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Pocket MBA: Finance for Lawyers July 2010


Speaker(s): Barry H. Williams, JD, CPA, Carlos A. Schmidt, Chad Bonn, Daniel V. Dooley, Sr., CPA, Dubravka K. Tosic, Ph.D., Geoffrey T. Raicht, John D. Finnerty, Jonathan Isler, Joseph P. Armao, Joseph V. Salzano, Mark S. Radke, Matt Shelhorse, Nicholas K. Milone, Patricia A. Etzold, Paul D. Moran, Perry Mandarino, Peter Wollmeringer, Philip D. Treccagnoli, Seymour Jones, Theodore Martens
Recorded on: Jul. 29, 2010
PLI Program #: 24624

Counsel

Mark S. Radke focuses his practice on defending corporations and individuals in U.S. Securities and Exchange Commission (SEC) enforcement proceedings and counseling clients on compliance and corporate governance issues.

Experience

Mr. Radke has represented public companies, audit committees and various executives in SEC investigations into financial reporting and accounting fraud, Foreign Corrupt Practices Act violations, alleged insider trading, and violations of various broker/dealer and investment advisory rules and regulations. He also has experience conducting internal investigations, and he has defended clients in state and federal criminal investigations and inquiries into securities-related matters.

Publications

"U.S. Law – The Foreign Corrupt Practices Act and Beyond," in International Corruption Law (2010)

"Does Severe Punishment Deter Financial Crimes?" (co-author) University of Charleston Law Review (Spring 2010)

Speeches and Presentations

"Current FCPA Issues in the Medical Device Industry," (co-speaker) Bloomberg BNA Webinar (Sept. 18, 2012)

"International Government Investigations, SEC Whistleblowers and Private Follow-On Actions: Playing Chess on Multiple Boards," ABA 2011 Toronto Annual Meeting (Aug. 5, 2011)

"Dodd-Frank Whistleblower Act: Significant Impact to the Role of Internal Corporate Compliance Programs," Webinar (June 10, 2011)

Previous Experience

Prior to joining Schiff Hardin, Mr. Radke was a partner in the Washington, D.C., office of a national law firm. He has also served as the chief of staff to the chairman of the SEC, and he previously served as an attorney in the SEC's Division of Enforcement.

Education

Georgetown University Law Center (LL.M., Securities Regulation, 1984)

University of Baltimore School of Law (J.D., 1982)

University of Washington (B.A., 1979)

Teaching Appointments

Adjunct Professor, Georgetown University Law Center SEC Enforcement

Practice Areas

Securities and Futures; Regulation

BAR ADMISSIONS

District of Columbia

Maryland

U.S. District Court for the District of Columbia


Geoffrey T. Raicht is a partner in the law firm of McDermott Will & Emery LLP and is based in the Firm's New York office. He is co-head of the Restructuring / Insolvency Affinity Group.  He focuses his practice on debtors' and creditors' rights in large, complex Chapter 11 cases. 

Recent and significant bankruptcy cases representing creditors, lenders and other parties in interest include: BankUnited, Lisbon Valley Mining, Chesapeake Corp., Circuit City, Eclipse Aviation, General Growth Properties and General Motors.

Prior to joining the Firm, Geoffrey was a Law Clerk to the Honorable Jeffry H. Gallet, United States Bankruptcy Judge for the Southern District of New York, from 1997 to 1999.

Geoffrey has authored and co-authored several articles including "2d Circuit Reverses Bankruptcy Court's Decision on PBGC Termination Premiums" published by Pension Plan Fix-It Handbook (July 2009), "Buyer Beware" published by The Deal Magazine (February 2009), "Private Equity Firms: Targets for Bankruptcy Litigation" published by Financier Worldwide (October 2008), "China's New Bankruptcy Law: A Significant Step Forward in Cross Border Restructuring" published by Financier Worldwide (April 2007), "China Will Be Global Restructuring Player" published by Global Turnaround (November 2006), and "A Practical Note Regarding Bankruptcy Approach of Pension Creditors" published by Financier Worldwide (February 2006).  In June 2009 Geoffrey was featured in Law 360's article, "Q&A with McDermott's Geoffrey Raicht."

