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In this podcast episode, Alison Forman, Principal and Certified Public Accountant from The Brattle Group, and Adam Karageorge, Brattle Associate, delve into recent SEC and PCAOB enforcement actions against auditors. Adam and Alison bring their extensive experience in handling matters involving auditor liability to provide a nuanced analysis of the evolving enforcement landscape.
The episode covers the significant uptick in PCAOB enforcement actions, especially against non-U.S. auditing firms, the impact of recent leadership changes at the SEC and PCAOB, and the implications of high-profile legal decisions for future regulatory actions. The discussion provides listeners with a comprehensive look at the strategies employed by the regulators, exploring first of its kind enforcement, the shift towards more rigorous penalties, and an increased focus on accounting firms’ “tone at the top.”
Drawing from their recent research, Alison and Adam also compare enforcement activity in the first four months of 2024 to five predictions outlined in their report, 2023 Enforcement Activity Involving Auditors.
The link to the report referenced in this episode can be found here.
Note: This podcast reflects enforcement activity through April 30, 2024. Keep an eye out for The Brattle Group’s upcoming mid-year update report which will discuss the SEC’s May 3, 2024 settlement with BF Borgers and its owner Benjamin F. Borger. Sanctions included permanent suspensions and combined penalties of $14 million for “deliberate and systemic failures” to comply with PCAOB standards in audits and reviews included in more than 1,500 SEC filings.The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.
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In this episode, Dan Harris, Brattle Principal, and Tania Tholot, Brattle Senior Associate, continue their in-depth conversation on the valuation of Russian assets amid economic sanctions.
Building upon their initial discussion, Dan and Tania dive into the complexities of exchange rate risks. They tackle the intricacies of revenue forecasting within the volatile Russian market, spotlighting how currency fluctuations, inflationary pressures, and international economic sanctions interplay to affect asset values.
Throughout the episode, Dan brings his arbitration acumen to the fore, examining the nuanced dynamics of holding structures and the tracing of third-party debts. Tania contributes with her firsthand experience in the valuation of foreign investments in Russia, thoroughly explaining the real-world implications on asset value from an investor’s perspective.
Listeners will gain a deeper understanding of the financial modeling challenges that arise under politically strained conditions, with particular emphasis on commodities and their role in valuation considerations. Join Dan and Tania as they synthesize complex economic theories with real-world examples to illuminate the valuation landscape shaped by geopolitical tensions.
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.
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Manglende episoder?
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In this episode, Dan Harris, Brattle Principal, and Tania Tholot, Brattle Senior Associate, delve into the complex theme of valuing Russian assets in light of recent geopolitical tumult.
This thought-provoking episode of The Brattle Exchange centers on the economic repercussions resulting from Russia’s invasion of Ukraine and the subsequent sanctions that have fueled disputes and arbitrations involving European investors in Russia. Dan and Tania dissect the nuanced valuation challenges presented by sanctions, counter-sanctions, and the legal barriers in repatriating profits from Russian subsidiaries.
In part one of this analysis, Dan brings to light the staggering $18 billion of profits trapped in Russia in 2022 alone and addresses the implications for investors compelled to sell assets below market value. Tania discusses how the political context incentivized Russian joint-venture partners to not respect minority shareholder rights, imposing additional risk on foreign investors, and the heightened operating risks for foreign investors. Further, they both tackle the thorny issue of country risk and its effect on asset valuation, suggesting alternative methodologies that go beyond conventional sovereign spread approaches.
Stay tuned for part two, where they will explore exchange rate risks and commodity prices in the valuation landscape.
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.
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In this episode of The Brattle Exchange, Brattle Principals Dr. Mark Sarro and Dr. Shastri Sandy and Senior Associate Dr. Adrienna Huffman continue their conversation tracing crypto and fiat funds in the Bankman-Fried (FTX) criminal fraud trial.
They explore the significance of tracing in providing evidence for financial investigations and fraud cases, identifying patterns of illegal activity, and establishing intent in white-collar crimes. They discuss the types of cases that commonly require asset tracing, including Ponzi schemes, embezzlement, money laundering, corporate fraud, tax evasion, and bribery and corruption.
They provide insights into the complexities involved in fiat tracing, including the challenges of extracting and standardizing financial data and the different methods used in tracing exercises. Additionally, they shed light on the methods and information required for tracing crypto funds, illuminating the permanent record of crypto transactions maintained by the blockchain ledger.
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.
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In this episode, we dive into the complex world of financial fraud cases and the role of experts in tracing misappropriated assets. Principal and Practice Co-Leader: White Collar Investigations & Litigation at The Brattle Group, Dr. Mark Sarro is joined by Brattle Senior Associate, Dr. Adrienna Huffman, and Principal, Dr. Shastri Sandy, to discuss their first-hand experience on the expert team in the Samuel Bankman Fried (SBF) case, a high-profile cryptocurrency exchange case.
