WWL Thought Leaders GIR 2022 by lbresearch

THOUGHT LEADERS

2022

Interviews with the pinnacle of the profession

Read interviews with the world’s leading lawyers and experts.

 Who’s Who Legal @whoswholegal  whoswholegal.com Available now

Head of business development Adam Landes

Rupert Wilson

Business development manager

Investigations | Digital Forensic Experts 116 Phil Beckett 118 Joel Bowers 120 Peggy Daley 122 Robert DeCicco 124 Tanya Gross 126 Amit Jaju 128 Daniel Tay 130 Davin Teo 132 Trevor Wiles 134 Directory

Tom Barnes

Head of research & analytics, Who’s Who Legal August 2022

Asset Recovery 2 Ilias Anagnostopoulos 4 Anne Valérie Julen Berthod 6 Aurélie Conrad Hari 8 Ben Davies 10 Edward H Davis Jr 12 Sandrine Giroud 14 Matthias Gstoehl 16 Yves Klein 18 Arnoldo B Lacayo 20 Antenor Madruga 22 Kate McMahon 24 Danny Ong 26 Alejandro Pignataro 28 Nick Ractliff 30 Tomislav Šunjka 32 Alexander Troller 34 Daniel Tunik 36 Directory

Investigations | Forensic Accountants 136 William Abington 138 Daniel Barton 140 Matthew Bialecki 142 Cosimo Borrelli 144 Jocelyn Chi 146 Drew Costello 148 David Dearman 150 Stefano Demichelis 152 Trevor Dick 154 Toby Duthie 156 Matt Fehon AM 158 Jean-Michel Ferat 160 Gwynn Hopkins 162 Ben Johnson 164 Julian Jones 166 Frances McLeod 168 Christopher Osborne 170 Neill Poole 172 Kristofer Swanson 174 Juan J Valderas Martos 176 Martin S Wilczynski 178 Keith Williamson 180 Bernard F Woolfley 182 Directory

This edition of WWL Thought Leaders: GIR features Q&As with 75 practitioners with hundreds of years of combined experience in the field between them. I would like to thank the participants who gave us their valuable time to answer our questions and make the book possible. It is rare to have so much GIR expertise concentrated in one place and we hope you will agree that their responses make fascinating reading.

Senior production editors

Through interviews with the practitioners themselves, WWL Thought Leaders: GIR aims to shine a light on what puts these practitioners at the apogee of the global market. They are worthy of special mention owing not only to their expertise and expe rience advising on some of the world’s most significant and cutting-edge matters, but also their ability to innovate and inspire. Their experience and understanding of the legal world and their unique insights into the area will no doubt be illuminating and instructive to a wide spectrum of readers, whether clients, corporate counsel, established practitioners, those starting out in the law, or anyone with an interest in the practice of law at the very highest level.

Junior production editor Nathaniel Balch

Kiteria Yiu

IIntroductionamdelightedtopresent

Head of research: US Penelope Williams

In total, only one in every six individ uals considered for inclusion in our latest corresponding practice area guides were invited to take part in WWL Thought Leaders: GIR 2022

Head of research & analytics

Account managers

Robert Harris

Customer service executive Harry Marloe

Contents

Senior research analysts

Publisher

Business Crime Defence | Individuals 84 Jean-Marc Carnicé 86 Roberto Pisano 88 Betty Santangelo 90 Daniel Tunik 92 Directory

Content production manager

Conor Manders, Alex Bottomley

Business Crime Defence | Corporates 60 Kiril Bougartchev 62 Marc Henzelin 64 Han Jahae 66 John J Kenney 68 Saverio Lembo 70 Jonathan Midgley 72 Felix Ng 76 Sherbir Panag 80 Directory

Katie Adams, Harry Turner, William Holt

Nick Townsend, Bilikis Olowolekomoh, Sam Limbu, Leon Hartley, Hadassah Maitaram

Investigations 96 Sandrine Giroud 98 Sean Hecker 100 Andreas Länzlinger 102 Simone Nadelhofer 104 Gary Naftalis 106 Diego Sierra 110 Eric Stupp 112 Directory

Rupert Wilson

Deputy head of research Charlotte Riley

THOUGHT LEADERS

Production editor Ellen Desmond

Cover istockphoto.com/kenishirotiephotography:PrintedanddistributedbyEncompassPrintSolutionsTel:08442480112ISSN2632-1505

Research analysts

Asset Recovery | Experts 40 Angela Barkhouse 42 Steve Cornmell 44 Gervase MacGregor 46 Barbara Miranda 48 Daniel Nardello 50 Zoë Newman 52 Hitesh Patel 54 Jacqui Record 56 Geoff Varga 58 Directory

WWL Thought Leaders: GIR 2022, which brings together the insight, expertise and wisdom of some of the world’s foremost investigations, business crime defence and asset recovery specialists in a single book. Through thousands of votes and nominations in the course of our research, the market has identified that the practitioners in the following pages are among the very best in the world in their field, without exception.Who’s Who Legal has been researching legal markets since 1996 and now covers 35 practice areas and over 150 countries. Entry into our guides is, of itself, no easy feat, with fewer than half of those nominated obtaining a listing. The bar to be considered a thought leader is even higher: only those listed lawyers who obtained the highest number of nomina tions from peers, corporate counsel and other market sources in our most recent research cycle were considered. In total, only one in every six individuals considered for inclusion in our latest corresponding practice area guides were invited to take part in WWL Thought Leaders: GIR 2022

Ammara Saleem, Tabia Lui, Olivia Harrison, Kirsty Carvalho, Johana Shonibare

Ilias has represented corporates and individuals across multiple jurisdictions over the past 30 years. He focuses on complex matters involving financial crimes, corrupt and anticompetitive prac tices, tax and money laundering offences, extradition and mutual assistance requests. He is chair of the Hellenic Criminal Bar Association (2013–) and former chair of the of the CCBE criminal law committee (2006–2013). He is a professor of criminal law and procedure at the National and Kapodistrian University of Athens, and a member of the Ministry of Justice experts committee and the High-Legal Council with the Bank of Greece.

BiographyAnagnostopoulosIlias

Anagnostopoulos

Also a Thought Leader in Business Crime Defence | Corporates and Individuals 2 Asset Recovery

Tel:ianagnostopoulos@iag.grwww.iag.grAthens+302107292010

In what ways is technological innovation revolutionising the practice area?

Looking back on my 30 years in criminal practice, I am proud of defending corpo rates and individuals and protecting their reputation against unfair or excessive alle gations; and it gives me great pleasure to see how grateful they are for helping them navigate through troubled waters. If I were to single out one of our causes célèbres in recent years, I would mention the acquittal of a prominent businessman, who leads an international group, on charges of bribery and money laundering in a highly publicised multi-month trial. A criminal

What do you enjoy most about practising business crime defence?

What are the main tools of an asset recovery practice in Greece?

The increasingly virtual nature of investiga tions and related procedures in a covid-19 defined landscape has given new oppor tunities to the enforcement agencies and to a lesser extent to affected corporates or individuals. At the same time the virtual wave entails new risks that, if left uncon trolled, may undermine core values of our liberal societies. Virtual proceedings are no

conviction would have devastating conse quences for the whole group. Based on hard work and innovative legal thinking, we were able to persuade the court to resolve in our client’s favour a series of complex legal issues.

I started focusing on business crime at a time when the practice area was not mainstream for criminal practitioners. I was attracted by the complex nature and cross-border aspects of these cases, which call for a multifaceted and highly sophis ticated defence strategy. Business crime defence is a demanding area for practi tioners who would like to excel in a continu ously changing environment.

What has been your most inter esting case to date, and why?

To what extent is the increas ingly virtual nature of investi gations in a covid-19 landscape making for a more efficient process? In what ways is it fall ing short?

The coronavirus pandemic has deeply impacted the economy and most aspects of our everyday life. It has also opened new doors to fraudsters. The disruption and confusion caused by the pandemic allows cyber criminals, who have always been creative opportunists, to scurry through the cracks of security systems that had been designed in a different environment. Practitioners in the business crime area are called to understand the new realities and respond to emerging needs of their clients. Competence, flexibility, strategic thinking, creativity and talent will be in high demand in order to tackle the new challenges.

The combination of timely and sophisti cated advice with forceful litigation is the hallmark of our practice. We offer our clients carefully designed solutions that include all necessary synergies to achieve the best outcome in each case; and when it comes to litigation, our firm’s dynamic pool of trial lawyers commands respect in the courtroom and has an impeccable track record in complex cases with crossjurisdictional elements. As opposed to traditional criminal practitioners and/or larger general practice firms, we have built a reputation as a high-end specialists’ firm who are best placed to manage criminal and regulatory risks and offer innovative and practical solutions in a complex and risk-inflated industry.

Never give up, keep on fighting to win even when everyone else is losing hope.

Technological innovation is rapidly changing the environment of our practice area. In particular, e-evidence has become a pillar of criminal, regulatory and alterna tive proceedings around the world. One of our priorities is to use cutting-edge tech nology to ensure high-value services to our clients.

How does Anagnostopoulos stand out from its competitors?

substitute for face-to-face questioning and trial hearings. Confrontation of witnesses, opening statements or closing arguments cannot be properly delivered remotely. Nothing can replace the courtroom drama where physically present actors clash their swords in a noble fight for the truth.

Asset recovery is a complex art that requires many skills, first and foremost the ability to timely locate the (often meticulously hidden) assets to be recov ered. Speedy action is needed in order to secure the assets combined with a real istic strategy including the necessary initiatives in court. As cross-jurisdictional elements are the norm in asset recovery proceedings, being able to mobilise an effi cient global network of lawyers and other experts is of the essence.

What is the best piece of advice you’ve ever received?

Peers and clients say: “Definitely the go-to name in Greece for complex corporate investigations” “A true authority on white-collar crime proceedings in Greece”

whoswholegal.com/thought-leaders

What new types of fraud are you seeing emerge and develop during the coronavirus pan demic? How are you ensuring that you and your clients are well equipped to tackle them?

Biography

Tel:anne.julen@baerkarrer.chwww.baerkarrer.chGeneva+41582615750 4 Asset Recovery

Anne Valérie Julen Berthod joined Bär & Karrer’s whitecollar crime department in 2006. She is advising Swiss and foreign clients in complex domestic and cross-border financial crime proceedings. She specialises in asset recovery proceedings. She is also very active in international mutual assistance in criminal and tax matters and regularly advises clients in administrative criminal law, with a particular interest in compliance issues, sanctions law and tax fraud investigations.

Bär & Karrer AG

Anne Valérie Julen Berthod

Assisting clients to penetrate non-trans parent structures in order to locate and recover assets that their adverse parties thought were beyond their reach.

What motivated you to special ise in asset recovery?

In your opinion, how can young practitioners gain the skills required to practise in the highly international and com plex asset recovery space?

My greatest professional achievement is ahead of me, not behind me. I don’t usually look back but rather put my energy on the present and future.

Unfortunately, Switzerland still hosts many assets whose legality can be ques tioned. In this context, recovery proce dures have always interested me, insofar as they require the use of international cooperation instruments, especially in criminal matters, which has always been one of my favourite areas. Also other lessknown tools, such as the Swiss law on debt collection and bankruptcy, which is a technical law, very effective for the collec tion of not accessible banking/accounting information.

We do not use new technologies available for asset recovery. We prefer to mandate consultants specialised in IT asset recovery services who master these technologies and are more rational in terms of asset recovery efforts/costs for our clients.

When it comes to asset recovery, I don’t see major difficulties in Switzerland. If the assets are in a Swiss bank, for example, Swiss instruments will have to be applied. I see more difficulties in terms of compli ance for large groups based in Switzerland.

“Annecases”is very client driven”

We have many trust law cases of clients who have set up these structures in the past and who, due to various problems, often criminal/tax, are trying to regain control of their assets in order to avoid the risks of reporting to the supervisory authorities by the trustees/financial intermediaries they had mandated in the past. The pressure on these actors by the authorities involved in the fight against money laundering or the tax authorities is the cause.

What matters are clients com ing to you frequently with at the moment, and what do you think is driving this?

It is absolutely necessary to understand the specificities of the jurisdictions that surround us, in particular the common law jurisdictions, and to do this, participate in international conferences that count and create a network of reliable and competent professionals.

whoswholegal.com/thought-leaders

“She is a top-tier, excellent asset recovery lawyer”

Peers and clients say: “She is very good for white-collar crime

What new technologies are assisting asset recovery specialists?

Looking back over your career, what has been your proudest achievement?

If you could introduce a legal reform that aided asset recov ery cases, what would it be and why?

Switzerland needs to develop effective negotiated criminal justice instruments to encourage compliance by these groups, similar to what the French have put in place with the Sapin II Law. Not having these instruments weakens the Swiss legal and economic system.

What are the greatest chal lenges in establishing juris diction that asset recovery lawyers currently face, and how can they be tackled?

One area where there is still a lot of room for improvement is the compensa tion of victims in the recovery of stolen public assets. The instruments in place are instruments of state cooperation. Individuals as such are often excluded and have no direct rights to intervene abroad.

What is it about your role that you enjoy the most?