He has also had several speaking engagements on a variety of bankruptcy issues including as a moderator of a panel on healthcare restructuring issues at INSOL 2009 Eighth World Quadrennial Congress in Vancouver, Canada, a lecturer at the 6th Annual Advanced Restructuring and Plan of Reorganization Conference sponsored by the Association of Insolvency & Restructuring Advisors discussing "The Mysteries of Chapter 15 Revealed" and as a co-lecturer at the "Workshop on Issues of Public Companies Restructuring under U.S. Chapter 11 and U.K. Administration" in Beijing.  Additionally, he served as a moderator at the McDermott Healthcare Private Equity Symposium "Acquiring Healthcare Assets in Distressed Situations." 

Geoffrey is a member of the American Bankruptcy Institute, the New York City Bar Association, the New York University - General Studies Program Alumni Association, as well as a member of the Technical Research Committee at the International Association of Restructuring, Insolvency & Bankruptcy Professionals (INSOL).  He was The New York City Law Review's Editor-in-Chief from 1996-1997. 

Geoffrey is admitted to practice in New York as well as before the U.S. District Court for the Southern District of New York and the Eastern District of New York.

Practice Areas & Industries

  • Corporate
  • Energy Asset Restructuring
  • Restructuring & Insolvency
Education
  • City University of New York School of Law, J.D., 1997
  • New York University, M.P.A., 1992
  • New York University, B.A., 1990


Joe Salzano is a Certified Public Accountant and Director in the Forensic Services practice at PricewaterhouseCoopers. Joe has over 20 years of professional experience including 10 years assisting companies and their outside counsel with auditing, accounting, finance and internal controls related issues in connection with regulatory proceedings, litigation, bankruptcy, arbitration, fraud, investigations, foreign corrupt practices, post and pre-acquisition due diligence/disputes, and contract compliance audits.

Joe has served clients in diverse industries including asset management, automotive, banking, broker dealers, cable, commodities, contractors, dairy, distributors, engineering, healthcare, industrial products, manufacturing, merchant banking, mining, mutual funds, private equity, real estate, retail, services, technology, telecom, and time share.

Prior to joining PwC, Joe developed a strong foundation in Public Accounting with deep experience serving SEC-filers, managing financial and regulatory reporting, and preparing financial statements in accordance with GAAP and budgeting and forecasting guidelines.

Joe holds a Masters of Business Administration (MBA) in Finance from the Leonard N. Stern School of Business at New York University and a Bachelor of Arts (BA) in Accounting from Hofstra University. He has been a CPA registered in the State of New York for over 18 years and a CFA charterholder for over 5 years.


Joseph P. Armao is a partner in the litigation group of Linklaters LLP in New York. Mr. Armao's practice focuses on corporate internal investigations, the defense of corporations and financial institutions targeted by federal and state criminal investigations, SEC regulatory enforcement and related civil litigation. Mr. Armao's practice often involves multi-jurisdictional investigations and enforcement actions. His experience spans a broad range of defense of corporate misconduct, including securities and accounting fraud, FCPA, price-fixing cartels, and violations of U.S. economic sanctions. Mr. Armao is a graduate of Columbia University, Oxford University and Harvard Law School. Before entering private practice, he served as a prosecutor in the Investigations Bureau of the New York County District Attorney's Office.