The team discusses their extensive experience in financial accounting and forensic investigations to analyze fraudulent activities. They explore common characteristics of white collar fraud cases, different sources and uses of misappropriated funds, the challenges of forensic analysis in criminal cases, and the importance of effectively communicating complex analyses to a jury.
Tune in for an in-depth exploration of tracing methods used in white collar and crypto cases, offering valuable insights into the intricate world of analyzing financial fraud and the vital role of experts in unraveling complex financial transactions.
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.
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In the second part of our deep dive into international arbitration and EU state aid law, Brattle Principals José García and Richard Caldwell, continue their conversation on the international arbitration outcomes following Spain’s changes to renewable energy incentives. They also underscore the European Commission’s influential role in deeming compensation as state aid and explores the principal conditions that must be fulfilled for such compensation to qualify as state aid within the EU’s legal boundaries.
The content referenced in this episode can be found here.
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.
Follow José: https://www.linkedin.com/in/jose-antonio-garcia-59b780/
Follow Richard: https://www.linkedin.com/in/richard-caldwell-b0156173/
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In this episode, Brattle Principals José García and Richard Caldwell analyze the intricate overlay of international arbitration and EU state aid law. The spotlight is on infrastructure investments in renewable energy within Spain. They discuss the impact of EU state aid decisions on investment treaty awards as they navigate through the multifaceted issues at stake for investors and state authorities. José and Richard discuss the slew of international arbitration outcomes following Spain’s changes to renewable energy incentives.
The content referenced in this episode can be found here.
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.
Follow José: https://www.linkedin.com/in/jose-antonio-garcia-59b780/
Follow Richard: https://www.linkedin.com/in/richard-caldwell-b0156173/
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George Hickey and Tim McAnally, Principals and M&A Litigation Practice Co-Leaders, discuss appraisal rights, with a particular focus on their application in the Cayman Islands.
Appraisal rights allow shareholders to dissent from a merger and seek a court's determination of the value of their shares. George and Tim focus on two jurisdictions, Delaware and the Cayman Islands, as well as how the courts determine the fair value of dissenter shares.
As George and Tim dive deeper into the topic, they shed light on the definition of fair value, the growth of appraisal litigation in the Cayman Islands, and the reasons why shareholders choose to dissent.
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In this episode, Brattle Principals Alberto Vargas and Paul Hinton explore funds tracing, shedding light on the tools used to identify the movement of specific funds. From cases of employee misappropriation to complex bankruptcy proceedings, Alberto and Paul discuss the challenges and uncertainties faced in tracing the flow of funds. They also touch upon the multiple purposes of tracing, from filling in the factual record to fashioning equitable remedies.
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice. -
In this episode, Brattle Senior Associate Shastri Sandy discusses a recent article about how AI might lead to unintentional discrimination with his co-author, Christine Polek. They review the evolving landscape of AI regulations and the uncertainties surrounding them, both in the United States and globally. Using real-world examples, their research highlights instances where AI models lead to outcomes of unintentional discrimination against certain groups or protected classes in business decisions in markets such as credit, employment, healthcare, and housing.
The article referenced in this episode can be found here.
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.
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In this episode, Brattle Principal David McKnight and Senior Associate Ryan Leary discuss event studies and their relevance in the context of securities litigation.
Event studies provide a formal approach to assess how a stock reacts to disclosures such as earnings releases, allowing experts to assess damages in securities class action lawsuits. However, these models can lead to incorrect conclusions in periods of changing market volatility.
The article referenced in this episode can be found here.
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice. -
In the second part of our deep dive into securities fraud class actions, Dr. Torben Voetmann, President & Principal of The Brattle Group, and Dr. Drew Roper, Principal and Co-Leader of the Securities Class Actions Practice, pivot their focus to the intricacies of price impact following the Halliburton II decision. They examine the role investor sentiment plays in influencing stock values, and how third-party disclosures sway these perceptions.
For more on this topic, the research referenced in this episode is available here. Another article referenced is forthcoming.
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.
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In this episode, Dr. Torben Voetmann, President & Principal of The Brattle Group, and Dr. Drew Roper, Principal and Co-Leader of the Securities Class Actions Practice, roll back the clock to the pivotal years of 2014-15, exploring the Halliburton II decision and shedding light on its foundational role in reshaping class certification protocols in securities fraud class actions. Further, they elaborate on the real-world legal outcomes and reactions from the courts, and offer a straightforward look at how courts today are viewing price impact after the decision.
For more on this topic, the research referenced in this episode is available here and here.
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.
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Tune in as Brattle experts explore pressing economic, financial, and accounting matters, alongside thought leaders from industry and academia. The Brattle Exchange is brought to you by The Brattle Group, an internationally renowned consulting firm known for addressing intricate economic, financial, and regulatory challenges for global corporations, law firms, and governmental entities. Be sure to subscribe to listen to the latest episodes as they release every Tuesday.