ConradAurélie Hari

Biography

Aurélie Conrad Hari leads the civil litigation practice of Bär & Karrer in Geneva. She has broad experi ence in handling complex multijurisdictional disputes in financial, banking and commercial disputes. She also specialises in private client assistance and representa tion. Her practice encompasses shareholders’ and employment disputes, insolvency as well as asset recovery, with the recogni tion and enforcement of foreign judgments and arbitral awards. She also frequently acts as counsel representing parties in commer cial arbitration related to various industries, eg, sale, distribution, agency, construction (including power plants) and energy.

Bär & Karrer

Tel:aurelie.conradhari@baerkarrer.chwww.baerkarrer.chGeneva+41582615700 6 Asset Recovery

Very often time is of the essence to ensure efficiency and reactivity. Client expectations also prove a challenge to handle as such an area entails that disappointment may happen especially when the debtor is agile and prepared his assets’ evasion. However, such challenges certainly motivate the

How do you establish a detailed understanding of a client’s business to advise them effectively?

Here communication with the client certainly becomes of essence. It is not only about talking but really demonstrating interest for the client’s business, empathy and curiosity to ensure full understanding of the business but also identifying the interests at stake and the objectives of the client.

Key challenges in this practice in view of the next generation may likely lie in time and life balance management. Asset tracing cannot wait and therefore you must be available any time and be able to dedi cate the necessary resources to act swiftly. Also, building an international network certainly proves an asset when practising in this field, and networking also requires significant time dedication. However, I can certainly confirm that this is worthwhile, as the practice is very dynamic and rewarding both in terms of mandate types and enthu siastic practitioners we come across.

legal team as we wish to prove smarter than the crooks.

Looking back over your career, what has been your proudest achievement?

Peers and clients say: “Aurelie is a great lawyer”

“Aurelie Conrad Hari is a very talented and leading lawyer in the Swiss asset recovery landscape”

Defining and building the best strategy for the case in close cooperation with a team of lawyers, usually in various jurisdictions, as all actions in one of those must be carefully assessed and coordinated to ensure one step in one country shall not prejudice the position in another one.

What is the most challenging aspect about working on crossborder asset recovery cases?

What are the main considera tions when developing strat egies for the international search and recovery of assets?

What are the key challenges that the next generation of asset recovery lawyers may face?

whoswholegal.com/thought-leaders

Close coordination between the various jurisdictions involved is key, as well as speediness to react and take the right action at the right moment. A solid and broad network proves particularly valuable to achieve the above with close contact you know you can rely on and will work with the same spirit and quality standards as yours.

Watching my daughter growing up notwith standing the building up of my career and proving able to – somewhat – manage juggling both my professional and family life.

Usually, and especially in Switzerland, both remedies must be considered together. While both may not eventually materialise, both must be assessed and can actually feed each other. Criminal remedies can grant more powerful tools in Switzerland however the criminal route may not always be an option. Civil remedies can then also prove efficient to secure attachment of assets during the duration of the civil proceedings.

To what extent are civil rem edies a more effective way of recovering assets than criminal remedies?

What do you enjoy most about working in asset recovery?

“She is very practical, quick and reliable”

Ben Davies is a civil litigator and partner in the specialist fraud firm of PCB Byrne. His practice focuses on high-value, Commercial Court litigation in England, often with a cross-border element. Ben has particular experience in asset recovery matters and in the obtaining and defending of worldwide asset freezing injunc tions and search orders. He also advises in relation to the defence of extradition requests. LLP

PCB Byrne

Tel:bdavies@pcb-byrne.comwww.pcb-byrne.comLondon+442078421651 8 Asset Recovery

BiographyDaviesBen

The brilliant lawyers I started out working for as a trainee, who are now my partners.

What inspired you to become a civil fraud lawyer and why?

Acting for a group of defendants in the US$1.5 billion tax fraud claim brought by Skattestyrelsen (the Danish tax agency) in England – a near unmanageable piece of litigation.

Acting in more sovereign debt litigation (I currently represent the Republic of Cuba in a €70 million claim in the Commercial Court). It will be interesting to see what comes out of the inevitable post-pandemic litigation boom.

What do you enjoy most about your role as an asset recovery and civil fraud lawyer?

Defending Abdourahman Boreh against claims by the Republic of Djibouti – a longrunning, multifaceted case in which I learned so much.

In your view, what is the big gest challenging facing asset recovery lawyers in the current market?

Tenacity and inventiveness – someone who will achieve results.

Peers and clients say: “Ben is always clear, on time and has great communication skills”

“He is easy to approach, open to ideas and his professional work is of high standard”

What has been the biggest learning curve for you over the course of your career so far?

Do you think there is enough uptake of technological innova tions such as AI and other intel ligent software in your practice area and what is PCB doing to ensure that there is?

As a specialist practise we have to make sure we keep up with the bigger firms in all aspects of our work, and we do.

Working closely with the best barristers and overseas lawyers in the business.

whoswholegal.com/thought-leaders

Accessing funding for defendants, in the face of increasingly far-reaching propri etary claims which prevent assets being used for legal costs.

What is the most complex fraud litigation you have worked on during your career to date?

In your opinion, what do cli ents look for when selecting an asset recovery lawyer?

How do you see your practice area developing over the next five years?

Edward H Davis Jr

Sequor Law Miami, Tel:edavis@sequorlaw.comwww.sequorlaw.comFL+13055881927

Edward H Davis, Jr, a founding shareholder of Sequor Law, focuses his practice on the repre sentation of individual, corporate and institutional victims of fraud throughout the world. Ed conducts financial fraud investigations, prosecutes civil claims for fraud and pursues misappropriated assets, having tracked such assets in jurisdictions across the globe, including Japan, the Bahamas, Latin America, Switzerland and Liechtenstein, among others.

Biography

10 Asset Recovery

“He can quickly triage where the core issues lie and can work out a strategy to address the issues quickly and effectively”

The biggest issues we confront are legal systems and countries that do not regard information contained within their borders as an ‘asset’ that can be recovered as part of a tracing exercise, which ultimately leads to the assets which may or may not be held beneficially or derivatively within their borders. We have to change percep tions that information by itself has no value. In point of fact information many times has the most value. I believe that some legal systems and statutory regimes are designed with the intent of making it extremely difficult to obtain the necessary information to perform an asset tracing engagement. This cries out for either

I wanted to do something with my career that made a difference in people’s lives and representing victims of fraud and corrup tion is a worthwhile endeavour that fulfils that desire.

Peers and clients say: “Ed brings unparalleled cross-border asset recovery knowledge and experience to every case in which he is involved”

What are the greatest chal lenges in establishing juris diction that asset recovery lawyers currently face, and how can they be tackled?

complying with long-held judicial norms. The reality is that the world is shrinking …

What motivated you to special ise in asset recovery?

The only real way to gain the skills and knowledge (and judgment) is by doing and watching others who know what they are doing. The key for a young practitioner is to ally themselves with teachers and those that allow them to assist in tangible aspects of the case no matter how unnerving that may be to everyone involved.

whoswholegal.com/thought-leaders

We are still seeing a lot of the types of frauds we have seen historically (investment fraud, insolvency fraud, corporate bleed-outs, Ponzi schemes and corruption cases) but we are seeing more fraud associated with crypto assets and internet-based frauds.

Jurisdiction, or the lack thereof, is often used to deny justice under the guise of

Looking back over your career, what has been your proudest achievement?

What is it about your role that you enjoy the most?

“One of the best”

legislative change or judicial intervention or a form of pressure up to and including sanctions to coerce those changes.

What matters are clients com ing to you frequently with at the moment, and what do you think is driving this?

What new technologies are helping asset recovery specialists?

If you could introduce a legal reform that aided asset recov ery cases, what would it be and why?

In your opinion, how can young practitioners gain the skills required to practice in the highly international and com plex asset recovery space?

There are new technologies that are making finding banking relationships easier and helping to dissect bank accounts and phone records in a coor dinated fashion to develop leads, and to support evidence given to support efforts to obtain information and to freeze assets as a precursor to recovery. These are not yet ‘game changers’ but they are helping to level the playing field.

I enjoy working with and leading teams focused on unravelling the complex struc tures that fraudsters and corrupt actors and those that aid them (lawyers, account ants, bankers and banks, corporate forma tion agents, etc) use to hide their ill-gotten gains and to frustrate legal systems and their creditors.

My proudest achievement has been the recent obtaining of a jury verdict by our team (which I was privileged to lead) for our client who was a victim of corporate fraud in the US and Colombia. This involved four years of intensive litigation with both mandatory and prohibitory injunctions, four appeals and discovery overseas. We are not done correcting this injustice but through a settlement of a portion of the case we have brought justice to this client after a decade of suffering at the hands of the fraudster and we hope to bring even more recoveries shortly.

LALIVE Tel:sgiroud@lalive.lawwww.lalive.lawGeneva+41581052000 Also a Thought Leader in Investigations 12 Asset Recovery

Sandrine represents individuals, companies and sovereign entities in the recovery or protection of their assets. In addition to fraud and commercial litigation exper tise, she is particularly skilled in complex cross-border matters involving criminal and civil proceedings and crisis situations. She is also recognised for her expertise in art law, public inter national law and human rights. Sandrine is ranked by the leading directories and in 2021 received WWL’s Asset Recovery Lawyer of the Year Switzerland Award.

BiographyGiroudSandrine

I look forward to continuing to work on interesting cases and mentor younger colleagues – and in particular female colleagues, to help them progress to the top of our profession.

What are the key challenges that the next generation of asset recovery lawyers may face?

whoswholegal.com/thought-leaders

How would you like to see your practice develop over the next five years?

The first step is to locate the assets and then identify the best jurisdictions to obtain the relevant data, as well as identifying the most appropriate investigators. The second step is setting-up a winning team of international colleagues, who will be able to work together collaboratively without pursuing individual strategies.

I hope it is still to come. But being elected by my peers as vice-president of the Geneva Bar is an achievement I cherish particularly.

Peers and clients say: “Sandrine is a highly specialised attorney in complex asset recovery”

Listening and asking the right questions to various stakeholders involved is key. It is also essential to do due diligence of the client and research their industry.

“She is a highly dependable practitioner in the space”

How do you establish a detailed understanding of a client’s business to advise them effectively?

Civil attachments can be quite effective if the conditions are met. This said, Swiss law does not provide for discovery, so criminal proceedings are still a very powerful route to trace and freeze assets.

Understanding the legal specificities of each jurisdiction to best leverage them and navigate possible legal and procedural obstacles.

What do you enjoy most about working in asset recovery?

What are the main considera tions when developing strat egies for the international search and recovery of assets?

Competition is already fierce and the time pressure immense. One of the main chal lenges will be being able to find the right balance to stay at the top of your game at all times as client expectations, cost management and technology increase pressure on performance.

What is the most challenging aspect about working on crossborder asset recovery cases?

“Ms Giroud is a practical, objective and efficient attorney”

I find the chase and strategic aspects intel lectually challenging, as well as helping victims of fraud recover their assets. It’s important to my sense of justice that committing crime does not pay off.

To what extent are civil rem edies a more effective way of recovering assets than criminal remedies?

Looking back over your career, what has been your proudest achievement?

Matthias specialises in complex domestic and multi-jurisdictional proceedings and investigations, including fraud and white-collar crime, asset recovery, insolvency, international mutual assis tance, international sanctions and ESG-litigation. His practice focuses on banking and finance disputes. Drawing on first-hand experience in the sector, he handles complex matters requiring specialist knowledge in deriva tive instruments, hedge funds and financial products in general. He regularly acts in contentious corporate, commercial and govern ance disputes across various other sectors (healthcare, natural resources, sports and trusts).

BiographyGstoehlMatthias

14 Asset Recovery

LALIVE Tel:mgstoehl@lalive.lawwww.lalive.lawZurich+41581052100

A specialist should of course be an expert in their field but, first and foremost, I believe clients want an advocate who is going to fight passionately for their cause.

How have frauds become more sophisticated over the past five years, and how do you think they could evolve in the near future?

You have enjoyed a very distin guished career to date. What would you like to achieve that you have not yet accomplished? That would be a very long list! What I can say is that what I enjoy most about this profession is that the learning never stops. That’s a constant source of inspiration and gives me the energy to keep going. I’d like to give that back by spending more time mentoring and coaching younger team members.

Peers and clients say: “He is an extremely able and expert practitioner”

That requires tenacity, responsiveness and a strong commercial acumen – so they can quickly grasp both the customer’s business and the issues at stake. Clients want someone who puts their cause first – someone who is at the same time coura geous, humble and accountable.

What do clients look for when selecting a white-collar crime specialist?

What advice would you give to younger practitioners hoping to one day be in your position?

What may have changed and become more sophisticated is the economic landscape and business environment in which we operate. Processes have become more complex and there are more business functions and departments to interact with. Paired with technological change and an increasing amount of data, this increases compliance risks and makes it more complicated to uncover certain types of fraud. I believe that this trend is set to continue.

We share best practice and communicate any legal and other developments on anticorruption laws, compliance practices, enforcement trends and asset recovery issues to a global legal audience. In particular, we aim to assist practitioners in areas where anti-corruption laws and procedures are relatively under-developed or Weunder-enforced.achievethison the one hand through our conferences and webinars. On the other hand, there are various projects, reports and resolutions which form the basis of our input to policy makers like the UN, the OECD and governmental agencies.