Seymour Jones is a clinical professor of accounting at New York University Stern School of Business. Professor Jones teaches courses in auditing, tax and legal aspects of entrepreneurism, international accounting, and forensic accounting. He is also the Associate Director of Ross Institute of Accounting Research at Stern School of Business. Professor Jones has been with NYU Stern for fifteen years. His primary research areas include audit committees, auditing, entrepreneurship, financial reporting, and fraud. Professor Jones has been principal author of numerous books and articles including Conflicts of Interest, The Coopers & Lybrand Guide to Growing Your Business, The Emerging Business, The Bankers Guide to Audit Reports and Financial Statements and The Forensic Accountant's Role in Litigation. Before joining NYU Stern, Professor Jones was senior partner at Coopers & Lybrand (PWC) where he was Partner]in]Charge of Risk Management, National Director of Business Investigation & Financial Advisory Services (Business Reorganization, Bankruptcy, Mergers & Acquisitions and Fraud Investigations) and Founder & National Director of Emerging Business Service. Professor Jones is a certified public accountant in New York State.

Professor Jones received his Bachelor of Arts in economics from City College, City University of New York. He received his Master of Business Administration from NYU Stern. Professor Jones has received the following honors: Beta Gamma Sigma at NYU, Phi Beta Kappa at CUNY and the Economics Medal at CUNY.


Barry Williams is a Professor of Accounting at King's College, Wilkes-Barre, PA, where he has been a member of the faculty for twenty two years. At King's he also serves as Department Chair for the Departments of Accounting and Finance in the William G. McGowan School of Business. Prior to joining King's College he was Chief Financial Officer for Venture Associates Corporations and was formerly a partner in Slamon and Company, Certified Public Accountants.  

Mr. Williams holds a Jurist Doctorate from Widener University, a Masters in Taxation from Villanova University, a Master of Business Administration and a Bachelor of Science in Accounting from Wilkes College. He is a licensed Certified Public Accountant in the Commonwealth of Pennsylvania and the State of Florida, and is a Member of the Bar in the Commonwealth of Pennsylvania.

Mr. Williams' professional affiliations include the Wilkes-Barre Law and Library Association and the Pennsylvania Institute of Certified Public Accountants, where he serves as a member of the CPA Image Enhancement and Relations with Schools and Colleges Committees. He is also a member of the Board of Trustees of Luzerne County Community College, the Board of School Directors of the Luzerne Intermediate Unit #18, and the Board of School Directors of the Wyoming Valley West School District. He has written articles on federal taxation including being a contributing author for the 2009, 2008 and 2007 Federal Tax Course, published by CCH a Wolters Kluwer business, and the 2011 and 2010 Principles of Business Taxation, published by CCH a Wolters Kluwer business.

 


Carlos A. Schmidt

Global Head of Taxation, Highbridge Capital Management LLC

Carlos A. Schmidt is the Global Head of Taxation for Highbridge Capital Management, LLC.  Highbridge is a leading alternative asset management firm, with assets under management of approximately $21 billion. Carlos specializes in the structuring of hedge funds and private funds, cross-border investment tax planning, and financial products. He is also responsible for all fund tax reporting and all financial statements matters pertaining to FAS 109/FIN 48. Prior to joining Highbridge, Carlos was a research analyst at Goldman Sachs, where he was a member of Global Investment Research covering the lodging sector. Carlos started his career in the Los Angeles office of Deloitte Tax LLP, where he spent time in the federal and international tax groups and audit function. Carlos was selected to join the partnership tax practice in Deloitte's National Tax Office in New York, where his client base included some of the world's leading private equity firms and Fortune 500 companies. While working in Deloitte's National Tax Office, Carlos worked on IPOs, joint ventures, and tax-efficient asset disposition strategies. Carlos is a guest lecturer at both the Georgetown University Law Center and the Wharton School of Business. 

Carlos received a B.S., with honors in Accounting, from the University of Southern California, a Masters in Taxation also from the University of Southern California, and his M.B.A. from The Wharton School at the University of Pennsylvania, where he was a Goldman Sachs Fellow.

Carlos is a CPA licensed in California, and is a member of both the AICPA and the Tax Section of the Managed Funds Association.


Chad Bonn is a partner in the national office of PwC. In this role, Chad provides advice to client engagement teams on complex accounting matters primarily in the revenue recognition and compensation areas. In addition to his consultant role, Chad is heavily involved in developing firm publications relating to accounting standard setting activities and hot topics. 

