Fraud, Corruption and Embezzlement
Our professionals have extensive experience in fraud, corruption and embezzlement matters, assisting a variety of stakeholders in identifying and understanding the financial and accounting aspects of various fraud schemes. Our professionals have led matters including the following:
Ponzi and Investment Schemes
- Hedge Fund – supported a feeder/hedge fund investor group and its top executive regarding investments it had with Bernard L. Madoff Investment Securities LLC, including forensic accounting, damages, transactional and reporting analyses and on-site support during various arbitration hearings.
- Financial Services Company – supported a matter involving an international financial institution, analyzing allegations of accounting and financial reporting fraud, and allegations that the institution was a Ponzi scheme.
- Oil & Gas Company – supported a matter regarding allegations by a bankruptcy trustee that a joint-venture participant was aware that its joint-venture partner was perpetrating a Ponzi scheme, including funds flow analyses through numerous entities, rebuttal of opposing expert reports, and supporting the preparation of an expert report.
- Hedge Fund – supported a matter involving the investigation of a hedge fund group, including analysis of historical subscriptions, redemptions, and other transactions, through a variety of entities, to determine whether Ponzi-type payments or other inappropriate transactions existed.
Fraud and Corruption Matters
- Güneş Tekstil Konfeksiyon Sanayi ve Ticaret Limited Şirketi, Vahit Güneş, Reşat Güneş, Fikret Güneş, Ibrahim Eksilmez, and Yücel Yildiz v. The Republic of Uzbekistan; Expropriation; ICSID Case No. ARB/13/19. Testified in Paris in November 2017. Filed expert reports on financial issues and damages in August 2017 and 2016. Dispute involving real estate, retail and wholesale trade, and light manufacturing in Uzbekistan. (Engaged by Respondent; parties from Turkey & Uzbekistan)
- Vladislav Kim and Others v. The Republic of Uzbekistan; Expropriation; ICSID Case No. ARB/13/6. Testified in Washington DC in July 2015. Filed an expert report relating to financial issues and damages in September 2017. Filed expert reports on financial issues in March 2015 and August 2014 relating to a jurisdictional filing. Dispute involving two cement plants in Uzbekistan. (Engaged by Respondent; parties from Kazakhstan & Uzbekistan)
- Companion Property and Casualty Insurance Company (n/k/a Sussex Insurance Company) v. U.S. Bank National Association / U.S. Bank National Association as 3rd party plaintiff v. 3rd party defendants Redwood Reinsurance SPC, LTD., Southport Lane Advisors, Southport Specialty Finance, Administrative Agency Services and Alexander Chatfield Burns; Breach of Contract; S. District Court of South Carolina Columbia Division, Case No. 3:15-cv-1300 JMC. Filed expert reports in April and March 2017. Dispute involving the failure of two reinsurance companies and collateral held in bank trust accounts. (Engaged by defendant)
- FFF Holdings B.V. and GlebGennadievich Fetisov v. Vladimir Vladimirovich Malin; Breach of Contract; LCIA Case No. 153088. Testified in London in March 2017. Filed an expert report on damages in January 2017. Case involving a failed bank in Russia. (Engaged by Claimants; parties from Russia)
- David R. Aven, et al v. Republic of Costa Rica; Expropriation; UNCITRAL PCA Case No. UNCT/15/3. Testified in Washington DC in February 2017. Filed expert reports on damages in October 2016 and April 2016. Dispute involving an investment in a planned real estate resort development in Costa Rica. (Engaged by Respondent; parties from US & Costa Rica)
- Horthel Systems B.V., Tesa Beheer B.V and Poland Gaming Holding B.V. v. The Republic of Poland; Expropriation; UNCITRAL PCA Case No. 2014-31. Testified in The Hague in June 2016. Filed expert reports on damages in October 2016, September 2016, April 2016, and September 2015. Dispute involving the gambling industry in Poland. (Engaged by Respondent; parties from Netherlands & Poland)
- Spentex Netherlands, B.V. v. The Republic of Uzbekistan; Expropriation; ICSID Case No. ARB/13/26. Testified in Washington DC in September 2015. Filed expert reports on financial issues and damages in August 2015 and December 2014. Dispute involving textile factories in Uzbekistan. (Engaged by Respondent; parties from Netherlands & Uzbekistan)
- Cem Cengiz Uzan v. Republic of Turkey; Expropriation; SCC Case No. V 2014/023. Filed expert report on financial issues in June 2015 in the jurisdictional phase. Dispute involving two electric generation, transmission and distribution companies in Turkey. Jurisdiction was denied. (Engaged by Respondent; parties from England & Turkey)
- Oxus Gold plc v. Republic of Uzbekistan; Expropriation; UNCITRAL Arbitration. Testified in Paris in May 2014. Filed expert reports on damages in July 2014, February 2014 and February 2013. Dispute involving the valuation of investments in gold and other mineral mining interests in Uzbekistan. The award was for the exact amount presented by Hart which was less than one percent of the $1.3 billion claim. (Engaged by Respondent; parties from England & Uzbekistan)
- Regis Paillardon v. Archer-Daniels-Midland Company and ADM Latin America, Inc.; Breach of Contract; American Arbitration Association (AAA) International Centre for Dispute Resolution Case No. 50180T004310. Testified in Miami in September 2011. Filed an expert report on damages in July 2011. Dispute involving a joint venture dealing in agricultural commodities. (Engaged by Respondent; parties from Venezuela & US)
- S&T Oil Equipment & Machinery LTD. v. The Government of Romania; Expropriation; ICSID Case No. ARB/07/13. Filed expert reports on damages in July 2009 and December 2008. Dispute involving the privatization of an ammonia plant in Romania. Matter discontinued due to lack of payment by claimant. (Engaged by Respondent; parties from US & Romania)