Securities and Finance

White Collar, Investigations and Enforcement

White Collar, Investigations and Enforcement

NERA economists have extensive experience in applying quantitative economic analysis in white collar criminal investigations and litigation. Our expertise enables us to support firms in all economic aspects of white collar matters, including responding to market abuse investigations, defending enforcement actions, providing expert testimony, and quantifying regulatory impacts and risks.

We have assisted clients with matters involving:

  • Accounting fraud
  • Bid rigging
  • Broker fraud
  • Buyer cartels
  • Commodities trading
  • Criminal option backdating
  • Criminal price fixing
  • Customer and geographic allocation
  • Foreign Corrupt Practices Act (FCPA), UK Bribery Act, and other Anti-Corruption Enforcement
  • Health care/pharmaceutical-related fraud
  • Insider trading
  • Market manipulation
  • Ponzi schemes
  • Stock price manipulation, including "married puts"
  • Tax shelters
  • Trade allocation

We frequently assist clients in responding to formal investigations and requests for data and analyses from regulatory entities, such as the Division of Enforcement at the SEC, the DOJ, offices of State Attorneys General, and self-regulatory organizations such as FINRA. Our capabilities include the construction and analysis of large and complex transaction databases, analysis and implementation of computerized surveillance procedures, and preparation of summary materials in response to regulators' requests. NERA experts' analysis of damages and disgorgement measures aids clients in negotiating settlement agreements.

Our experts have also done extensive research into applying greater precision to calculating the financial benefits of bribery. We can assist clients facing issues arising under the Foreign Corrupt Practices Act (FCPA) and other anti-bribery and anti-corruption laws by offering a more sophisticated economic approach to determining the true "value" of an alleged bribe.

We have supported clients in matters covering a variety of products and services, including agricultural commodities and natural resources, capital equipment, transportation and fuel surcharges, industrial inputs, and consumer goods and services. We also have extensive experience working with mutual fund families in their discussions with regulators; our experts provide economic analysis to aid with the detection of market timing and late trading and the measurement of corresponding losses to mutual fund shareholders. In addition, NERA has worked with specialist firms involved in civil and criminal proceedings. Our experts have extensive experience analyzing data, reports, and algorithms used in automated surveillance of specialists' trading and exchange rules for equities and options.

Name Title Location Phone Email
Lucy P. Allen Managing Director New York City +1 212 345 5913
Dr. Patrick Conroy Managing Director New York City +1 212 345 1466
Dr. Hiroaki Ishigaki Managing Director Tokyo +81 3 3500 3295
Dr. Vinita Juneja Managing Director
Chair of NERA's White Collar, Investigations and Enforcement Practice
New York City
+1 212 345 3148
+44 20 7659 8618
+1 416 868 7314
Dr. Chudozie Okongwu Managing Director New York City
+1 212 345 5003
+44 20 7659 8568
Dr. Faten Sabry Managing Director
Chair of NERA's Global Securities and Finance Practice
Bankruptcy Practice Chair
New York City
+1 212 345 3285
+44 20 7659 8618
Adam Warren Managing Director Chicago +1 (312) 573-2821
Richard J. Eichmann Director San Francisco
Los Angeles
+1 415 291 1033
+1 213 346 3009
Bradley A. Heys Director Toronto
New York City
+1 416 868 7312
+1 212 345 2691
Jorge Baez Associate Director Miami
New York City
+1 305 341 5060
+1 212 345 5753
Erin B. McHugh Associate Director London
New York City
+44 20 7659 8736
+1 212 345 2990
Dr. Jordan Milev Associate Director New York City +1 212 345 5516
Dr. Stephanie Plancich Associate Director New York City +1 212 345 7719
Ivelina Velikova Senior Consultant New York City +1 212 345 1160
Todd Morrison Affiliated Consultant Washington, DC +1 202 466 9213