From 2008-2010, Chad served as a Practice Fellow at the Financial Accounting Standards Board (FASB). Chad was the Emerging Issues Task Force (EITF) Coordinator where he had primary oversight responsibility for accounting issues considered by the EITF. He was also the principal author of several recently issued accounting standards relating to revenue recognition and consolidation matters. 

Prior to starting his FASB fellowship, Chad was a senior manager in the assurance practice of PwC in Florham Park, New Jersey, serving several large multi-national companies in the pharmaceutical, retail and consumer industries. Chad began his career in 1995 at PwC in the Columbus, Ohio office. 

Chad earned his Bachelor's degree from The Ohio State University. He is a licensed CPA in the states of New Jersey, New York and Ohio.


John D. Finnerty is Professor of Finance and the former Director of the Master of Science in Quantitative Finance Program at Fordham University's Graduate School of Business. Professor Finnerty received the Gladys and Henry Crown Award for Faculty Excellence in 1997. He is also Managing Principal of Finnerty Economic Consulting, LLC, a litigation support and valuation firm based in New York City. Professor Finnerty has served as the Chair of the Trustees, President, and Director of the Eastern Finance Association, as the President and Director of the Fixed Income Analysts Society in New York City, as Editor of Financial Management, and as Editor of FMA Online.  He is a member of the editorial board of the Journal of Portfolio Management.

Professor Finnerty's writings and teaching have focused on the analysis and valuation of securities, especially fixed income securities, complex derivative products, mortgage-backed securities, and asset-backed securities. His has published 13 books, including Corporate Financial Management, 3rd ed. (Prentice Hall), Project Financing, 2nd ed. (Wiley), and Debt Management (Harvard Business School Press). He has published more than 90 papers, 50 of which are published in refereed journals or law reviews, including Management Science, Journal of Financial and Quantitative Analysis, Journal of Portfolio Management, and Journal of Risk.

Professor Finnerty has spent most of his business career in the financial services industry having previously worked for the investment banking firms Morgan Stanley, Lazard Frères, McFarland Dewey, and Houlihan Lokey Howard & Zukin. Following his career in investment banking, he worked in valuation and litigation support as a non-audit Partner in the PricewaterhouseCoopers Financial Advisory Services Group and as a Managing Principal of Analysis Group, Inc.

Professor Finnerty received a Ph.D. in Operations Research from the Naval Postgraduate School, an M.A. in Economics from Cambridge University, which he attended as a Marshall Scholar, and a B.A. in Mathematics from Williams College. 


Jonathan Isler is a partner in PricewaterhouseCoopers' Transaction Services group specializing in providing valuation and transaction accounting advice to corporate and private equity entities.  He specializes in assisting clients maximize investment returns through optimal transaction diligence and structuring, with a focus on such areas as purchase accounting, leverage buy-outs, recapitalizations, joint ventures and compensation plan design. Additionally, Jonathan specializes in the valuation of businesses, intangible assets and financial instruments primarily related to financial reporting and tax matters. Jonathan has worked with clients in numerous industries including entertainment and media, software, technology, healthcare, pharmaceutical, financial services and manufacturing. Furthermore, Jonathan has specialized in assisting companies during periods of corporate reorganization and upon emergence from Chapter 11. He has worked with several companies in providing valuation and accounting advisory services associated with fresh-start reporting and other related matters. 

In addition to Jonathan's transactional experiences, he has provided strategic consulting services to clients in the Entertainment & Media industry advising on potential new markets, valuation metrics and operational and integration matters.

Jonathan received his M.B.A. from Columbia Business School and his B.S., Accounting, from University at Albany.  Jonathan is also a Certified Public Accountant in New York.


Nicholas Milone
Director, Financial Instruments, Structured Products and Real Estate Group

Professional Experience
Nick Milone is a Director in PricewaterhouseCoopers' Financial Instruments, Structured Products and Real Estate Group located in New York. He advises companies, both audit and non-audit clients within the financial services and non-financial services sectors, on current accounting issues, developments, and the application of accounting standards. Nick provides accounting advisory services to many of PwC's clients on structured transactions, derivatives and hedging activities, transfers of financial assets, securitizations, financings, investments, valuation and other issues.