The sense of purpose from helping clients to “right a wrong” – and doing this collabo ratively: with the client, their multi-disci plinary advisors and our own case team.

Learning how to cut through complexity. I consider this to be one of the main chal lenges in our profession. Being able to break down a complex set of facts and distil the essential information into a compel ling, simple and convincing narrative is crucial. All the more in a world with evergrowing amounts of data.

In your opinion, should younger lawyers specialise or keep a broad practice when starting out in their career?

“Matthias has significant experience in asset recovery”

“He takes a collaborative approach”

What did you find most chal lenging about entering practice white-collar crime practice?

Specialisation is important, no question, but it shouldn’t come at the expense of gathering experience in various fields. You should, to a certain extent, allow for some “trial and error” – as long as you get the timing right.

whoswholegal.com/thought-leaders

As a diversity and inclusion officer of the IBA’s anti-corrup tion committee, what are the committee’s goals and how are they being achieved?

One of our latest initiatives is the creation of the IBA Ukraine Anti-Corruption task force, of which I am a member.

I was a late bloomer – I started out as an M&A / capital markets lawyer and worked in investment banking before returning to the bar. This was essential experience –there’s scarcely a day that goes by where I’m not drawing on the knowledge acquired over those years.

Teamwork is also vital. Clients will be looking at the strengths of the group of people the firm puts forward, and its composition in terms of diversity.

Create the opportunity, rather than just waiting for it. Be independent and don’t be afraid to venture off the beaten track. Above all – and this is no secret – work hard, be patient and build resilience. And don’t forget that there is an element of luck in every situation / outcome.

What do you enjoy most about working as a white-collar crime litigator?

BiographyKleinYves

Admitted to the bars of Geneva and Switzerland since 1995, Yves Klein is an international asset recovery lawyer, and a partner at Monfrini Bitton Klein. His main activity is litigating and coordinating trans national asset recovery proceed ings before civil, criminal and bankruptcy courts on behalf of victims of economic crimes. He is representative for Switzerland of ICC FraudNet, the world’s leading asset recovery network. He is fluent in French, English, Portuguese and Spanish, and speaks some Italian and German.

Monfrini Bitton Klein

Tel:yklein@mbk.lawwww.mbk.lawGeneva+41223102266 16 Asset Recovery

How do you think the new Swiss cross-border insolvency regime will impact the market?

What is the best piece of advice you ever received?

“The most important quality in a lawyer is tenacity”, from the late Alexandre Hauchmann, one of our partners who at the time had over 60 years of experience at the Geneva Bar.

If there was one reform you could implement in global asset recovery practice, what would it be and why?

whoswholegal.com/thought-leaders

In what ways have asset recov ery proceedings been changed by the coronavirus pandemic?

There have been fewer domestic bank ruptcy cases, while remote working has led to more impersonation and cyber frauds, and whistle-blower reports.

What are the greatest chal lenges posed by the enforce ment of foreign judgments and arbitration awards?

The main challenge is that many litigants still only think of enforcement at the end of the main proceedings, which is often too late.

Until recently, foreign insolvency practi tioners were reluctant to seek recognition in Switzerland, as they saw the process as slow and cumbersome. Consequently, there were few recognitions per year, and courts and bankruptcy offices were some what unfamiliar with the process, which made it even less attractive.

There is no limit to fraudsters’ creativity, notably in the use of new technologies. This requires us to understand new technolo gies and identify how asset recovery tools must be adapted. What does not change is fraudsters’ psychology.

Conversely, I have noted common law colleagues’ interest for the right of crime victims to be admitted as civil parties in

Enforcement should be considered from the beginning of a business relationship (Who are our counterparts? Do they have assets against which our claim could be enforced in case of dispute? In which juris diction?), upon drafting the contract (Do the other parties have assets in a jurisdiction where they can be frozen and ultimately recovered through the implementation of the dispute resolution clause?), upon the start of the dispute (Are our counterparts still solvent? Is there a risk of dissipation? Are pre-trial freeze orders or other interim measures available?), and during the main proceedings (Can the main proceedings be used to obtain evidence on the defend ants’ assets, on their bad faith, or on the liability of third parties? What findings will be useful in the judgment or award to facili tate the use of asset recovery tools?).

The proceedings themselves were not really affected, save for spring 2020.

As a lawyer from a civil law jurisdiction, I am often envious of the common law tools to obtain evidence and freeze assets through civil proceedings, such as Norwich Pharmacal, Anton Piller and Bankers Trust orders, Mareva injunctions or worldwide freezing orders, equity receiverships, pretrial discovery, disclosure order, etc.

Peers and clients say: “An absolute market leader”

How does your role as a mem ber of ICC FraudNet enhance your practice, and what are the goals of the organisation?

criminal proceedings in civil law jurisdic tions, which allows them to cooperate with law enforcement authorities, to access evidence from the criminal file, to obtain wide-reaching freeze and production orders, and to have a right to the award of damages and to forfeited assets, at rela tively low Convergencecost. is increasing, with the rise of private prosecution and crime victims’ rights in common law jurisdictions, and with the development of more efficient freezing and production orders in civil law jurisdictions.Aninteresting initiative in that regard is UNCITRAL’s Working Group V (Insolvency Law) discussions on a model law or legis lative guide on asset recovery.

“One of the best asset recovery lawyers I have had the pleasure of working with” “He is very active in the field”

Since 2019, the number of recognitions of foreign insolvencies has multiplied, and consequently courts now routinely issue recognition orders in matters of weeks, and bankruptcy offices more aggressively order measures to identify claims and freeze assets. It is also possible for the foreign liquidator to apply for a waiver of the ancil lary bankruptcy, and thus be authorised to directly bring proceedings in Switzerland.

In what ways have frauds and Ponzi schemes evolved since you started practising, and how has this changed the practice itself?

FraudNet was created in 2004 by the International Chamber of Commerce on the realisation that the transnational nature of white-collar crime required an international network of specialists who could seamlessly deploy coordinated cross-border asset recovery proceedings worldwide.Wejoined FraudNet in 2005, and our membership has been invaluable to develop our asset recovery practice and to implement innovative global recovery strategies. Having worked side by side on cases for almost 20 years creates an unmatchable level of trust in each other and knowledge about the strengths and weaknesses of each jurisdiction.

I would bring more common law-like tools into civil law jurisdictions civil proceedings and more civil law-like tools into common law jurisdictions criminal proceedings.

How does the firm organise cases, and ensure effective teamwork in highly complex asset recovery matters?

We take the following steps: (i) Identify which lawyers will bring the most to the case. (ii) Promote innovation while valuing past experience. (iii) Follow and understand parallel foreign proceedings. (iv) Circulate information internally and externally. (v) Allow team members to constantly develop their skills. (vi) Give credit to whom it is due.

Arnoldo (Arnie) Lacayo, a share holder at Sequor Law, focuses his international litigation practice on financial fraud, asset recovery and cross-border insolvency. He has experience litigating complex disputes in both state and federal courts and has represented multinational corporations, sovereign governments, receivers, trustees and other foreign officeholders in matters pending in US Courts. Arnie regularly supervises trans national investigations and has instructed counsel in dozens of jurisdictions. He also has exten sive experience working with the versatile 28 U.S.C. § 1782 discovery statute and Chapter 15 of the US Bankruptcy Code.

BiographyBArnoldoLacayo

Sequor Law Miami, Tel:alacayo@sequorlaw.comwww.sequorlaw.comFL+13053728282

18 Asset Recovery

“His advice on matters of foreign recognition (in the US) and unique tactics for pre-action discovery are incredibly useful tools”

How is Sequor Law adapting to address the challenges caused by crypto fraud?

What can up and coming law yers be doing to better establish themselves in asset recovery?

We have significant work coming to us with links to South America. Part of this is driven by politics and local economic issues, which push capital toward Florida and results in disputed assets here and elsewhere in the United States.

I have had the privilege of working on some of the most complex fraud cases during my career, including the infamous Stanford International Bank Ponzi case and the largest bank failure in Brazilian history prompted by the fraudulent actions of its principal who bought and held assets, primarily artwork, all over the world. I have also had the privilege of working on a number of corruptionrelated asset recovery cases stemming from the construction of large infrastruc ture projects, including an international airport in the Caribbean.

Sequor Law has been at the forefront of these evolving asset recovery issues for years. Our lawyers are litigating novel issues, spearheading investigative and discovery-related efforts in cases and constantly studying the latest as we see the maturing of crypto-fraud.

The most challenging aspect of working on cross-border asset recovery cases is the boundless creativity of fraudsters and the willingness of well-resourced aiders and abettors such as lawyers, wealth managers, and others to assist with asset protection and concealment. These indi viduals take advantage of local tools to attempt to frustrate the efforts of fraud victims and creditors.

What is the most complex fraud litigation you have worked on during your career to date?

As has always been the case, the future of this practice lies in trying to stay one step ahead of those who seek to conceal the ownership of assets and who work to frustrate the efforts of fraud victims and creditors alike. The emergence of crypto and other technologies requires that we keep pushing for flexible responses from our courts and legal systems. In the United States, insolvency and equitable claims and remedies will continue to play a central role.

What is the most challenging aspect about working on crossborder asset recovery cases?

Specialisation is the key to success in this field. Up and coming lawyers need to attend conferences, contribute to the liter ature, seek out certifications and develop relationships with established experts in this area.

Where, in your opinion, does the future of the practice area lie?

Peers and clients say: “I would highly recommend Arnoldo” “Arnoldo’s written work is always very carefully drafted”

As a boutique specialist law firm Sequor Law is constantly interacting with cuttingedge vendors and evaluating technologies that assist with the intake and evaluation of data, documents and information. Our internal investigative capabilities are also making use of the latest tools for tracking

What matters are clients com ing to you frequently with at the moment, and what do you think is driving this?

What new technologies are helping asset recovery special ists in their cases?

whoswholegal.com/thought-leaders

individuals and corporate actors alike in and outside the United States.

Tel:antenor.madruga@madruga.comwww.madruga.comDF556139664850

BiographyMadrugaAntenor

Antenor Madruga is recognised as a leading Brazilian lawyer in complex litigations and nego tiations involving government criminal and administrative proceedings, particularly in mult ijurisdictional cases. A former federal attorney, he has served as National Secretary of Justice, Director of Assets Recovery and International Legal Cooperation of the Ministry of Justice, member of the Financial Intelligence Unit (COAF), among other positions. His firm, Madruga BTW, repre sents major Brazilian and foreign companies, financial institutions and individuals.

Madruga BTW Advogados Brasilia

Also a Thought Leader in Business Crime Defence | Corporates 20 Asset Recovery

We have a profound knowledge of how governments work. Most of our partners, consultants and associates held impor tant government positions in their careers. We understand how companies think. We also have a team of lawyers with knowl edge and experience in different jurisdic tions, allowing us to comprehend how different jurisdictions function and interact. Integrity, discretion, and dedication are core principles of our firm. Furthermore, for the past 30 years, our team has worked in all major cases in Brazil.

and what hurdles in recovering assets are now more prevalent?

In 2007, I returned to private practice, joining BMA - Barbosa, Müssnich, Aragão and becoming head of its corporate ethics and white-collar crime practice group. In 2013, I founded my own firm, now named Madruga BTW with other highly skilled partners and associates.

Has the coronavirus pandemic caused an uptick in white-col lar crimes? What are the main challenges for enforcement agencies in your jurisdiction?

obstacle in combatting busi ness crime. To what extent does this statement apply to your jurisdiction and has the coronavirus pandemic pushed for procedural reforms or changes?

Some practitioners have cited systemic procedures as an

How are business crimes becoming more sophisticated

How have your memberships across multiple organisations enhanced your practice?

The pandemic forced a substantial increase in government spending and the need for urgent procurement of goods and services, demanding relaxion or postponement of controls. Government authorities are now investigating such spending and allegations of wrongdoings in government contracts related to the pandemic. There is a clear increase in such investigations and enforce ment activities. Perhaps the main challenge for law enforcement agencies in such a scenario is to separate what was a neces sary flexibilisation of procurement rules, impossible to implement given the extraor dinary circumstances of the pandemic, from illegal and criminal activities.

How does Madruga BTW Advog ados distinguish itself from competitors in the market?

whoswholegal.com/thought-leaders

We currently have a strong white-collar crime practice. We also act in regulatory matters in issues such as money-laun dering. In the coming years we expect to further expand to other government related areas.

Describe your career to date.

First of all, have in mind that there is no right way to do the wrong thing. A rigor ously ethical posture must be the core of any professional achievement. Invest heavily in education and collect life and professional experiences. Finally, under stand the importance of viewing the legal profession from a multi-jurisdictional perspective.

Madruga BTW is increasingly providing a wide range of services to clients that do business with government entities. We want to use this experience to assist our clients to conduct clean business with governments, free of illegal and reputa tional threats and of unfair competition. We will also expand our anti-money laundering practice group substantially to assist clients in need of counsel in that field.

I believe that the ability to find solutions to intricate problems depends substan tially on the aggregation of our educa tional, professional and life experiences. Furthermore, our practices depend very much on knowing different people in multiple jurisdictions. Memberships across multiple organisations provide important opportunities for such experiences and to make acquaintance with people that may be essential to our practice.

