Municipal Bond Trading Expert in Account Churning

Case Description:

A municipal bond trading expert who could opine on account churning was needed for securities arbitration. The claimant, who held a large securities account mostly invested in municipal bonds, alleged that its account underperformed and was excessively traded, and accused the respondent of account churning to elevate commissions.

IMS ExpertServices was asked to locate an expert with deep expertise in municipal bond trading who could opine on whether certain trades were justified, whether the account's performance was reasonable, and whether the commissions were reasonable. The ideal municipal bond trading expert would have expert witness testimony experience at trial or arbitration on account churning and underperformance cases.

Experts Presented:

  • Municipal Bond

    With more than 35 years of experience, this municipal bond expert has spent his entire professional career in bond markets. He started as an analyst and trader at a municipal bond firm. Later he co-founded his own municipal bond firm, then managed the municipal bond departments of several large securities firms. A registered principal with NASD, he spent most of his trading years in high-yield and distressed tax-exempt bonds. His other duties included bond underwriting, research, and regulatory compliance. This municipal bond trading expert is familiar with account churning and underperformance issues and has written three books on municipal securities. He's an experienced expert witness who's consulted on 45 cases, offering deposition or trial testimony on a dozen of them. IMS Reference #1470398

  • Municipal Bond Market

    This expert in the municipal bond market has over 35 years of experience, with 20 plus years in the employment of large brokerage houses and more than 15 years presiding over his own securities consulting firm. On Wall Street he managed more than a billion dollars in municipal securities in institutional investor markets as well as managing unit investment trusts for individual investors. This municipal bond trading expert's opinions have been quoted extensively in the media. He is a registered investment adviser with the SEC and holds Series 3, 7 and registrations with the NYSE and NASD.IMS Reference #5006505

  • Municipal Bond

    This municipal bond expert has more than 35 years of experience in the securities industry with major firms. He has had extensive experience as an arbitrator for organizations such as the NYSE and NASD and spent 27 years as a producer and manager for one of the largest municipal bond underwriters. This expert has taught university courses in investment analysis and finance and is a member of the NYSE Supervisors Committee. He’s served as a municipal bond trading expert witness on several municipal bonds cases and has offered deposition testimony and trial testimony on two occasions each.IMS Reference #5006534

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