In addition to his technical accounting roles, Nick advises clients on matters related to the treasury function, including risk management, funding, cash management, bank relationships, investments, treasury systems, and internal control design and documentation in the context of Sarbanes-Oxley Section 404.

Nick is a frequent contributor to both internal and external technical accounting training sessions.

Education
Nick has a B.A. in Economics from Yale University and an M.B.A. in Accounting and Finance from Fordham University.

Credentials
Nick joined PwC and the Financial Instruments, Structured Products and Real Estate Group in September 2002. He is a Certified Public Accountant in New York.


Paul Moran is a Director in PricewaterhouseCoopers' Financial Instruments, Structured Products and Real Estate Group located in New York. He advises companies, both audit and non-audit clients within the financial services and non-financial services sectors, on current accounting issues, developments, and the application of accounting standards. Paul provides accounting advisory services to many of PwC's clients on structured transactions, derivatives and hedging activities, transfers of financial assets, securitizations, financings, investments, valuation and other issues.

In addition to his technical accounting roles, Paul advises clients on matters related to the treasury function, including risk management, funding, cash management, bank relationships, investments, treasury systems, and internal control design and documentation in the context of Sarbanes-Oxley Section 404.

Paul is a frequent contributor to both internal and external technical accounting training sessions.

Education
Paul has a B.A. in Accountancy from Glasgow Caledonian University.

Credentials
Paul joined PwC in October 2004 and the Financial Instruments, Structured Products and Real Estate Group in March 2006. He is a Certified Public Accountant in New York and a Chartered Accountant with the Institute of Chartered Accountants in Scotland.


Perry Mandarino, CPA

Perry has provided assistance to clients in the areas of strategic planning, complex debt restructurings, preparation of turnaround and business plans, cash flow analyses, preference investigations, fraud and fraudulent conveyance investigations, collateral evaluation and claims resolution. He has assisted numerous clients in the negotiation, development and implementation of Plans of Reorganization. He has a broad range of restructuring and bankruptcy industry experience, including retail, distribution, communications, business services, manufacturing, healthcare, construction and real estate companies. 

Perry served as the Chief Restructuring Officer ("CRO") of Hoop Holdings, Inc. d/b/a/ The Disney Stores. He also served as the Examiner in the Polaroid, Inc. and Summit Global Logistics chapter 11 cases and as the CRO of Kara Homes, Inc. and the MIIX Group, Inc. Perry has represented several lending institutions including D.E. Shaw, BNP Paribas, Wachovia Bank and Lampe, Conway & Co. He has extensive experience in the Bankruptcy Courts in the Districts of Delaware, New Jersey and New York, where he has testified and been qualified as an expert in matters related to financial viability, valuation, general reorganization matters and financing. Perry's has assisted clients in raising over $700 million in debt and equity financings. Perry has over 23 years of experience representing over 400 clients during his career.  He advises clients on restructuring, rationalization and recapitalization. Additionally, Perry performs various investigations, evaluations, planning and resolution for a broad range of industries.

Prior to joining PwC, Perry was a Senior Managing Direct of Traxi, LLC. Prior to joining Traxi, Perry spent 14 years at Arthur Andersen LLP where he was a Partner in the Firm's Global Corporate Finance - Corporate Restructuring Group.  Perry also was managing director - restructuring in the investment-banking firm of Berenson Minella & Co.


Peter G. Wollmeringer, ASA

Peter is a Director in the Transaction Services practice at PricewaterhouseCoopers in New York City where he specializes in valuation and technical valuation/accounting issues.  In his role at PwC, he leads valuation/accounting engagements to provide valuation consulting services to clients related to business combinations and other financial reporting matters. Peter also is on a business combinations topic team that regularly interfaces with PwC's national accounting office on various technical issues.  Prior to rejoining PwC, he was employed at KPMG in their Department of Professional Practice where he was the firm's valuation technical resource.  In that role Peter consulted with audit teams and the valuation practice on valuation issues related to fair value for business combinations, impairments and stock compensation.  Peter also was a national instructor and taught numerous courses on stock compensation, fair value measurements and business combinations.