Systemic procedures are indeed an obstacle in combatting business crime in every jurisdiction and particularly in Brazil. However, a proper balance between the law enforcement needs and criminal defense rights must be achieved. The coronavirus pandemic certainly pushed to expedite procedural reforms or changes, especially in the use of technologies, such as vide oconferencing, in investigative and trial proceedings.

“He is the gold standard”

My career was built in the public and private sectors. It also has a strong scholar background through my activities as a researcher and professor. After gradu ating in law, I pursued a PhD in interna tional law from the University of São Paulo, with visiting research experiences in the International Institute for the Unification of Private Law – UNIDROIT, and the Max Planck Institute for Comparative and International Private Law. In 1996, I was appointed federal attorney and in 1998, I was put in charge of the management of all cases of the Brazilian government before foreign courts. At the time, I also worked in international money laundering and corruption cases, an experience that I have carried throughout my career. In 2003, I became the first director of the Department of Assets Recovery and International Legal Cooperation of the Ministry of Justice, and coordinator of the National Strategy Against Money Laundering. Later, I also acted as National Secretary of Justice, prior to leaving the government.

How would you like to develop your practice in the next five years?

Peers and clients say: “He is very intelligent and has a deep knowledge of compliance, AML and criminal law”

“Antenor always seeks to better understand the nature of his clients’ businesses”

Business crimes needed to become more sophisticated in order to evade the evolution of anti-money laundering protections and of international legal cooperation between law enforcement authorities. New technologies, such as crypto currencies, have also made it more difficult to trace and recover assets.

What advice would you give to younger practitioners hoping to one day be in your position?

Kate is a co-founder of Edmonds Marshall McMahon and a specialist, dual-qualified private prosecutor who typically works for nation states, financial institu tions and high-net-worth clients. She has a superior track record in all aspects of investigation, prosecution and asset recovery. Her areas of expertise are large scale international corruption, cross-border fraud and the inter play between civil and criminal matters. She successfully led the largest private prosecution in the UK to date. Marshall McMahon

Edmonds

BiographyMcMahonKate

Tel:katemcmahon@emmlegal.comwww.emmlegal.comLondon+07595457582/+207583 8392 22 Asset Recovery

“She is an incisive practitioner”

That’s a tricky one as they all have their complications, be it the structure of the companies involved and the interplay of those structures, the jurisdictions, the

I love chasing down answers, have always enjoyed a mystery and am obsessed with travel and different jurisdictions.

What makes Edmonds Marshall McMahon stand out from its competitors in the market?

We have the largest criminal bribery and corruption team in the UK and are one of the very few firms with an investiga tive department specialising in SFO and FCA style cases. We do a lot of fraud and IP prosecutions too. We are the only firm in the UK staffed by specialist, senior prosecutors with proven track records in securing convictions. We created the private prosecution market, have been prosecuting for more than 10 years, pros ecute in excess of 150 cases per year and have an unrivalled conviction rate. I think that’s enough to stand out!

You have enjoyed a very distin guished career so far. What is the best piece of advice you’ve ever received?

What have been the highlights of your practice over the past year?

I have to say that I thoroughly enjoy the creative and maverick personalities in this business – the lawyers are usually entre preneurial, risk taking and very bright.

I think in 10 years private prosecutions will be the default for many corporates. I also think there will be significant success in public/private partnerships in criminal matters.

We have been working on a very large international case whereby it has been very difficult to sheet home financial gain to the “top of the tree”. We have, through sheer persistence over a good one and a half years, managed to uncover a financial benefit, despite the well-hidden nature of the financial advantage. Sometimes, you have to wait patiently for a long time and trust your case theory and judgement. It can be worrying when it takes a long time to be proven right!

How do you effectively prepare for criminal prosecutions?

whoswholegal.com/thought-leaders

Go to asset recovery conferences and really listen to the experienced speakers, meet them and take advice. I also advo cate finding a niche: Are you interested in crypto? Read about it, meet professionals in the market, know the subject. Interested in investigations? Understand that the ways to investigate change every year, under stand the fundamentals and then find the latest [legal!] technology to deploy. Being very conversant with what investigative technology there is has led to amazing results for my clients in many cases. And cuts costs too!

What is the most complex fraud litigation you have worked on during your career to date?

“Kate is superb and great with clients”

subject matter (we do a lot of crypto and have for many years; we also work for many insurance companies and hedge funds on complex financial products) or the multiple proceedings ongoing at the same time. However, I think I find cases for countries the most complex as the multiple objectives, case and evidence considera tions, public relations, systems and politics bring other factors into the mix. That can get tricky.

Spend nights waking in cold sweats: rarely is anything as bad as you imagine!

Peers and clients say: “Kate is clearly one of the leading names in asset recovery”

Where, in your opinion, does the future of the practice area lie?

What inspired you to pursue a career in asset recovery?

“You’ll make a mistake - everyone does. Don’t worry about it, learn from it, keep goingTheforward.”bestpiece of advice I can give is slightly different for young practitioners: Don’t worry too much about the job you take or the money you get paid. Just make sure that you find a boss who is smarter than you, knows more than you do and who will be generous with their time and teach you. I have always followed that and never once regretted it.

Second guess every argument that could possibly be thrown and prepare for it.

What can up-and-coming law yers be doing to better estab lish themselves in asset recov ery matters?

Rajah & Tann Singapore LLP

BiographyOngDanny

Tel:danny.ong@rajahtann.comwww.rajahtann.comSingapore+6591160319

24 Asset Recovery

Danny specialises in complex cross-border fraud and asset recovery investigations and liti gation, having been involved in some of the most significant fraud matters seen in the Asia-Pacific region including in the cryptocur rency space. He is also deeply experienced and known for his work in multi-jurisdictional head line insolvencies, and in inter national commercial disputes, acting for corporations across a multitude of industries, including banking and finance, technology, electronics, shipping, oil and gas, and commodities.

What do you see as the key themes in the asset recovery field over 2022–2023?

While this might be obvious, a key differ ence lies in the extreme importance of

The ability to piece together the jigsaw and unravel avenues for recovery across multiple jurisdictions, along with the opportunity to work with some of the best and most experienced across the globe, brings tremendous satisfaction.

having the assistance of experienced specialist investigators who are truly able to assist the victim with tracing. Another significant difference is that effectively freezing and seizing cryptocurrencies, which are not maintained with exchanges, pose challenges that are otherwise not encountered when dealing with fiat.

The main challenge, as I see it, is the lack of harmony across the globe in the recogni tion and enforcement of foreign judgments, both as to the substantive and procedural requirements for recognition and enforce ment. It is hoped that a universal frame work in this regard will come to fruition.

I believe the employment of technology to perpetrate fraud and evade attempts at asset recovery will be more prevalent than ever before, including ever increasing use of untraceable cryptocurrencies, and the utilisation of ‘mixing’ service providers to launder proceeds of crime.

Peers and clients say: “I wouldn’t go with anyone else”

How is technology assisting in your ability to make strategic decisions?

Love what you do, and the rest will follow.

How is recovery of crypto currency different as compared to fiat?

The availability of enormous amounts of data coupled with ever-improving data processing software, has enabled investi gations and asset recovery to be conducted much faster, cheaper, more efficiently and effectively.

What do you enjoy most about working in asset recovery?

Cyberfraud has certainly altered not only the nature of the disputes handled by the team, but also called for the team to think outside the box for innovative solutions towards the recovery of proceeds of cyber fraud, as well as advocate frequently for the adaptation of traditional legal principles to meet the practical challenges posed by cyberfraud.

Sources have noted an increase in cyberfraud. How is this trend affecting the disputes you encounter?

whoswholegal.com/thought-leaders

What challenges accompany the enforcement of foreign judgments, and how might the process be made more efficient?

What’s the best piece of advice you’ve ever received?

“He is the go-to guy in Singapore”

“He is excellent and extremely helpful on investor state matters”

Pignataro Abogados

BiographyPignataroAlejandro

Alejandro Pignataro (LLM in American law with a concentration in international business practice from Boston University, 2003) is a partner at Pignataro Abogados (Costa Rica), a boutique corporate law firm committed to providing top-level legal advice to a select group of corporate and individual clients. Alejandro has over 20 years of experience advising foreign and national corporations, financial institutions and individ uals with their business dealings in Costa Rica. Alejandro’s practice focuses mainly on corporate M&A and asset tracing and recovery.

San Tel:apignataro@pignataroabogados.comwww.pignataroabogados.comJose+50640554803

26 Asset Recovery

Helping victims of fraud, insolvency or corruption is one of the most rewarding parts of asset recovery work.

“He is very experienced and certainly a go-to lawyer”

whoswholegal.com/thought-leaders

All cases in asset recovery are exciting, different and interesting in their own way.

Strategy plays a crucial role in this field of work, which implies navigating different legal systems, including civil and common law countries, and using the remedies available in each. This is where being a member of ICC FraudNet comes in extremely handy, as time is typically of the essence in these matters – and it provides a network of previously vetted, well-versed experts globally, who are ready to act 24 hours a day, 365 days a year.

The sanitary crisis and the state of emer gency declared by many countries world wide has had an impact on court systems – ranging from their suspension for days and weeks, to the evolution in the use of technology (videoconference hearings, for example) as a means to continue advancing courtTheproceedings.downturn in the economy will certainly lead to a rise in the number of

Peers and clients say: “Alejandro is the most prominent practitioner in his jurisdiction”

I also enjoy working with interdiscipli nary teams of experts (fellow counsel, private investigators, forensic accountants, etc) in different parts of the world.

What role do development agencies have in the improve ment of asset recovery processes?

One that I recall particularly well had to do with a fraudster who raised investor money to acquire certain assets, subse quently simulated giving them as collateral to a financial entity (with which it colluded), and had the financial entity foreclose on them for the fraudster to repurchase them thereafter, having ripped off the investors completely.Forthis purpose, the fraudster put together a multilevel, multi-jurisdictional corporate structure that ended in Costa Rica.Our work on the matter was limited to proving that the nominee shareholders were nothing more than that, yet it led to us revealing crucial information to the overall investigation.

Technology is both an ally and an enemy in the fight against corruption and money laun dering. It is an ally as it serves to process large amounts of data swiftly, identify patterns through artificial intelligence and provide great tools for data mining. On the other hand, it also enables criminals via block chain and cryptocurrencies, for example, to hide their ill-gotten proceeds, thus making it harder to trace and go after them.

What has been your most inter esting case to date and why?

insolvency and bankruptcy litigation, corruption and fraud cases.

In what ways is technology dis rupting corruption and money laundering efforts?

How has covid-19 impacted asset recovery practice so far, and what do you think the long term ramifications of it will be?

The role of development agencies is very important in, among other things, advancing transparency policies for legal vehicles via each country’s implementation of ultimate beneficial-owner registries (for example, in deterring money laundering); promoting uniform insolvency and bank ruptcy legislation that allows businesses to turn around or wind up quicker, and thus protect value for their creditors; and sharing best practices among nations, as well as funding training programmes for their enforcement agencies.

Looking ahead, given the boost that the pandemic is having on advancing the fourth industrial revolution towards a more virtual dynamic in most activities, it seems tech nology will have an even more important role in investigative and tracing efforts, as more online transactions will inevitably lead to more frequent and complex internet frauds.

What do you enjoy most about your work as a commer cial fraud and asset tracing specialist?

PCB Byrne LLP

BiographyRactliffNick

Tel:nractliff@pcb-byrne.comwww.pcb-byrne.comLondon+442078421616 Asset Recovery28

Nick specialises in complex, high-value and multi-jurisdic tional litigation in a broad range of disputes involving civil fraud, asset recovery, the enforcement of awards and foreign judgments, banking, shareholder and director disputes and insolvency. He has extensive experience in managing and coordinating large teams of lawyers and other professionals across different jurisdictions and is particularly accomplished in seeking freezing, search and disclosure orders both domesti cally and simultaneously in other jurisdictions.

In some cases cryptocurrencies can be easier to trace than cash because there is a full publicly available transaction history. Expert investigators are able to use sophis ticated software to map individual units of cryptocurrency from one digital wallet to the next. From an asset recovery perspec tive the key is therefore to identify the entry and exit points between cryptocur rency networks and “real world” assets. These gateways are largely controlled by exchanges so obtaining information/docu ments from them using the disclosure relief against third parties available from

Peers and clients say: “Nick is committed to and fights extremely hard for his clients”

Given the nature of civil fraud and asset recovery cases and the complexities that are involved almost every case throws up an interesting challenge. The most challenging from a legal perspective and therefore most interesting was acting for an overseas bank against an individual who had guaranteed loans made by the bank to his business. Having obtained a freezing order and judgment against the individual we enforced the latter against him by breaking down a Liechtenstein founda tion of which he was the beneficial owner. This allowed the court to appoint receivers to take control of those interests and use their powers to take steps to realise valu able properties in Italy for the purposes of enforcement.

What challenges accompany the enforcement of foreign judgments, and how might the process be made more efficient?

