Fixed Income Strategist Expert Witness

EXPERIENCE

1999-Present PRIVATE ASSOCIATES

Provide financial consulting services to individuals, institutions, and financial service firms.

2009-Present PRIVATE CO. GLOBAL CAPITAL

2003-2007 MONGERSON & COMPANY

1984–2002 ADVEST, INC.

Senior Vice President, Chief Fixed Income Strategist and Director

(1997–1999) Chief Fixed Income Strategist

(1995–1997) Mortgage-Backed Securities Department

(1994–1995) Alliance for Financial Institutions

(1984–1994) Manager, Taxable Fixed Income Department

• Allied Member NYSE, Director Advest, Inc., Chief Fixed Income Strategist, Branch Manager, Product Manager, Analyst, Investment Policy Committee, Marginability, Risk Assessment (Firm and Customer).
• As Product Manager, Branch Manager and Director I worked with National Sales, Legal, Compliance, Risk Assessment, and Credit Committee to develop and implement policies and procedures within our organization to comply with NYSE and FINRA rules and other non-regulatory matters such as initial and maintenance margin requirements of exempt securities.
• Regularly appeared as speaker and spokesman in seminars and conferences sponsored by individual Advest offices, and regional and national media on wide spectrum of investing and capital market topics.
• Doubled staff; trained, and mentored them in all aspects of marketing, including research, and trading all types of fixed income products. More than sextupled revenues over eleven years.
• Created STRIPS on first day of trading, unique for regional firms, and strategically swapped client holdings from CATS to STRIPS through active marketing to enable continued maximum liquidity for our clients.
• Wrote definitive Collateralized Mortgage Obligation (CMO) guide in 1990, revised in 1992, to explain the risks and rewards of this complex derivative product to educate sales force. Also, created companion literature for institutional and retail clientele. Developed disclosure guidelines on confirmations.
• Reestablished, staffed, and managed mortgage-backed securities department.

WALL STREET CAREER

Began in 1961, progressed from Registered Representative marketing equities to retail clients and then, both retail and institutional accounts, to include fixed income starting in 1970. I have had the privilege to cover the entire spectrum of accounts from individuals to the largest institutions in the United States for both equities and fixed income throughout my career which also combined sales, trading and research disciplines which were used in sales and both my branch and product management activities.

EDUCATION

Brown University, Providence, RI, AB Economics

OTHER ACTIVITIES – Past and Present

FINANCIAL WORLD–Contributing Editor, Former Columnist: “Bond Interest” – Past

New York Institute of Finance – Instructor-Capital Markets, Money and Banking, Money Market Instruments,

15141=Instructor – Fixed Income Securities – Past

CFA Institute – Member

CFA Society NY – was New York Society of Security Analysts, Inc. – Senior Analyst – Portfolio Strategist

Fixed Income Analysts Society, Inc. – Life Member

Securities Experts Roundtable – Voting Member – Director and Treasurer 2014-2017

Arbitrator-1996 to Present-A15141-NASD now FINRA and NYSE, ASE prior to merger into NASD in 1999

Contributing Author: Robert C. Arffa, M.D.  “Expert Financial Planning,” John Wiley & Sons, 2001

Securities licenses held: Series 3, 7, 8, 24, 40, and 66.