Peter's background consists of over 18 years of experience providing valuation consulting services to domestic and international companies. He has assisted clients with valuations for mergers and acquisitions, restructuring, bankruptcy, and corporate tax planning. Peter has a particular interest in the technology sector and has worked with many companies in that space. 

Peter is a member of the Appraisal Foundation's Working Group on Customer-Related Assets whose objective is to develop a best practices paper on valuing customer-related assets for financial reporting purposes.  Peter is an Accredited Senior Appraiser with the ASA and earned an MBA from Boston University's Graduate School of Management and a BBA from the University of Massachusetts in Amherst.


Phil Treccagnoli is a Principal in the Forensic Services practice at PricewaterhouseCoopers in New York. Phil has over 30 years of professional experience including 14 years in public accounting assisting companies and their outside counsel with accounting, finance, operations and process related matters. Phil spent 16 years working in industry at various companies in the capacity of Chief Financial Officer, Vice President of Finance and Administration, Controller, Contracts Manager, and Program Finance Manager.

Phil's primary responsibilities at PwC include executive and Board of Director level client-facing activities, and delivering solutions to clients on complex business matters covering a variety of areas. These areas include public contract accounting, cost accounting, asset management, program and contract management, regulatory compliance, and litigation support. Phil is also a subject matter expert in government contracts, and serves clients in multiple industries including aerospace and defense, construction, industrial products, healthcare and pharmaceutical, automotive, and energy.

Prior to joining PwC, Phil worked at Ernst & Young, and spent 16 years in industry working for Fairchild Republic, GEC Marconi, CAE Electronics, and Telephonics. He also ran his own consulting firm, Harder Williams & Company for 4 years providing business advisory services to clients in multiple industries.

Phil holds a Masters of Business Administration (MBA) in Accounting from Adelphi University and a Bachelor of Science (BSBA) in Accounting from Manhattan College. He is a member of and frequent speaker at the ABA Public Contract Law section, NCMA, and NDIA, and holds a green belt in Six Sigma.


Theodore F. Martens is a Partner (Retired) /Client Service Consultant in the Forensics practice in the New York office of PricewaterhouseCoopers. His investigations experience includes working on matters involving fraud, Ponzi schemes and violations of the Foreign Corrupt Practices Act (FCPA), forensic accounting projects and other pre-trial discovery assignments. Some of Ted's experience also includes damages and lost profits calculations, fidelity bond proof of loss and other insurance claims, settlement agreements - including the Tobacco Master Settlement Agreement (MSA), breach of contract matters, franchise/dealer terminations, alleged false claims against the government, accountant's malpractice, patent and trademark infringement, and partnership and closely held corporation valuation disputes.  Ted has been deposed and testified at domestic and international arbitration hearings and at trial in both Federal and State Courts.

Ted has over thirty years of business and public accounting experience. His diversified audit experience includes such clients as American Brands, Inc. and its wholly owned subsidiary, The American Tobacco Company, MONY Financial Services, Brown Brothers Harriman & Co., TIAA/CREF and Medical Liability Mutual Insurance Company. In addition, he has performed a number of special projects including the court ordered development of policies and procedures to detect insider trading abuses at a prominent broker-dealer.

Ted has coauthored the monograph Under the Microscope: Corporate Responsibility and Securities Trading and a chapter discussing attorney and accountant liability in the Environmental Dispute Handbook. 