“He is fantastic for asset tracing and a true gentleman”

The advances in technology and electronic communications together with the use of cryptocurrency enabling a more rapid movement of funds. This is increasing the challenges faced with the coordination of the timing and management of the various jurisdictional strands to an overall strategy to obtain effective relief and support neces sary to lockdown and enforce against the debtor or fraudster’s assets.

Looking back over your career, what is the most interesting fraud litigation case you have been a part of?

The third-party funding market has matured. This together with an increasing number of sources of funding becoming available and the appetite for risk means the involvement of funders is on the increase. This is likely to continue, which partly explains PCB Byrne’s tie up with Burford Capital. It enables us to provide a more streamlined process for clients with both legal and financial experts working together to find solutions where clients are facing financial challenges to bring and make recoveries in claims.

What role do you see thirdparty funding playing in asset recovery litigation moving forward?

How is recovery of cryptocur rency different as compared to fiat money?

How do you establish a detailed understanding of a client’s business to advise them effectively?

How has the role of an asset recovery specialist changed since you started practising?

By good and consistent communication to develop and build a close relationship with the client, which is not solely focused on solving the problem but also understanding its objectives and how it fits with the client’s modus operandi. It is important to gain the client’s confidence so they feel comfortable in providing you with the instructions that are going to provide effective advice.

To what extent are civil rem edies a more effective way of recovering assets than criminal remedies?

together with a burden of proof based on a “balance of probabilities” rather than “beyond reasonable doubt” provides a more effective route of recovery for the victims of fraud. The increasing use and involvement of third-party funding also makes the civil court more easily acces sible compared to the criminal process, which is being increasingly burdened by a lack of funding.

The civil courts have a wide and flexible range of remedies available to them, which

What would you say is the most challenging issue enter ing asset recovery in today’s climate?

the court could prove vital in collaboration with specialist investigators in making successful recoveries.

“Nick is a real pleasure to work with and against”

The role has not changed much other than to adapt to the changes and advances in technology and how funds/assets are transferred. The change is in people’s understanding of the importance of the role of the asset recovery specialist. There is no benefit to a client embarking on and incur ring the considerable costs of litigation if there are no assets available for enforce ment. There is therefore an increasing awareness of the necessity to involve the asset recovery specialist earlier to identify and lockdown assets to maintain the status quo pending judgment.

The recognition and enforcement of judg ments by way of reciprocal arrangements through a treaty or convention is more effi cient than by way of a separate common law claim based on a judgment debt with summary determination. It means that post Brexit the recognition and enforce ment of judgments from EU countries have become more challenging. There are some old bilateral treaties between the UK and some EU states that can be relied upon in the post-Brexit era. However, there is now an increasing reliance on the common law claim route of enforcement, which may be more open to attack on public policy considerations.

whoswholegal.com/thought-leaders

Novi Tel:tomislav.sunjka@sunjkalawoffice.comsunjkalawoffice.comSad+381214721788 30 Asset Recovery

Tomislav Šunjka is a founder and principal of ŠunjkaLaw, an independent, specialised and focused law firm in Serbia. Owing to his background in business law, he understands the nature of transactions, bank transfers and financial arrangements very well, which is a huge benefit to his asset tracing and asset recovery practice. His knowledge of foreign laws, anticorruption exterritorial laws and resources for working internationally has validated his position as a top-class player in asset tracing and asset recovery.

BiographyŠunjkaTomislav

ŠunjkaLaw

There are a lot of talks about crypto-related asset recovery work. However, here occur two main challenges. One is the de facto enforcement of court decisions or freezing orders. If the debtor or fraudster does not want to disclose the cryptocurrency code of the wallet, such a judgment or orders cannot be effectively enforced. The second legal problem is the lack of regulatory framework in international private law, the inapplicability or limited applicability of conflict norms and laws, as in the determi nation of lex fori, the jurisdiction, the place of the court but also the governance law in a particular procedure. The existing legal framework does not provide answers or provides them partially and arbitrarily to all these questions.

Too much work will cool your heart. Be careful.

What do you enjoy most about working in asset recovery?

What is the best piece of advice you’ve ever received?

Peers and clients say: “If you need an asset recovery specialist in Serbia, Tomislav is the one you “Mrneed”Šunjka has a very creative mind and a wealth of experience”

In your opinion, in what ways will the work of asset recovery practitioners be impacted by the sanctions currently imposed on Russian institutions/assets?

I believe there is no legal framework nor a legal standing on the side of private persons or entities at the moment, which because of sanctions initiate asset recovery cases against Russian institutions and

How does ŠunjkaLaw dis tinguish itself from the competition?

Where, in your opinion, does the future of the practice area lie?

What challenges did you face when setting up your own firm? When I set up my own firm it was the year

“Tomislav’s experience in relation to dispute resolution is impressive”

Some practitioners have reported a steady increase in crypto-related asset recovery work. In your opinion, what challenges do crypto assets present from an asset recovery perspective?

assets. Sanctions are an instrument of foreign policy and the war is not officially declared. All of this means that energy is traded daily between the USA, the EU and the Russian Federation. The Russian Federation daily pays for the transit of gas through the Ukrainian part of the gas pipeline, even though Ukraine has declared the Russian Federation an aggressor. Decisions in asset recovery cases are made by courts, not politicians. If an international legal framework is established or a corre lation through the general principles of human rights is found, it is possible that things will be different in the future. As an international lawyer, I believe that at one point a peace settlement will be concluded, which will resolve the asset question or at least determine the procedures and mech anisms for resolving them.

2000, Serbia (at that moment Yugoslavia) started to drastically change and began its economic transition period. In that period, there were only two kinds of lawyers: typical criminal lawyers and civil private lawyers. That situation I viewed as a chal lenge, I did not have real mentors of busi ness, anti-corruption, and asset recovery law. So, I turned the situation into an opportunity, an advantage, and formed my own firm with a new legal culture and new practise, unknown to the market. I have never regretted my early decisions.

I believe in the asset recovery practice. From old Mesopotamia times till today, facing the current changes in the interna tional order, assets had some subjective or objective value and had constantly changed their form, value, mode of transmission, along with the changes in empires, states, kingdoms, but also with wars and changes of ownership. This will stay in the future. Asset recovery practice will become a special independent legal practice.

You have enjoyed a very dis tinguished career so far. What would you like to achieve that you have not yet accomplished? Thank you for your confidence in me, nice words and recognition. My legal journey will continue. I really enjoy the daily life and practice, but also the high-net international cases, travelling, legal diplomacy work and exchanging experience and knowledge. However, when the International AntiCorruption Court starts to work, I would gladly take some role and mandate there.

whoswholegal.com/thought-leaders

Quality means being different. The key to quality is delivering on a promise before time.Our integrity is a small monopoly where clients are willing to pay a bit more for something they put trust in. Investing in integrity is not a get-rich-quick scheme, however it is a proven way to build a prof itable practice. Firms want to present themselves as a fine car with first-class design and engineering. However, it really does not matter how great the car is if the person behind the wheel drives recklessly and ends up going off the road. Clients’ matters, in our firm, are driven only by experienced drivers.

Creativity. To work in asset recovery and to be an asset recovery lawyer means you should have an upgraded knowledge of several different practice areas. At every moment in a case, you must be an excellent investigator, a litigator, with deep knowl edge of finance and different scopes of law, a criminal lawyer who understands the role of a victim and to be able to recog nise defence techniques of his opponents, to have an excellent understanding of corporate and business law, anticorruption laws, but also to be a top international and multicultural lawyer, with knowledge of the principles of many different national and international laws, with strong manage ment and supervisory skills and to be a wise negotiator.

Alexander specialises in litigation, with particular emphasis on finan cial matters, corporate and share holder disputes, white-collar crime, estate and inheritance disputes, employment conflicts and more generally, asset recovery and judicial assistance in civil and criminal matters. His commercial awareness and broad experience gives him a strong understanding of his clients’ needs. His wideranging industry sector expertise includes: private clients, banking and finance, natural resources, utilities and infrastructure projects.

LALIVE Tel:atroller@lalive.lawwww.lalive.lawGeneva+41581052000

32 Asset Recovery

BiographyTrollerAlexander

There are fortunately quite a few that would qualify, so that singling out one particular matter appears difficult. Cases involving a strong personal contact with clients are the most rewarding, especially when success finally comes – sometimes after years of challenging strategic steering and client management!

What can up-and-coming practitioners be doing to make a name for themselves in the Swiss market?

“Mr. Troller is an excellent asset recovery lawyer”

How have white-collar crime cases changed since you start ed practising as a litigator?

To what extent are civil rem edies a more effective way of recovering assets than criminal remedies?

You have a strong understand ing of the life cycle of busi nesses thanks to your prac tice that spans litigious and advisory issues. How does this enhance your white-collar crime practice?

To what extent is the increas ingly virtual nature of investi gations making for a more effi cient process? In what aspects is it falling short?

Retirement? Just kidding. Serendipity, of course. The pandemic has impacted busi ness travel, which in turn significantly reduced a recurrent source of stress. I now think twice before booking a trip and try limiting my voyages to fulfilling human experiences.

Be true to yourself. Also, leave no stone unturned.

If a transaction doesn’t make sense for all parties involved, smell a rat! Common sense is the best red flag to prevent fraud.

“He is terrific at dealing with strategy in complex international litigation cases”

Looking back over your career, what is the most interesting case you have been a part of?

A comprehensive investigation cannot focus exclusively on data and virtual aspects. Human intelligence will always be required as well, to give flavour and sheer sense to “technical” findings.

What would you like to achieve that you have not already?

What is the best piece of advice you’ve ever received?

Sharpen your profile by regularly publishing early in your career. This will get you noticed in those area(s) of law you particularly relate to, which in turn will become your field(s) of expertise.

whoswholegal.com/thought-leaders

It is rather the opposite, especially in civil law systems that not only do not know of discovery but sometimes also impose heavy court fees on claimants merely for filing a lawsuit. Where available, criminal remedies will as a rule prove more effi cient, notably through the investigative powers of prosecutors – including to obtain evidence for civil purposes. The criminal route is also far more affordable, absent any “entry fee” for plaintiffs.

Peers and clients say: “Alexander Troller is a go-to Geneva lawyer”

The impact of technology has changed the landscape in terms of investigative tools and underlying assets – think of crypto.

That said, human nature seems particu larly resilient, and we see the same crim inal patterns over time.

Lenz & Staehelin Tel:daniel.tunik@lenzstaehelin.comwww.lenzstaehelin.comGeneva+41584507000 Also a Thought Leader in Business Crime Defence | Individuals 34 Asset Recovery

BiographyTunikDaniel

Daniel Tunik is a partner in the litigation and arbitration group of Lenz & Staehelin in Geneva and is active in both court litigation and international arbitration. His fields of activity cover all forms of commercial disputes, notably in the banking sector. He is also active in the areas of insolvency law, white-collar crime and employment disputes.

How might up-and-coming asset recovery practitioners’ best position themselves in today’s market?

How has the shift to virtual working affected networking and training opportunities, and how have you adapted accordingly?

Asset recovery implies essentially a mix of legal tools, handling and fact-finding skills. An asset recovery practitioner must therefore have a good command of the legal avenues available on a global basis as well as the capacity and willingness to go for deep documentary dives. An appetite for international, complex and multi-cultural situations is also required.

Third party funding is at a rather early stage in Switzerland. There is, however, a clear trend in that direction and several players have emerged lately and expanded the offer for such services. Asset recovery is certainly an area where there could be interest on the plaintiffs’ part to obtain third-party funding.

whoswholegal.com/thought-leaders

The development of IT tools expands greatly the search capacities and makes them more efficient. Having said this, these technological changes do not directly or fundamentally affect the legal environ ment in which asset recovery practitioners intervene. In other words, while techno logical tools are helpful for the purposes of collecting and analysing data, judicial proceedings as such are not directly or significantly affected by such changes and the traditional skills remain required.

Asset recovery practitioners may have a similar activity in their respective juris dictions, but they do so in a different environment. As a result, a successful collaboration on an international basis requires the ability to adapt and deal with distinct legal and cultural aspects. In addi tion to the language barriers, working with a foreign jurisdiction requires the ability to capture the essence of the applicable local regime without constantly addressing it as if it was the same as in the lawyer’s home jurisdiction.

Timing is one of the difficulties frequently encountered in international asset tracing exercises. Fraudsters tend to be very effi cient in moving the proceeds of their fraud having assets transferred through multiple jurisdictions in little time. By contrast, criminal authorities face multiple legal obstacles. As a result of this time gap, plaintiffs and law enforcement authorities regularly end up identifying bank accounts that no longer hold the proceeds of the

“Daniel is a discrete and smart thinker”

What skills are needed to suc cessfully collaborate with law yers, experts and authorities in different jurisdictions?

fraud. Asset recovery would benefit from the development of more efficient and swift instruments of cooperation by law enforcement authorities across jurisdic tions, subject, however, to sufficient due process guarantees.

In what ways do you think the pace of technological change will affect asset recovery pro ceedings in the next few years?

Peers and clients say: “Daniel Tunik is an outstanding litigator and a reference in our industry”

If you could introduce a legal reform to aid asset recovery, what would it be and why?

and legal considerations. The first step is the identification of all geographical connecting factors, be it with respect to the actors involved or the assets at stake. The second layer is the legal analysis and the identification of the judicial tools and remedies available in the jurisdictions that come into consideration.

