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tamcoforensicgroup.com:

Posted By: watcher51445
Date: Thursday, 1-Dec-2011 12:06:05

Wall Street Fraud Expert - Complex CDO fraud explained
Forensic investigation and analysis

Credit Crisis and Subprime Related Litigation

The credit crunch debacle has created a milieu of complex securitization and related litigation issues that can be daunting, even to those practitioners with extensive experience in the structured finance and securities arenas. Beginning in earnest in 2007, which saw the implosion of the Bear Stearns hedge funds, headlines have been littered with the struggle, indictment and, too often, failure of corporate, insurance and investment banking behemoths, including: Bear Stearns, Citigroup, AIG, Wachovia, Lehman Brothers, Washington Mutual, Merrill Lynch, Countrywide, Indymac and many others. Now even the once vaunted Goldman Sachs, recently slapped with an SEC complaint alleging fraud in structuring and marketing of a synthetic CDO tied to subprime mortgages, and whose top executives (including CEO Blankfein and trader Tourre) have been grilled by Congress, has joined the ranks of its peers as an alleged bad actor.

T.A. Myers & Co. has been sought out on numerous occasions for its forensic investigatory acumen by some of the most prominent national law firms to review complex pleadings and complaints in connection with many of the largest banking and capital markets players in the world. We have been engaged in many complex cases involving issues at the heart of the current financial tempest, including litigation involving: adequate risk disclosures for structured investments and subprime exposure, buyback or EPD requirements between mortgage originators and syndication arrangers, the role of enhancement and protection provided by the monoline bond insurers, and the relationship between these CDO insurance protection providers and protection buyers. We have also been engaged to investigate allegations of fraud against synthetic CDO sponsors and arrangers made by pension funds and others.

Click here to see how a partially funded synthetic CDO is structured

T.A. Myers & Co., has analyzed the structure, economic substance and various claims relating to complex structured finance products, including Collateralized Debt Obligations (CDOs), Credit Default Swaps (CDS), and Synthetic CDOs. We have been engaged in cases to analyze counterparty fraud in the structuring of off-shore financial products, and have studied synthetic CDO deals with allegations of reference entity adverse selection by the CDO arranging parties.

In 2009, the Board of Governors of the Federal Reserve engaged our firm principal, Thomas A. Myers, to develop and chair a week-long symposium regarding structured finance products in Washington, D. C. for representatives of each of the major federal banking regulatory agencies to discuss issues including CDO valuation, credit analysis, modeling of the cash flow waterfall, securitization issues including credit enhancement and subordination, credit default swap credit events, the role of the credit rating agencies, and other relevant issues.

As a forensic accounting firm, T.A. Myers & Co. has extensive expertise in the accounting pronouncements relevant to the firms involved in generating, servicing, bundling, and selling mortgages and mortgage-backed securities. We have presented high profile discussions regarding Generally Accepted Accounting Principles (GAAP) including: FAS 5: Contingencies, FAS 115: Accounting for Certain Investments in Debt and Equity Securities, FAS 133: Accounting for Derivative Instruments and Hedging Activities, FAS 157: Fair-Value Accounting, FIN 46(R): Consolidation of Variable Interest Entities, and many others.

An active player in large corporate securities litigation for the past decade, T.A. Myers & Co. has provided expert witness or litigation consultation services in actions involving AIG, Ambac, Bank of America, Bear Stearns, Citigroup, Countrywide, Enron, HSBC, JP Morgan Chase, KeyCorp, MBIA, McGraw-Hill, Merrill Lynch, Moody's, Royal Bank of Canada, Royal Bank of Scotland, UBS, Wachovia, and Bernie Madoff, among others. Our principal, Thomas A. Myers, testified in a case of first impression against a well known (now defunct) Wall Street firm, which became the first investment banking firm in history to be held liable in a securitization for the fraud of the issuer.

TA Myers & Co. has been engaged in the past and is currently available to analyze the particulars of various structured finance products including credit default swaps, CDOs and synthetic collateralized debt obligations for allegations of fraud and/or breaches of relevant representations and warranties. As forensic accountants, we have worked in coordination with some of the top legal firms in the country on these matters.

Backdated Stock Options

Accounting for stock option compensation under Accounting Principles Board Opinion No. 25 and Statement of Financial Accounting Standard No. 123 has been a major disputed topic in the accounting profession for years. Revelations of numerous major corporation backdated option schemes has engendered prolific litigation. T.A. Myers & Co. has assisted legal counsel in drafting the technical accounting analysis surrounding the financial accounting issues in a large backdated options case, as well as a comprehensive analysis regarding conduct of the auditor defendants for their alleged breaches of Generally Accepted Auditing Standards and recently issued PCAOB standards in relation to the backdating fraud and investigated many other backdated option situations.

Click here for more on backdated stock options

Management Misrepresentations

We have been involved in numerous cases with issues relating to management misrepresentations in publicly filed financial statements and fraudulent misrepresentations made in the context of merger and acquisition transactions. T. A. Myers & Co. provided the only expert used by the Securities and Exchange Commission in the landmark In the Matter of Bank of Boston dealing with false and misleading disclosures in the "management, discussion, and analysis" section of the Form 10-Q.

Other 10(b)-5 Issues

T. A. Myers & Co. has also provided extensive expert witness testimony, consulting, and other expert analysis regarding technical financial and accounting issues relating to various complex securities fraud cases including related party transactions, earnings management, revenue recognition, and other 10(b)-5 issues. Additionally, our firm has aided legal counsel by providing analysis to facilitate the drafting of litigation pleadings in the context of numerous PSLRA, securities fraud cases.

source
http://www.tamcoforensicgroup.com/Sec%20Fra/SecFra.htm?gclid=CLCynIOs4awCFQrGKgodh08zpQ


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AN EXPLANATION OF THE FACTIONS