Ted is a Certified Public Accountant (CPA), Certified in Financial Forensics (CFF) and a Chartered Life Underwriter (CLU). He is a member of the American Institute of Certified Public Accountants (AICPA) and the New York State Society of Certified Public Accountants (NYSSCPA). Ted chairs the AICPA's Subcommittee on Relations with the Judiciary. His subcommittee activities include the presentation of various accounting and auditing topics before Federal and State Court Judges enrolled in the National Judicial College program entitled Financial Statements in the Courtroom. He obtained his BS degree from Fairfield University and his MBA degree from Fairleigh Dickinson University. 


Daniel V. Dooley, Sr. is a former partner (retired) in the firm of PricewaterhouseCoopers LLP, where he was the global leader of the firm’s Securities Litigation and Investigations Consulting practice. As an audit partner, he performed examinations of companies in a wide range of industries and sectors – including: computers and electronics, energy, financial institutions,  manufacturing and products, oil and gas exploration and production, and real estate, and software. Dooley has served as  partner for the corporate investigations of – among others: Aetna US Healthcare, Ahold (Royal Ahold N.V.), Computer Associates International, DaimlerChrysler, First Republic Bancorp, McKesson HBOC, Network Associates (McAfee), Parmalat S.p.A, Phar-Mor, Sensormatic, and Xerox. He has served as an expert accountant on behalf of the U.S. Department of Justice, the U.S. Securities and Exchange Commission, and a number of private plaintiffs and defendants; and he has been qualified as an expert witness by various federal district courts, and various federal bankruptcy courts, and in the federal court of claims. Also, Dooley has served as an arbitrator in a number of accounting-related matters. He was editor-in-chief of the PricwewaterhouseCoopers Annual Securities Litigation Study, and chairman of the editorial board and editor of the West Law Securities Litigation Reporter; and he has served as an adjunct professor at New York State University – Stony Brook, and lectured at Harvard Law School, University of Chicago Graduate School of Business, Dartmouth Tuck School of Business, and Fordham Law School. He is a Certified Public Accountant, licensed in various states including New York, Connecticut and Louisiana, and he is a member of the American Institute of Certified Public Accountants and various state societies of CPAs. Presently, Dooley consults to a number of U.S. and foreign companies on litigation-related accounting issues and matters before the Securities and Exchange Commission.


Dubravka K. Tosic, Ph.D. is an Economist and Director at Berkeley Research Group, LLC (BRG), a national leader in economic and statistical consulting.  Prior to joining BRG, Dr. Tosic spent almost 6 years as a Principal at ERS Group, and over 12 years as a Director in the Dispute Analysis practice of PricewaterhouseCoopers, LLP in New York. 

Dr. Tosic provides consulting and expert witness assistance in all aspects of labor and employment disputes, litigation and arbitration matters, regulatory audits, and in connection with pro-active company reviews.  She has experience in preparing statistical analyses and damage calculations in connection with allegations of employment discrimination with respect to various employer actions (e.g. hiring, promotion, termination, and compensation), executive compensation, breach of employment contract, personal injury and wrongful death, and wage and hour issues. 

Dr. Tosic has testified as an economic expert in Federal and State court matters, and has worked with numerous Fortune 500 companies, national and international law firms, Federal, State and Local government entities, and international organizations.  She is also a frequent presenter to professional organizations on economic, financial, and statistical analyses.

Dr. Tosic received her Master’s degree and Ph.D. in economics from Florida State University and her Bachelor’s degree in economics from University of Maryland.


Patricia A. Etzold is a Forensic Services Partner in PricewaterhouseCoopers LLP's International Investigation and Litigation practice in New York.  She provides specialized advisory services to boards of directors, audit committees, and internal and external counsel of multi-national companies. She specializes in complex investigations and litigation support to in-house and outside counsel. She has assisted the Department of Justice in their prosecution of certain matters and has assisted companies' counsel respond to informal and formal Securities and Exchange Commission and Department of Justice inquiries.

