Complex Commercial Damages in Offshore Investment Case

An investment strategy expert was sought to assess complex commercial damages in a case pertaining to offshore tax advantaged investment strategies. The plaintiffs alleged that the defendants enriched themselves in value-based fees through the development, promotion, and execution of two tax products known as FLIP and OPIS.

FLIP (Foreign Leveraged Investment Program) and OPIS (Offshore Portfolio Investment Strategy) are acronyms for offshore tax advantaged investment strategies. In 2001, the IRS formally announced that it was disallowing capital losses generated through basis-shifting tax strategies such as FLIP and OPIS, an action that led to IRS audits and alleged damages. An expert in investment strategy was requested to perform business valuation and an analysis of any damages the plaintiffs may have suffered.

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Business Valuation Expert

This investment strategy expert has been a professional consultant on business valuation issues since 1985 concentrating on the specialty disciplines of business valuation, financial modeling, financial analysis, and forensic economics. He was previously employed by the IRS as a field agent where he received over 1,600 classroom hours of instruction in the Internal Revenue Code, jurisprudence, Internal Revenue Manual, and Law Enforcement Manual. His education and experience with the IRS included examination of abusive tax shelters, financial crimes and tax fraud. He has also served as Court-appointed Special Master in business valuation cases. This expert earned his B.S. in Accounting. He is a Certified Public Accountant, a Certified Valuation Analyst, a Certified Forensic Financial Analyst and a Certified Fraud Examiner. IMS Reference #2985211

Forensic Accounting Expert

This expert in investment strategy is a Managing Director of a regional financial research firm providing business valuation, forensic accounting, and litigation consulting services. He has been appointed by judges in Pennsylvania, New Jersey, New York, California and Utah to value closely-held enterprises and has qualified as an expert witness and provided testimony in U.S. District Courts, United States Tax Court, and in several state courts. He has also taught courses on the valuation of business enterprises to several organizations. He is the co-author of a well-respected text in the industry. This expert obtained an MBA with specialties in finance and accounting. IMS Reference #5002462

Generally Accepted Accounting Principles Expert

This investment strategy expert specializes in business valuation and has forty years of public accounting and academic experience working with generally accepted accounting principles (GAAP), generally accepted auditing standards (GAAS), and complex economic damage issues. His diversified clientele has included public and private entities as well as governmental bodies such as the SEC, the U.S. Department of Justice, and the FDIC. He has written and lectured extensively on professional standards and other accounting and economic issues. He has been widely published on the subject of the professional liability of accountants and has served in editorial roles for several professional publications. He received his B.S. in Accounting & Finance, his M.B.A. in Accounting, Economics & Management and his Ph.D. in Accounting, Statistics, Operations Research & Economics. IMS Reference #5002563