Brokerage Compliance Expert in Distressed Debt

Case Description:

An expert in broker dealer compliance with distressed debt experience was needed for an insider trading case. The co-defendants were an investment manager and a broker. Using a big boy letter, the co-defendants traded bonds that had been issued by a wholesale telecommunications company. One co-defendant then sold the bonds to intermediaries, who sold them to the plaintiff. After that trade, the telecommunications company disclosed its distressed financial condition. The bonds stopped trading entirely, resulting in a total loss for the plaintiff. Plaintiff alleged the defendants had material, non-public information about the bond issuer they conspired to hide, resulting in insider trading.

IMS ExpertServices was asked to locate brokerage compliance experts familiar with SEC compliance, the bond industry, the trading of distressed debt, and insider trading compliance.

Experts Presented:

  • Securities Law Expert

    This securities law expert is an attorney who provides legal, consulting, and advisory services concerning finance, legislative and regulatory matters. Previously he served as a commissioner of the Securities and Exchange Commission. In that capacity, he reviewed, testified on, and wrote about a number of compliance topics including municipal securities, proxy and broker reform, securities litigation, investment company director responsibility, mutual funds and derivatives. This expert has served on the boards of various securities compliance agencies and committees, including NASD's legal advisory board. IMS Reference #4972252

  • Brokerage Compliance Expert

    This brokerage compliance expert is a former administrator and counsel with the SEC, where he served as chief interpretive attorney for the Williams Act regulating acquisitions and tender offers. His duties included management of an inspection program for broker-dealers and supervising a regional disclosure branch for securities offerings. This expert also served as counsel for the securities industry's major trade association and was CEO of a securities firm that served as wholesaler for a mutual fund complex. This expert has prior experience offering expert witness testimony and consulting in capital markets disputes. IMS Reference #221738

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