Some of her representative engagements include:

  • Litigation consulting for the defense of former CEO and CFO related to accounting improprieties alleged to have occurred at a consumer product company.
  • Financial fraud investigation of a manufacturer and marketer of ready to drink cocktails, non-alcoholic cocktail mixers and fruit drinks. Allegations investigated included overstated revenues and assets through the use of bill and hold and fictitious inventory schemes.
  • International financial fraud investigation of a food retail company. Investigation entailed analyses at over 20 of its global operating companies including the Company's foreign headquarters. Additionally, provided litigation support related to prosecution of certain company executives.
  • Litigation support for state cases filed against a pharmaceutical company related to allegations of improper influence to gain positions on formularies for its drugs.
  • Forensic investigation into alleged accounting irregularities at the US subsidiary of a Japanese beauty salon furnishing and equipment manufacturer.
  • Forensic investigation into alleged embezzlement via the payroll system of an international professional services firm.
  • Litigation consulting and analysis for the defense of an investment bank CEO and Chairman  related to alleged  insider trading.
  • Litigation consulting for auditing malpractice matter to defend both class action and state filed cases.

Ms. Etzold brings over 30 years of accounting and global business experience to her clients and is a regular speaker on forensic financial investigative and remedial topics. She serves as Chairman of the AICPA Judiciary Sub-Committee and is a member of the National Judicial College faculty. In 2012, Ms. Etzold received Consulting magazine’s “Women Leaders in Consulting” award for her outstanding achievements in client service. She leads the Securities Litigation team at PricewaterhouseCoopers LLP and is co-editor of the Firm's annual Study. She is a Certified Public Accountant in New York and New Jersey and is certified in financial forensics by the American Institute of Certified Public Accountants (AICPA). Ms. Etzold is also a current member of the Board of Trustees at Bloomfield College in Bloomfield, NJ.


Matt is a Partner in PwC's Forensic Services Practice in New York and serves to co-lead our forensic efforts in the retail and consumer sector.  Matt has over twenty four years of forensic accounting, consulting and financial management experience.  Matt has worked with attorneys, corporate clients, individuals and governmental agencies to assist them in a variety of matters across various industry sectors, including retail and consumer, financial services, alternative investments, real estate and not-for-profits.

Matt has experience in leading large complex engagements for multinational organizations, has worked on the ground in over twenty eight different countries and has led teams working in various other global locations.  Matt's range of experience includes providing assistance to companies with respect to certain corporate investigations, misappropriation of assets and related misconduct, corporate intelligence and background research, regulatory inquiries/examinations, governance and compliance matters, allegations of bribery and corruption, conducting risk assessments and controls testing, transactional due diligence and electronic discovery processes and related data analysis.

With respect to certain recent assignments, Matt has conducted proactive compliance/fraud risk assessments in Brazil, India, China, Hong Kong, Japan, Russia and Latin America and has worked with management to develop remediation plans to enhance their compliance and monitoring programs, including third party management and audit processes.  Matt has also assisted clients in analyzing potential acquisitions and investments in North America, Europe, Asia and Latin America.  Matt recently worked on investigation for a US company with operations in Europe focused on potential financial reporting irregularities and conflicts of interest.

In connection with certain engagement matters, Matt has interacted with and/or been interviewed by representatives of the U.S. Department of Justice, the U.S Securities and Exchange Commission, the FBI, the Office of the Comptroller of the Currency and the New York State Inspector General’s Office.  Matt has provided deposition testimony in connection with two different litigation matters and also served as an expert in a dispute involving a bankrupt financial institution.

Matt has developed and instructed training courses and case studies on fraud and forensic accounting and has lectured groups on such topics at numerous corporations, universities and professional association events, including certain American Conference Institute (ACI) programs focused on anti-corruption and FCPA.  In addition, Matt co-authored a chapter titled "Corporate Remediation" in "A Guide to Forensic Accounting Investigation" (second edition) and served as the editor of PwC's thought leadership piece titled "Cleaning Up Corruption: Why anti-corruption compliance is now on the C-Suite radar and as the host of a related four-part video series.

Matt is a Member of the AICPA and the NYSSCPA and an Associate Member of the ACFE.  Matt is a CPA in the State of New York and is Certified in Financial Forensics (CFF) by the AICPA.