Municipal Bond Market Expert in Municipal Securities

Case Description:

A municipal bond market expert was needed for an injunction against a violation of securities law. The plaintiff was the Securities and Exchange Commission (SEC). The defendants were employees of a Philadelphia auditing firm. The SEC acted against individuals at this firm, who were auditing a hospital that went bankrupt. The hospital had issued municipal bonds insured by bond insurance and letters of credit. The plaintiff claimed fraud with regard to the accounting of transfers between the hospital’s subsidiaries that misrepresented the condition of accounts receivable and misstated the hospital's financial position.

IMS ExpertServices was asked to locate a municipal bond market expert who could opine on the efficiencies of the secondary municipal bond market and the effect bond insurance or a letter of credit has on the underlying entity on the trading of municipal securities.

Experts Presented:

  • Municipal Securities Expert

    This municipal bond market expert specializes in municipal securities. Appointed by the governor and confirmed by the state Senate, he served two terms on the board of directors of the largest municipal bond issuer in the state. A specialist in tax policy, he directed and contributed to comprehensive tax reform studies in three states. He has advised on municipal securities and debt financing for issuers, business groups and attorneys. He is an experienced expert witness, having worked on municipal bond market cases. IMS Reference #1470831

  • Reinsurance Expert

    This municipal bond market expert has over 35 years of experience in reinsurance. He is a consultant in dynamic asset allocation strategies, derivatives, fixed-income securities and trading research, portfolio strategies, municipal securities, and in-house executive development programs of options and futures markets. He has served as president and in other executive level roles for several reinsurance companies. He was responsible for review and oversight of alternative reinsurance products including finite quota share reinsurance agreements. This experienced expert witness has served as an arbitrator and given testimony at deposition four times and at a final hearing twice. He has served as an expert witness for the Securities and Exchange Commission (SEC). IMS Reference # 1471372

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