What role do you see thirdparty funding playing in asset recovery litigation moving forward?

White-collar crime and asset recovery practices have undoubtedly expanded in the past years and brought new issues and challenges. Just to give one example, frauds and disputes inevitably derive from the blockchain technology. A new genera tion of lawyers is probably well suited to handle such matters.

“He is an extremely intelligent lawyer”

The pandemic experience has shown that a significant amount of work can be done remotely and efficiently, including with respect to training opportunities. At the same time, experience has shown that in-person contact is appreciated and that the team work that is required in the asset recovery environment is easier to carry out through physical presence rather than remotely.

What are the main considera tions when developing strat egies for the international search and recovery of assets? Any strategy should be guided by factual

What do clients look for in a top asset recovery practitioner?

Belgium

Chris Hardman , Hogan Lovells International LLP

Paul McGrath QC , Essex Court Chambers

Cyprus

Rachael Reynolds QC , Ogier

Gary Miller , Mishcon de Reya LLP

Alan Gourgey QC , Wilberforce Chambers

Richard Millett QC , Essex Court Chambers

Michael O'Kane , Peters & Peters Solicitors LLP

Alan Sheeley , Pinsent Masons LLP

Alan Bercow , Stephenson Harwood LLP

Tom Epps , Cooley (UK) LLP

Peter D Maynard , Peter D Maynard Counsel & Attorneys

Christopher Harlowe , Mourant Ozannes

Mark Beardsworth , Cadwalader Wickersham & Taft LLP

Mark Howard QC , Brick Court Chambers

Keith E Oliver , Peters & Peters Solicitors LLP

Ros Prince , Stephenson Harwood LLP Laurence Rabinowitz QC , One Essex Court

Alberta

Brian Lacy , Ogier

Matthew R Lindsay QC , Rose LLP

Jennifer Fox , Ogier

Vicky Lord , Harney Westwood & Riegels

Ashanti Arthurs Martin , Balderamos Arthurs LLP

Alejandro Pignataro , Pignataro Abogados • Q&A

Costa Rica

Jonathan Addo , Harney Westwood & Riegels

Mark J Forte , Conyers

Canada

Justo Lo Prete , Durrieu Abogados

Nick Hoffman , Harney Westwood & Riegels

Shelley White , Walkers (Cayman) LLP

Pernille Bigaard , Lundgrens Dominican Republic

Aimee Prieto , Prieto Cabrera & Asociados SRL

Nicolette M Doherty , Nicolette M Doherty

Antenor Madruga , Madruga BTW • Q&A

Tameka Davis , Conyers

China

Rick Brown , HFW William Christopher , Kingsley Napley LLP

Rebecca Hume , Gateley Alex Jay , Stewarts Kambiz Larizadeh , Akin Gump LLP Ali Malek QC , 3 Verulam Buildings Pietro Marino , Enyo Law LLP

Nicholas Fox , Mourant Ozannes Aristos Galatopoulos , Maples Group

Steven Philippsohn , Asserson Law Offices

John Mitchell , Arnold Bloch Leibler

Fiona Simpson , Kingsley Napley LLP

Leon Zwier , Arnold Bloch Leibler

Thought Leaders in Asset Recovery 2022

Martin S Kenney , Martin Kenney & Co (MKS)

Kate McMahon , Edmonds Marshall McMahon • Q&A

Argentina

Emmanuel Roger France , HFW

Katie Pearson , Claritas Legal & Regulatory Experts

Jane Colston , Brown Rudnick LLP

Tim Penny QC , Wilberforce Chambers

Brian C Simms QC , Lennox Paton

Sophie Eyre , Bird & Bird LLP

Ian Hargreaves , Covington & Burling LLP

Nick Ractliff , PCB Byrne LLP • Q&A Crispin Rapinet , Hogan Lovells International LLP

England

Jonathan Crow QC , 4 Stone Buildings Ben Davies , PCB Byrne LLP • Q&A Anna Dilnot QC , Essex Court Chambers

Sam Dawson , Carey Olsen

Colombia

Andrew Thorp , Harney Westwood & Riegels

Australia

Denmark

Andreas Erotocritou , AG Erotocritou LLC

Nicola Boulton , PCB Byrne LLP

Ontario

Lincoln Caylor , Bennett Jones LLP

Anthony Riem , PCB Byrne LLP

Kathryn Garbett , Greenberg Traurig LLP

Marina Hadjisoteriou , Michael Kyprianou & Co LLC

Austria

Brazil

Antigua

Claire Broadbelt , Greenberg Traurig LLP

Bettina Knoetzl , KNOETZL

British Virgin Islands

Belize

Dan Wise , O'Neal Webster

Arabella di Iorio , Agon Litigation

Sarah Gabriel , Peters & Peters Solicitors LLP

Directory | Asset Recovery36

Malcolm M. Arthurs , Martin Kenney & Co (MKS)

Henrique Forssell , Duarte Forssell Advogados

Trevor Mascarenhas , PCB Byrne LLP

Elizabeth Seborg , PCB Byrne LLP

Luis-Alfredo Barragán Arango , Asteri Abogados

Peter Ferrer , Harney Westwood & Riegels

Marc Kish , Ogier

Cayman Islands

Michael Fenn , Pinsent Masons LLP

Bahamas

Andrew Willins , Appleby

Mark Goodman , Campbells

Tim Akkouh QC , Essex Court Chambers

Guy Manning , Campbells Caroline Moran , Maples Group

Serbia

Ireland

Joe Smouha QC , Essex Court Chambers

Kees van de Meent , Florent Cathalijne van der Plas, JahaeRaymakers

Sue Thackeray , Kingsley Napley LLP

Felicity Toube QC , South Square

James Willan QC , Essex Court Chambers

Ian Mann , Harney Westwood & Riegels

Attorneys at Law Ltd

Luxembourg

Benjamin Borsodi , Schellenberg Wittmer

Ibtissem Lassoued , Al Tamimi & Company

Alexander Troller , LALIVE • Q&A

James Dickinson , Dickinson Gleeson

Donald Manasse , Donald Manasse Law Offices

Greece

Rodrigo Callejas A , Carrillo & Asociados

Jason Woodland , Peters & Peters Solicitors LLP

John Greenfield , Carey Olsen LLP

Siegbert Lampert , Lampert & Partner

Roberta Guaineri , Advant Nctm Studio Legale

John Miles , JMiles&Co

Netherlands

Tomislav Šunjka , ŠunjkaLaw • Q&A

Switzerland Geneva

Jersey, Channel Islands

Kenya

Sweden

• Q&A

Jon E Skjørshammer , Kvale Advokatfirma DA

Jon Barclay , Bedell Cristin

Hector Sbert , Ecija

Anne Valérie Julen Berthod , Bär & Karrer Ltd • Q&A

Yves Klein , Monfrini Bitton Klein • Q&A Saverio Lembo , Bär & Karrer Ltd • Q&A Enrico Monfrini , Monfrini Bitton Klein Miguel Oural , Lenz & Staehelin

David de Ferrars , Taylor Wessing LLP

Dmytro Marchukov , INTEGRITES

Babajide O Ogundipe , Sofunde Osakwe Ogundipe & Belgore

Jeff Lane , Tanner De Witt

Annabel Thomas , Greenberg Traurig LLP

Karyn Harty , McCann FitzGerald

François Kremer , Arendt & Medernach

Panama

Guernsey, Channel Islands

Lebanon

France

Mona Vaswani , Milbank LLP

Sonia Tolaney QC , One Essex Court

Noel Campbell , HFW

Jonathan Wild , Callin Wild

Poland

• SpainQ&A

Germany

Norway

James Corbett QC , Baker & Partners

David M Mizrachi Fidanque , MDU Legal

Daniel Tunik , Lenz & Staehelin • Q&A

Nigeria

India

David Wilson , Oben Law

Mauritius Shankhnad Ghurburrun , GEROUDIS

Singapore

Solicitors LLP

Richard Briggs , Hadef & Partners

Liechtenstein

Stephen Baker , Baker & Partners

Stéphane Bonifassi , Bonifassi Avocats

William Redgrave , Baker & Partners

Colette Wilkins QC , Walkers

Isle of Man

Andrew Witts , Gowling WLG

Ian De Witt , Tanner De Witt

Italy

Bernd Klose , kkforensic

Charles M Thomson , Baker McKenzie

Tom Weisselberg QC , Blackstone Chambers

Ilias Anagnostopoulos , Anagnostopoulos • Q&A

Jarosław Kruk , KW Kruk and Partners Law Firm LP

whoswholegal.com/thought-leaders

Robert Foote , Walkers

James Gleeson , Dickinson Gleeson

Monaco

Hong Kong

Shreyas Jayasimha , Aarna Law

Wendy Lin , WongPartnership LLP

Finn Madsen , Madsen Lawfirm AB

Stephen Smith QC , Erskine Chambers

Jacques-Alexandre Genet , Archipel

Jonathan Tickner , Peters & Peters

Guatemala

Aurélie Conrad Hari , Bär & Karrer Ltd

Sandrine Giroud , LALIVE • Q&A Paul Gully-Hart , Schellenberg Wittmer Marc Henzelin , LALIVE • Q&A Vincent Jeanneret , Schellenberg Wittmer

Zurich

Ukraine

Max Mailliet , Etude Max Mailliet

Walid Azzam , Hadef & Partners

Michele Caratsch , Baldi & Caratsch Matthias Gstoehl , LALIVE • Q&A

United Arab Emirates

Sarah Brehaut , Walkers

Danny Ong , Rajah & Tann Singapore LLP

Nada Abdelsater-Abusamra , ASAS Law

Christine Kang , Hughes Hubbard & Reed LLP

New York

Warren Gluck , Holland & Knight LLP

Edward H Davis Jr , Sequor Law • Q&A

Joseph J Wielebinski , Winstead PC Venezuela

Mario Andrés Brando Mayorca , Brando & Asociados

Jef Klazen , Kobre & Kim

Michael S Kim , Kobre & Kim

Uruguay

USA

Annette C Escobar , ACE

Texas

Eugene F Getty , Kellner Herlihy Getty & Friedman LLP

Directory | Asset Recovery38

Michael Jason Lee , Law Offices of Michael Jason Lee

Oren J Warshavsky , BakerHostetler

Gonzalo S Zeballos , BakerHostetler

California

Florida

Douglas Kellner , Kellner Herlihy Getty & Friedman LLP

Bernardo Porras , Hughes & Hughes

Arnoldo B Lacayo , Sequor Law • Q&A

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Quantuma Advisory Limited Cayman

BiographyBarkhouseAngela

Tel:angela.barkhouse@quantuma.comwww.quantuma.comIslands+13457465260

40 Asset Recovery | Experts

Angela Barkhouse is a managing director for Quantuma, and leads both the Caribbean practice and the cross-border asset recovery group. Her broad expertise in financial investigations, dispute resolution, asset tracing and recovery, provide her with the knowledge to derive practical solutions to seemingly complex cross-border issues. Angela leads high-profile and complex inves tigations into fraud, corruption, conflicts of interest and stolen sovereign wealth and recovers financial losses and stolen assets for her clients.

we have found that with clients becoming increasingly comfortable with meeting virtually, clients are more willing to contact and speak to us directly, rather than through onshore (US or UK for example) offices, allowing them to obtain direct and relevant advice more efficiently and making key decisions sooner.

How has the increasingly virtu al nature of international work and client relations affected your practice?

It has been a positive factor for our practice. We have been able to meet with potential clients who are located in other countries far quicker; in the past it may have been required to visit certain clients in person, which can be a costly and time inefficient exercise, no matter how much I enjoy inter nationalConversely,travel.

whoswholegal.com/thought-leaders

All potential claimants need to be hesitant before undertaking litigation or action to recover assets. Firstly, they should have comfort that there are assets to pursue.

Where there is little or no information as to whether a respondent has assets, then there can be a cost benefit to undertaking an asset tracing exercise to ensure any effort to recover will be rewarded.

What do you enjoy most about your role as an asset recovery expert?

“She has a great knack for getting to the root of issues in the asset recovery process, and works diligently to execute on strategies”

Moreover, that process is often vastly cheaper than litigating onshore; the costs of recovery can be borne out of the liquidation estate, that is, from the very SPV or entity that defrauded a client, ensuring that the claimant can focus their capital resources on their business, maximising profits for its shareholders and promoting growth, rather than dealing in unfamiliar legal territory, or potentially costly and lengthy proceedings.

“She is tenacious in pursuing assets no matter where they are”

Using insolvency, a lender/financial institution can take action as a creditor for the return of the funds owed to it, and upon

As managing director of Quan tuma Advisory and head of the Caribbean practice, how are you positioning your practice com petitively over the next year?

I enjoy dealing with different juris dictions and learning new legislation. Although I haven’t been able to travel so much in the last couple of years, I enjoy meeting people from all over the world, broadening my horizons and being exposed to new ideas. I am looking forward to doing this again soon.

