President, Securities Investigations, Inc., a due diligence, consulting, valuation, and investment research firm (founded in 1981)
Over thirty-five years experience as a securities professional and twenty-five years as an expert
Consultant and expert in investor-broker arbitration and litigation, including suitability, due diligence, compliance/supervisory failure, fiduciary responsibilities, broker conduct, asset allocation and valuations, selling away, damage calculations, private placements, limited partnerships, investments, tax shelters, and disclosure responsibilities
Member (1986–1990) Financial Products Standards Board of the Institute for Certified Financial Planners — established industry standards in such areas as due diligence, investor suitability, real estate, oil and gas, mutual funds, insurance products, and equipment leasing – Chairperson of Insurance Task Force
Member (1988–2000) Board of Advisors for Personal Financial Planning, a bimonthly publication of Warren, Gorham & Lamont
Accredited Investment Fiduciary Analyst™ — Center for Fiduciary Studies, Katz Graduate School of Business, University of Pittsburgh (2004);
First Graduating Class Among First 50 People to Successfully Complete ISO-Based Training Class (2006);
Among First 9 People to Successfully Complete Investment Manager Certification Training (2006);
Conducted one of the first “Certification of Investment Support Services for Fiduciaries” assessments for the Center for Fiduciary Excellence (CEFEX)
Certified Fraud Examiner — Association of Certified Fraud Examiners (2005)
Registered Investment Advisor, President and Principal (1984–1997)
Arbitrator with Financial Industry Regulatory Authority Dispute Resolution (since 2007);
Arbitrator (Chairperson Qualified 2003) with the National Association of Securities Dealers Dispute Resolution Board of Arbitrators (from 2002 to 2007);
Arbitrator with the New York Stock Exchange (from 2003 to 2007);
Arbitrator with the National Futures Association (since 2003);
Arbitrator with the American Arbitration Association (in 1980’s); and
Mediator (Certified 2004) with Woodstock Justice Court (2004) and Common Ground (since 2003);
Guest Lecturer on the role and duties of an expert witness in arbitration and litigation, fiduciary standards of care, fiduciary responsibilities, selling away, and damages calculations at Albany Law School (January 2005 and February 2009)
Lecturer on investment topics to financial professionals
Author, Everybody’s Guide to Tax Shelters, as well as training manuals, articles, and newsletters on all types of investments
Expert Witness, clients have included the U.S. Department of the Treasury Department — Internal Revenue Service and the State of New Jersey
Interviewed and quoted in national financial print media, radio, television and business publications including Forbes, Money, Financial Planning and Fortune and major newspapers including The Wall Street Journal, Barron’s, and The New York Times
Participant in the Open Compliance & Ethics Group (a not-for-profit) benchmarking study of governance, risk management, compliance, and ethics programs (1 Q 2005)
1981–Present — President and Founder
Securities Investigations, Inc., Woodstock, New York
Due Diligence, Investment Research, Valuation, and Consulting Firm
1980–1981 — President
Resource Control Management Corporation
Publicly Traded Over-the-Counter Resource Extraction/Recycling Company
1979–1981 — Consultant
New York, New York
Due Diligence, Investment Research, Valuation, and Consulting
1978–1979 — Manager and Founder, Tax Investment Department
Bruns, Nordeman, Rea & Co., New York, New York
New York Stock Exchange Member Firm
National Association of Securities Dealers, Inc. Firm
1977–1978 — Divisional Director, Tax Investment Department
Josephthal & Co., New York, New York
New York Stock Exchange Member Firm
National Association of Securities Dealers, Inc. Firm
1976–1977 — Tax Investment Specialist
Loeb, Rhoades & Co., New York, New York
New York Stock Exchange Member Firm
National Association of Securities Dealers, Inc. Firm
1975 — Co-Director, Marketing
NFC Petroleum, New York, New York
Oil Drilling Company
National Association of Securities Dealers, Inc. Firm
1974 — Co-Manager, Tax Investment Department
Moseley, Hallgarten & Estabrook, New York, New York
New York Stock Exchange Member Firm
National Association of Securities Dealers, Inc. Firm
1974 — Marketing and Analysis
J.F. Crowley and Company, Inc.
Tax Investment Firm
National Association of Securities Dealers, Inc. Firm
1973 — Financial Lecturer
Queen Elizabeth II
Cruise Ship
1973 — Senior Associate, Marketing
ENI Corporation
Oil and Gas Research and Marketing Firm
National Association of Securities Dealers, Inc. Firm
1972–1973 — Tax Investment Specialist
Fidelity Mutual Life, New York, New York
Estate Planning and Insurance Company
National Association of Securities Dealers, Inc. Firm
Certified Fraud Examiner — 2005 (Professional Designation)
Association of Certified Fraud Examiners
Accredited Investment Fiduciary Analyst™ — 2004 (Professional Designation)
Center for Fiduciary Studies
Katz Graduate School of Business, University of Pittsburgh
Master of Business Administration Program — 1974 (Attended)
City University of New York, New York, New York
Masters Program — 1972 (Attended)
Sorbonne University, Paris, France
Bachelor of Arts — 1968 (Degree)
Wesleyan University, Middletown, Connecticut
Author, Journal of Financial Planning, “Fiduciary Responsibility: Liability and Consequences,” November, 2005
Author, PIABA Bar Journal, “Mastering Prudent Investment Practices — Step-by-Step Guidelines for Investment Professionals,” Spring, 2004
Author, PIABA Bar Journal, “The Calculation of Damages in Taking Away Cases,” Winter, 2004
Author, FinancialCounsel.com, “Fiduciary Duty of Loyalty in Affiliated Mutual Funds: Sole Interest vs. Best Interest?,” August 6, 2007
Author, FinancialCounsel.com, “New Issues in Trustee Fiduciary Procedural Prudence,” August 2, 2006
Author, FinancialCounsel.com, “Due Diligence Defense,” June 29, 2006
Author, FinancialCounsel.com, “Securities Offerings Reform,” April 24, 2006
Author, FinancialCounsel.com, “Fiduciary Responsibility: Liability and Consequences,” December, 2005 (republished Journal of Financial Planning article noted above)
Author, Everybody’s Guide to Tax Shelters
Author and Editor-In-Chief, Investment and Tax Shelter Blue Book
Directory for the investment, tax shelter, and financial planning industries
The Ober Income Letter — (Originally the O.I.L. Income Letter)
Newsletter specializing in real estate and oil and gas income programs analysis and valuation
Author of the following series of industry training guides:
How to Read a Prospectus
How to Evaluate Real Estate Tax Shelters
How to Evaluate Oil and Gas Tax Shelters
How to Evaluate Investment Return: Net Present Value, Internal Rate of Return, and Financial Management Rate or Return
Author, Personal Financial Planning, “Ten Steps to Comprehensive Due Diligence” (1988)
Previously held professional licenses with the NASD or New York State for: all securities products, including corporate securities, municipal securities, municipal fund securities, options, direct participation programs, variable annuities, and life insurance, accident insurance, and health insurance
©2009 Securities Investigations, Inc.