Investment Advisor Broker Expert Witness

Professional Profile

Former Registered Investment Advisor and consultant to institutional, regulatory and private clients. Extensive background within broker-dealer, investment advisor and bank trust environments, overseeing organizations staffed by as many as 100 personnel in managing asset bases as high as $20 billion. Former Chief Investment Officer and Group Executive for IBJ Schroder Bank and Trust, and Portfolio Manager at Neuberger Berman. Prior experience at Citibank, as Chief Investment Officer of its Global Private Bank, Area Manager of Private Client Asset Management, and Director of Investment Research. J.P. Morgan background encompassed Senior Analyst and Unit Head roles. Early background as a Litigation Analysis Specialist at IBM. FINRA (NYSE/NASD) Arbitrator. Harvard MBA in Finance. Guest lecturer Harvard Law School.

Clients include attorneys, individuals, banks, investment advisors, broker-dealers, corporations and the SEC. Have been qualified to testify on suitability, fiduciary duty, supervision, churning, and standards of care in matters involving mutual funds, hedge funds, exchange funds, brokerage accounts, advisory accounts, variable annuities, ERISA accounts, and trust accounts.

Areas of Expertise

• Examining a portfolio for compatibility with an institutional or retail investor’s stated risk profile and instructions, drawing upon extensive experience in discretionary and non-discretionary advisory accounts, brokerage accounts, ERISA accounts, hedge funds, exchange funds, mutual funds, and personal trusts
• Evaluating supervisory policies, procedures and documentation for compliance with NASD, SEC, and banking authority regulations
• Analyzing securities and managing portfolios comprised of equities, fixed-income investments, structured products, ARS, options, and derivatives
• Formulating asset-allocation strategies tailored to the individual risk profile and objectives of each investor; educating clients and lay people
• Assessing the governance capabilities of candidates for mutual fund director appointments
• Directing the investment, administrative and regulatory aspects of mutual funds, including the preparation of prospectuses and other SEC-required documents
• Conducting due diligence of investment advisory firms in conjunction with mergers and acquisitions
• Negotiating terms and conditions of acquisition transactions with management of targeted firms, as well as investment bankers

PORTFOLIO AND TRUST MANAGEMENT BACKGROUND

• During eleven-year tenure as Chief Investment Officer of IBJ Schroder Bank and Trust, supervised 20 investment professionals in serving institutional and private clients in the U.S. and Japan.
• Supervised Schroder portfolio managers in assessing clients’ willingness and ability to assume risk, as well as ensuring that clients’ defined goals were feasible within the context of their investable assets, time horizons, and risk profiles. Oversaw periodic account reviews to ensure portfolio managers’ compliance with these requirements, clients’ instructions, and regulatory guidelines. Responsible for managing a family of Mutual Funds
• While with Neuberger Berman, a broker-dealer and Registered Investment Advisor, provided discretionary account management services to individuals.

HEDGE FUND MANAGEMENT EXPERIENCE

• As a Senior Managing Director of Innovest Capital Management, a Registered Investment Advisor and wholly owned subsidiary of IBJ Schroder Bank and Trust that operated two hedge funds, supervised the preparation of offering memoranda. Responsible for the management of a market neutral stable value portfolio.
• Directed Innovest Capital Management sales initiatives that led to the acquisition of institutional and fund- of-funds clients. Met with clients and prospects to review fund performance.
• Engaged prime brokers and hedge fund administrators, including both domestic and offshore firms.

MUTUAL FUND EXPERIENCE

• As Chairman of the Board of Trustees for Citibank’s mutual funds, conducted quarterly reviews of fund performance and SEC filings. Liaison to the SEC during audits.
• Interacted with legal counsel and accountants in developing prospectuses, annual reports, semi-annual reports, Statements of Additional Information and other SEC filings. Prepared shareholder communications.
• Participated in selecting mutual fund directors at both Citibank and IBJ Schroder.
• Hired and supervised research, portfolio management, trading, custody, compliance and administrative personnel.
• Managed two families of funds at both Citibank (now Legg Mason) and IBJ Schroder (now Atlantic Whitehall).