Second, claimants need to ensure they are engaging with local experts. It frus trates me when I speak to clients whose lawyer/in-house counsel claim that there is no point in bringing action in the BVI or Cayman because the assets are not there (I can hear my offshore colleagues collectively sighing in agreement).

appointment a liquidator is afforded wideranging powers with the authority of the Court to compel directors and third parties to provide critical information which may identify wrong-doing and the location of assets. As liquidator or receiver, I am able to take into my custody and control all the assets to which the company is or appears to be entitled; and, to do all such things as may be necessary to protect the company’s assets. That means obtaining informa tion from banks, freezing bank accounts and having the liquidation recognised in jurisdictions where assets do exist, so that those are taken into the control of the liqui dator for the benefit of creditors.

Quantuma has achieved incredible growth in the past year, opening offices in Singapore, Dubai, Poland and the BVI, along with Cayman, Mauritius, Cyprus and London.Webelieve that we are fast becoming the preferred advisory firm with a genuine “offshore” practice; because we do not undertake audit work, we are truly conflict free, and because our offshore offices are

not led by our onshore offices (although we gladly work closely together). We are truly independent in thought when offering client

What advice would you give to up-and-coming asset recovery experts?

I enjoy the various challenges asset recovery cases present, from outwitting fraudsters, working closely with legal counsel to over come complex issues, and building relation ships with clients. I love the problem-solving aspect of asset recovery; trying to find a straight-line solution to a seemingly difficult situation. It’s important to me that the client gets the right result, a win for the client is a win for me too.

Indeed, those assets are highly unlikely to be in the BVI or Cayman, but the entity that holds those assets, or participated in the wrongdoing was incorporated and exists there; and there are laws to protect credi tors and victims of wrong-doing.

We have often seen financial institutions hesitate at recovering assets offshore due to perceived difficulties, but except for the first point, and ensuring assets do exist, such hesitation can be overestimated. Successful asset recovery via offshore jurisdictions is achievable and put simply, it should not be a difficult option to pursue.

Withadvice.regards to the Caribbean practice, the recruitment of talent is key. Within my team I have recognised subject matter experts in enforcement and regulatory investigations, staff who have sat on multi party working groups to devise national approaches to investigating investment fraud, intelligence and asset tracing experts, investigators who have worked with international financial institutions, central banks and law enforcement agen cies, insolvency knowledge experts and mentors. We believe in a truly multidisci plinary approach, in order to provide the most efficient and effective support to our clients, and legal counsel.

Try to think creatively and laterally around problems. Sometimes the well-trodden path is not necessarily the best route to recovery.

Peers and clients say: “Angela combines unshakeable integrity with a focus on devising creative and comprehensive asset recoveries strategies which actually work”

To what extent should financial institutions be hesitant in seek ing offshore asset recovery?

BiographyCornmellSteve

Steve has worked in the forensic accounting sector for over 25 years. He is a specialist in inves tigation and has a wide range of experience of litigation and disputes. He has extensive experience of asset tracing and investigations involving money laundering, corruption and invest ment fraud. Steve has provided evidence in court in criminal and commercial cases, international arbitrations and professional disciplinary hearings in relation to funds tracing, the quantification of damages and financial reporting matters.

42 Asset Recovery | Experts

Kroll

Tel:steve.cornmell@kroll.comwww.kroll.com/enLondon+442070894747

By the time that a matter gets to court, the experts will have already met and agreed whatever they are able to agree. After this, in my experience, the expert’s role is primarily to play defence to support the position that you have put forward as there is little opportunity to simply present a positive case. This can be frustrating. However, it is important to be flexible and this requires both a broad understanding of the matter as well as a grasp of the specific details of the case. The mix of the high-level overview and understanding of the detail is, in my opinion, key. It is also a question of knowing your limits and what you are expert in. I have seen examples of “mission creep” taking an expert outside their specific areas of expertise, and this should be avoided as it impacts the expert’s credibility and the client’s case.

What steps is Kroll taking to help develop its younger experts?

What attributes make for an effective expert witness in today’s climate?

Peers and clients say: “Steve is one of the best known asset recovery practitioners”

For me, it’s a mix of experience and going back to basics. I started my training contract over 30 years ago and in that time have advised a multitude of businesses in various sectors and jurisdictions. I can usually fall back on some relevant case experience to help understand a client’s business. If not, it’s back to debits and credits, revenue and costs, and assets and liabilities. If that fails, there is a great breadth and depth of experience in the Kroll team and I can usually find somebody that knows more than me.

“He has a prestigious track record as an investigator”

“He is efficient and effective”

In your view, what are the chal lenges surrounding investigat ing the circumstances sur rounding insolvency?

The insolvency process has always required a commercial outlook rather than being bogged down in a game of “Whodunnit?”. I will typically only be involved in insolvency matters when they are contentious. In these cases, it is very rare to be presented with a complete set of accounting records and the evidence of where missing funds and assets have gone. I was brought up on “brown paper bag” audits and, as cases have grown more complex, the work involved in putting the pieces back together has grown signifi cantly. Also, the volumes of information available are immense, and key evidence is often found in emails and electronic files. As such, there is a great deal of information that is potentially relevant to the outcome of the investigation. Often, it’s a question about how much evidence is sufficient and whether everything needs to be looked at. It’s about striking a balance between the extent of the work required and the commercial outcome to provide the best options for recovery.

is very difficult to anticipate where these changes are going to come from. More often it’s a case of how we respond. It’s now fairly routine, for example, to deal with crypto assets in a recovery situation. Also, orders against “persons unknown” are now regularly obtained. Plus, victims of push payment fraud are testing the proce dures of the banks accepting the funds as a means of making recovery. Usually, the law is already there; it just needs some thought about how it is applied.

Being an expert witness seems to be one of the few roles these days where a head of grey hair is seen as an advantage. However, we have a very talented team of younger experts all ready to demonstrate their skills in a court environment. It sometimes

feels that we are getting stuck in a vicious circle with clients unwilling to appoint experts without court experience but younger experts not being able to get that experience without getting the appoint ments. However, clients also want experts who are properly expert, sometimes in very narrowly defined circumstances, and this has helped bring some new faces to the fore. It is important to identify opportu nities where new talent can step up and provide support throughout the process while the experience is built up.

whoswholegal.com/thought-leaders

How do you establish a detailed understanding of a client’s business to assist them effectively?

To some extent, there will always an element of catch-up involved. Fraudsters will always be pushing the limits and it

To what extent do you see a need to reform current laws for them to be in pace with the sophistication of cybercrime?

BiographyMacGregorGervase

BDO LLP Tel:gervase.macgregor@bdo.co.ukwww.bdo.co.ukLondon+442078932570 Also a Thought Leader in Investigations | Forensic Accountants 44 Asset Recovery | Experts

Gervase is the head of interna tional advisory, risk and quality at BDO LLP. He has extensive experience of international arbi trations, having worked on cases in London, Geneva, Zurich and Paris, and acted as expert witness in hundreds of legal actions. His main area of expertise is in the field of natural resources, particu larly oil and gas claims. Prior to joining BDO, he worked as a petro leum geologist in the North Sea, Australia and West Africa.

What parallels can you draw between the financial crisis of 2008 and the financial crisis caused by covid-19?

the accounting and legal worlds we have all been surprised by how well business has fared since lockdown started. In many recessions large numbers of businesses go to the wall. The parallel I can see is that insolvency during the GFC was nothing like the early nineties recession owing in part to the protection offered by low interest rates and quantitative easing. We now have low insolvencies due to government support. However, low interest rates and QE are still with us – but government support will end and with that will come a lot of insolvency work. And insolvencies are a prolific parent of disputes.

BDO has seen significant growth recently. In the audit practice we are increasingly a choice for large quoted companies. While we have always undertaken some work for large global companies, I think my practice area – along with others in the firm – can increasingly benefit from the increasing market awareness of the BDO name.

In your opinion, what long-last ing changes will covid-19 bring to forensic accounting?

Feeling I am making a difference in my role of protecting the firm, in particular from claims. I enjoy working with the BDO legal team and our external lawyers.

In which direction would you like to steer your practice in the next five years?

What did you find most chal lenging about becoming an asset recovery and investiga tions expert?

I am not sure you can draw that many. In the coronavirus pandemic we all know the immediate disruption will end, we just don’t know when. In the GFC it was never clear when it ended. I can’t say there was a great deal of innovation and changes in business practice during the 2008 crisis, but there seems to have been loads over the past 15 months. There is a strong view that remote hearings are a good thing – when would we have had such an experiment absent lockdown. In

What types of mandate do you enjoy working on the most in your practice?

whoswholegal.com/thought-leaders

“He is a go-to name”

I enjoy working in the natural resources sector, particularly in hydrocarbons (I have a geology degree and worked as a geologist after university).

Peers and clients say: “Gervase is internationally recognised and his evidence carries real clout with the tribunal”

How has the market changed since you first started practising?

Second, working in countries with very different cultures, legal systems, etc, can be Finally,challenging.keeping up to date with the latest forensic technology, how it works and what it can do will always be a challenge to a non-specialist.

I also enjoy big complicated cases where the shape and the issues are not clear at the outset. What I Iike here is not knowing at the start how things are going to unfold.

“He is very experienced and efficient, and able to work to challenging deadlines”

This is not a trend, it just happened – inves tigations including interviews are now mainly remote. We have not had to travel much – if at all – which is good, but you do miss face-to-face interaction. However, I am sure the trend will be for more remote investigations once we get over the coro navirus pandemic.

The most important one will be remote investigations. In the wider investigations world, finance directors of firms will be less keen on approving overseas confer ences after a year plus of no spend!

Clients and the legal advisers are now far more ready to bring in forensic account ants for investigations at an early stage.

There is also now a very close link between a firm’s insolvency services and forensic accounting particularly in conten tious insolvency. In the past, IPs would have undertaken the investigation aspects of an appointment.(Bytheway, in the Caparo case, despite being a junior auditor, we did find the fraud.)

First, when I started there was little in the way of formal training or text books or even that much experience in my firm. You had to learn on the job, by keeping up to date with relevant legal cases, mixing with lawyers and insolvency practitioners and attending conferences. I think the learning is more readily available these days.

highly skilled forensic accountants in the large firms and a number of boutiques offering services. So, I would say the work has become highly professionalised.

What recent trends have you noticed in investigations, and how have they impacted your work?

What do you enjoy most about your role on the leadership team at BDO?

My first investigations were in the 1980s when forensic accounting wasn’t even an offering. Investigations were usually carried out by auditors – my first inves tigation was the Caparo case, which was an audit client of my firm and the client brought us in because of a concern over the numbers at a company they had recently acquired. Auditors would not do this work now because of skills issues and the nonaudit services rules. Instead, we have

BiographyMirandaBarbara

Tel:bmiranda@sequorlaw.comwww.sequorlaw.comMiami+13053728282

Sequor Law

46 Asset Recovery | Experts

Barbara Miranda, the director of investigations at Sequor Law, focuses her practice on domestic and international asset tracing and recovery investigations, as well as fraud, corruption, domestic and international judgment enforce ment litigation. Prior to joining Sequor Law, Barbara worked for an international investigative firm as a licensed investigator conducting and overseeing asset search, due diligence, corruption, country risk, patent infringement, competitive intelligence, location and surveil lance investigations. Barbara also conducted anti-money laundering compliance reviews in the USA and Latin America and assisted in drafting and implementing antibribery compliance programmes for US and Latin American compa nies in the wake of identified FCPA or other related violations.

Our years of experience and internal inves tigation capabilities set us apart.

What is the best piece of advice you’ve ever received?

How does Sequor distinguish itself from the competition?

What motivated you to special ise in asset tracing and recov ery investigations?

What types of matters have you worked on recently?

Peers and clients say: “Barbara adds significant value to largescale asset tracing and fraud cases.”

There are no coincidences. When it comes to asset tracing, connections are never a coincidence. These “coincidences” lead to either nominees or other valuable sources of information.

whoswholegal.com/thought-leaders

In the U.S., the ability to issue subpoenas to third parties is an invaluable tool, which allows us to obtain documents and/or testi mony to uncover directly or indirectly held assets, nominees, aiders and abettors, as well as develop an understanding of how the ownership of assets is structured.

How have virtual assets and digital currencies changed the practice of asset recovery?

Being inquisitive is an essential quality. This allows you to continue digging for informa tion and dismantling complex corporate structures to identify additional assets.

practitioners and the judiciaries hearing the cases involving these types of assets.

“Her vast experience working for investigation firms adds a lot to her approach and strategy.”

What are some of the most effective tools at the disposal of asset recovery special ists in the course of litigation proceedings?

Domestic and international judgment and arbitral award enforcement.

How do you see the asset recovery field developing over the next few years?

My general motivation in becoming an attorney and investigator was being able to help people. Asset tracing and recovery investigations are merely an extension of this. The amount of individuals that either: 1) have been the victims of fraud; or 2) have judgments or arbitral awards that they have not been able to collect on, is remark able. Being able to assist these individuals in recovering is well worth the time and effort involved in these investigations.

What qualities do you think make for a successful asset recovery expert?

Given the lack of regulation and case law, virtual assets and digital currencies created obstacles that asset recovery practitioners are steadily overcoming as more knowledge is gained by both the

I believe the field will continue to grow in developing methods to identify and seize virtual assets and digital currencies, which is currently a difficult and novel area.

