated in investigations of suitability, churning, lack of supervision and the economic consequences of trading in the securities and securities options area for non-industry clients. Expert No. 1156 has worked with the Federal Bureau of Investigation and the United States Attorney in Boston in a major financial industry fraud case.

He has served as a member of the board of arbitrators of the New York Stock Exchange, the American Arbitration Association, the National Futures Association and the National Association of Securities Dealers, including serving as Chairperson. He is a member of the Compliance and Legal Division of the Securities Industry Association.

Expert No. 1156’s publications have appeared in leading technical journals including Science magazine. For a number of years he reviewed articles for publication in The Review of Economics and Statistics, published under the auspices of the Department of Economics at Harvard University, and for other publications. His speaking topics include market risk, trading and evaluation of securities, and the valuation of financial firms including trading and brokerage firms in mergers, sales and acquisitions.