COMPLIANCE MANAGEMENT BACKGROUND

• While Chief Investment Officer of IBJ Schroder Bank and Trust, chaired the Trust and Investment Committee, charged with fiduciary compliance. Represented Schroder to examiners from the New York State Banking Authority and the Federal Reserve Bank during annual audits. Oversaw the SEC’s examination of mutual funds.
• As Chief Investment Officer of Citibank’s Global Private Bank, oversaw the management of mutual fund investments to ensure compliance with SEC regulations. Ensured the management of private client assets in compliance with Regulation 9 of the Office of the Comptroller of the Currency.
• During tenure at both IBJ Schroder and Citibank, reviewed employee benefit accounts and other qualified plans under management for compliance with ERISA.

Professional Experience

• 2002 – present CZP ASSOCIATES, INC., WESTON, CT President
  (CZP Associates is a Registered Investment Advisor that manages portfolios for private clients, and a litigation/arbitration consultant serving both plaintiffs and defendants.)
  Advise attorneys seeking redress for clients alleging mismanagement of their portfolios or other fiduciary improprieties by investment advisors, broker-dealers and trustees. Advise attorneys representing respondents in investment-related arbitration and litigation matters. To date have testified over 75 times. Have also conducted research for Greenwich Associates.
• 1999 – 2002 NEUBERGER BERMAN, NEW YORK, NY Portfolio Manager
  Provided discretionary account management services to approximately 20 private clients of this broker-dealer and Registered Investment Advisor. Held Series 7 and 63 licenses.
• 1988 – 1999 IBJ SCHRODER BANK AND TRUST, NEW YORK, NY
  Chief Investment Officer/Group Executive
  Recruited by the firm. As Chief Investment Officer, supervised trust and investment staff in primarily managing discretionary accounts and mutual funds. As a Group Executive, ensured that portfolio procedures complied with regulations of the SEC, New York State Banking Authority and Federal Reserve Bank. Directed securities trading operations in compliance with regulatory and policy guidelines. Implemented policies pertaining to conflicts of interest between investment personnel and clients. Had P&L responsibility.
  Established and served as a Senior Managing Director of Innovest Capital Management, a wholly owned subsidiary operating two hedge funds. Oversaw the due diligence culminating in the acquisition of Delphi Asset Management, a manager of two hedge funds, Atlantic Asset Management, a specialty fixed income and high yield manager, and Campbell Advisors.
• 1978 – 1988 CITIBANK, NEW YORK, NY
• 1985 – 1988 Chief Investment Officer – Global Private Bank. Promoted to this position entailing supervision of portfolio managers in overseeing $20+ billion in assets.
• 1982 – 1985 Area Manager – Private Client Asset Management. Directed an organization staffed by 100, including portfolio managers, trust/estate officers, custody administrators and compliance officers in providing investment advisory and trust services to clients with assets that totaled
  $10 billion. Oversaw management of a family of mutual funds.
  1978 – 1982 Director of Investment Research. Recruited by the bank to manage 30-40 analysts engaged in investment research pertaining to stocks and bonds. Oversaw investments in venture capital funds. Assessed financial analysts’ due diligence processes and formulated recommendations for compliance with industry standards and regulatory guidelines.
• 1971 – 1978 J.P. MORGAN, NEW YORK, NY Senior Analyst/Unit Head
  Began as an Analyst; promoted in 1974 to Senior Analyst/Unit Head. In that capacity, supervised analysts in conducting research into technology and capital goods sectors.

Education

• M.B.A. Finance, Harvard University, Cambridge, MA
• B.S. Mechanical Engineering, University of Pennsylvania, Philadelphia, PA Continuing education program of the CFA Institute

Licenses and Certifications

• FINRA (NYSE/NASD) Arbitrator
• Chartered Financial Analyst (CFA), CFA Institute
• Registered Investment Advisor
• NASD Series 7 and 63 (Previously held)