BiographyNardelloDaniel

Nardello & Co. LLP New

Tel:dnardello@nardelloandco.comwww.nardelloandco.comNY+12125375300 48 Asset Recovery | Experts

Daniel Nardello is the chairman and CEO of Nardello & Co, where he oversees complex litigation, activist defence, asset tracing, and anti-corruption matters. A former federal prosecutor in the US Attorney’s Office for the Southern District of New York, Dan also taught trial advocacy as an adjunct professor at Columbia Law School. He has lived and worked in London and Rome, directing investigative teams in both countries for US and international clients. York,

affected your approach as an expert?

Over the next few years, I want to focus on continuing to attract exceptional candi dates to add to our deep bench of inves tigative talent. In the US, we’ve recently hired Warren Feldman, a former partner in Skadden’s white-collar practice, Howard Master, a former SDNY prosecutor, and Chris Urben, a former senior DEA offi cial, who all come to our firm following successful and highly lauded investiga tive careers. We also recently added Chris Ribeiro to our team, who has more than two decades of experience conducting inves tigations for government agencies, law firms, multinational corporations, invest ment funds, and NGOs.

While working at another investigative firm, I saw an opportunity in the market for a firm devoted to the highest caliber work product and absolute adherence to ethical

WWL says: Daniel Nardello is endorsed for being “consistently of superior quality to the opposition”. Sources note that he “has real gravitas, good commercial acumen and is results driven”.

As chairman and CEO of Nardello & Co, what are your main priorities for the firm’s development over the next cou ple of years?

The nature of our business is that most of the work we do remains confidential, so it’s hard to cite specific cases. However, our independent investigation of labour practices during the construction of NYU’s Abu Dhabi campus stands out, especially given the challenge of conducting an inves tigation in which we interviewed scores of migrant workers under difficult condi tions. The plight of some of these folks is what stays with me still. I’m also incred ibly proud of the work itself and that all the stakeholders – NYU, the government of Abu Dhabi (which retained us), and the human rights community – accepted our findings and thought we did a thorough, careful and fair job.

whoswholegal.com/thought-leaders

Given how broad the ESG umbrella is, we have responded with a multidisciplinary approach to give clients the guidance needed to navigate this complex risk.

What advice would you give to someone starting out as an investigations expert?

As a firm, we pride ourselves on our “legal DNA” – that is, we approach our work with discipline, thoroughness, and creativity. I built this legal framework to bring rigour to the way we approach our investigations, interact with our clients, and prepare our written work product. This legal perspec tive helps to ensure that all our investiga tions are conducted with the utmost regard for discretion, confidentiality, and legality.

Looking back over your career as an expert, what is the most memorable experience you have been a part of?

How has your past experience in private practice and work ing as a federal prosecutor

One of the things I always enjoyed when I was a practising lawyer and federal pros ecutor was finding answers beneath the surface. That discipline is central to the work we do in all our investigation assign ments. I was drawn to this field because it allowed me to apply my legal training and passion for fact-finding in a creative and challenging way.

What risks are more promi nent from an investigatory standpoint in 2022? How are you adapting your practice accordingly?

We are also focused on the unprec edented sanctions imposed on Russia, its leadership, and individuals viewed as closely associated with its leadership. Investigative firms like ours have been engaged to iden tify and mitigate the sanctions risks that are multiplying virtually weekly. Sanctions compliance is at a premium and firms that can assist, like ours, are essential.

To be a good investigator, you need to have a real instinct and drive for getting to the bottom of things. You need to be tenacious, smart, creative, disciplined, and intellectually curious. You also need to have a strong moral and ethical compass and never cut corners.

Why did you decide to set up your own firm?

and legal standards. We opened in London in 2003 and have since expanded to New York, Washington DC, Hong Kong, Tokyo, and Dubai.

I would advise younger investigators to make sure they are focusing on synthe sising information and putting pieces of information together to create a full picture, rather than just dumping data on the client. At Nardello & Co., we stress the importance of good communication and research skills, as well as the ability to work effectively with clients.

What qualities make for an effective independent investi gations expert?

The past year has sharpened our focus on helping clients manage the complexities of environmental, social, and governance (ESG) risk. ESG compliance is at play in almost all areas of our business, whether it is investigating labour and environ mental practices in high-risk markets, responding to activist investors in the ESG space, or helping clients address oldfashioned bribery and corruption issues.

What motivated you to pursue a career as an investigations expert?

We are also looking towards the expan sion of our physical presence. We are in the process of opening an office in Los Angeles and anticipate opening an office in Singapore. As we continue to expand our global client base, we are putting proce dures in place to maintain our culture, which is one of putting clients first and handling investigations with legal and ethical rigour.

Zoë Newman is a regional managing director and global co-head of the Financial Investigations practice. She leverages over 20 years of experience leading cross-border investigations requiring the tracing of complex fund flows, dissection of corporate structures and assess ment of the integrity of transac tions to support criminal and civil asset recovery proceedings and disclosures to regulators. She has significant expertise in working with government and corporate clients and their counsel in critical matters concerning the preven tion, detection and investigation of fraud and corruption and asso ciated money laundering mecha nisms and related asset recovery strategies.

BiographyNewmanZoë

Kroll

50 Asset Recovery | Experts

Tel:znewman@kroll.comwww.kroll.comLondon+442070295154

• Technology: we continue to invest heavily in technology to ensure that we lead in our position as the most tech nologically capable and efficient inves tigations firm in our market. Similarly, we are constantly testing and acquiring new tools to complement and enhance our investigations offering to our clients, in terms of our ability to identify and access relevant information glob ally and legitimately.

• Prevention: our clients are increas ingly proactive in their approach to preventing fraud and corruption as much as possible. As a result, we are developing a number of tools to aid them in identifying and monitoring potential risk in those areas, to miti gate the risk of a breach and the need to investigate further down the line.

the legal remedies available to recover the assets efficiently, both in terms of the time and costs involved.

What do you enjoy most about financial investigations and asset recovery work?

Multiple: responsiveness, the ability to absorb large volumes of informa tion quickly in order to determine what’s relevant, being able to report clearly and concisely to counsel the key facts identi fied as opposed to everything that’s been conducted, experience of where to access relevant information both inside and outside an organisation. The list could go on. However most critical, is the ability to take a suspicion, allegation or known wrongful event and piece together the actions of the wrongdoer(s) in order to produce an evidence-based factual narra tive as to what has happened – it sounds relatively simple but requires a combina tion of the appropriately skilled and experi enced team, applying the most appropriate technology, and applying a flexible, iterative approach throughout the investigation.

Stick with it. I feel privileged to have had some of the experiences which my career choice has afforded me and can honestly say I love my job. Sometimes, at a more junior level, when you have spent weeks trawling through transactions or email data or corporate records you can start to lose sight of why you’re doing what you’re doing. But nothing beats that “yes” moment when you solve a client’s question or figure out what has happened; that can happen at any level and only those who are tenacious and keep at it experience them.

whoswholegal.com/thought-leaders

The speed and sophistication of laundering operations at a certain point, due to the layering process, raises the cost-benefit challenge to clients of recovery. Equally, where assets are dissipated to jurisdictions not conducive to a civil recovery process, it can be enormously frustrating for us and the legal team when you have identified where assets are located, but don’t have

Which are the key skills required for conducting large and complex internal investigations?

We are an investigations firm at core. That is what our professionals do all day and every day. As a result, we have a wealth of ‘tool sets’ to deploy to an investigation, whether technical skills, access to data sources globally, or the experience of how to inter rogate internal and external data sources to maximum effect in order to translate those multiple sources into an evidencebased report for our clients. We also have a ‘one firm’ approach internationally, both in substance and practice, which is critical to effectively and efficiently navigate any crossborder investigation nowadays.

Sophistication to the highest degree. These groups operate as some of the most effi cient and dynamic organisations out there. This enables them to set up thousands of corporate shell entities and associates bank accounts internationally, legitimise them with fake profiles, and move billions in currency globally in minutes, often leveraging trade-based money laundering networks around the world. They are tech nical, have millions of “associates” every where, and are able to operate in the virtual world with anonymity to the inexperienced.

fact we do this every day means we hold a real-time view of how fraud, corruption, money laundering and asset obfuscation is facilitated; that’s a fairly unique position to be in.

As global co-head of the finan cial investigations practice, what are your main priorities for the group’s development over the next five years?

Peers and clients say: “Ms Newman is very good for asset recovery matters”

How does Kroll distinguish itself from the competition?

“Zoe is an experienced and hard-working expert”

What is the most challenging aspect of leading corporate investigations?

What advice would you give to younger practitioners hoping to one day be in your position?

Our normal, in the majority of situations, is our clients abnormal. This places us in a unique position, with counsel, to offer real practical advice based on experience, as to what they should do and have to do in what, for them, are often some of their most unique and challenging experiences. The

What are the greatest chal lenges currently facing asset recovery experts?

Are you seeing any changes in the approach of organised crime in asset recovery cases?

Data; both in terms of volume and accessi bility. It’s critical for the forensic investiga tions team on any large-scale investigation to be able to quickly determine the location of relevant data sources, both structured and unstructured, work with counsel to establish how data can be appropriately accessed and utilised by the investigation team and, crucially, to be able to advise and facilitate how large volumes can be quickly and efficiently interrogated and analysed to obtain the information the client and their counsel need.

• People: as we continue to grow and invest in core markets, it is critical that we retain and develop existing talent and maintain the quality of our profes sionals across those markets as experi enced, investigative professionals.

BiographyPatelHitesh Hitesh Patel has three decades of Advisoryboardaintegraltracingmisconduct,resentationandtionalincludedregulatoryinandexperiencecross-sector/cross-borderinwhite-collarcrimeregulatorynon-compliancesupportofcivil,criminaloraction.Hisworkhascomplexmulti-jurisdicmattersrelatingtobriberycorruption,financialmisrepaswellasfraudandwithwhichassetandrecoveryhasbeenanpart.HiteshwasformerlypartneratKPMGForensicandadirectoroftheUK’sFraudPanel. StoneTurn Tel:hpatel@stoneturn.comwww.stoneturn.comLondon+442078983422 52 Asset Recovery | Experts

With the current global economic insta bility and potential for another recession, we are likely to see increased instances of fraud, bribery and misconduct, as is usually the case in any downturn – the future of asset recovery looks busy. We are already seeing a rise in asset tracing and recovery engagements.Asinternational criminal activity becomes increasingly complex, asset recovery specialists will need to respond by fielding teams with a diverse range of skills and expertise, tailored to the needs of the matter (eg, law, forensic accounting, busi ness intelligence, data analytics, cyber crime and cryptocurrency).

To what extent are the ramifi cations of covid-19 still affect ing asset recovery?

whoswholegal.com/thought-leaders

In an era of rapid technological develop ments, such as artificial intelligence (AI), it is possible to achieve far better outcomes in terms of speed, cost and accuracy, without much of the complexity histori cally associated with locating undisclosed assets, e.g., searching the entire web for evidence of relevant communications or asset ownership. Humans will still play a critical role, however, by embracing technology the likelihood of a successful outcome is significantly increased. With the growing reliance on collecting, analysing and managing digital information it is vital that data privacy/protection considerations form part of the approach adopted.

What did you find most chal lenging about entering practice as an asset recovery expert?

In what ways do you think the pace of technological change will affect asset recovery pro ceedings in the next few years?

The global fraud landscape has changed significantly as the world has increasingly harnessed the digital revolution. Organised criminals are more sophisticated than ever in stealing funds and intellectual

The covid-19 pandemic presented indi viduals, businesses and enforcement agencies with extraordinary challenges – asset recovery was not immune to this crisis. Multinational efforts to recover stolen assets have been hampered.

One of the key challenges for any asset recovery expert entering practice, is to give due consideration to costs vs. bene fits, before embarking on an assignment. It can be a highly complex, prolonged and costly process. The decision to invest “good money” to recover the “bad money” is always a key part of the consideration. Additionally, the ever-increasing variety and volume of data, jurisdictional secrecy, cross-border transfer of documents, local legal nuances and the technology revolu tion all add to the complexity and excite ment of achieving successful outcomes.

What are the key challenges that the next generation of asset recovery specialists face?

Where, in your opinion, does the future of the practice area lie?

Administrative and operational inertia, particularly when dealing with crossborder government and enforcement agen cies, have cost investigators vital time in recovering assets. The current economic headwinds and geopolitical tensions is creating significant financial pressure on many countries, with a likely adverse impact in reduced government spend on enforcement and asset recovery.

property. Targeted cyber-attacks is a growing menace ranging from malware, phishing, credential stuffing to cross-site scripting to name a few. The situation is further exacerbated due to the anonymity provided by the lack of regulation of cryp tocurrencies, which are increasingly being used by criminals to facilitate the move ment of illicit funds across borders.

If the investigating authority can prove on a balance of probabilities that an asset was obtained via unlawful conduct, the High Court can issue a recovery order. These orders can remain in force for long periods while the investigation is under taken and can thus prove to be a more expedient strategy to adopt.

Given the greater hurdles, time and expense associated with criminal redress, utilising insolvency related procedures in private civil actions can also be more pragmatic route to restitution, e.g., winding up orders or court-appointed liquidators/ receivers.

What do clients look for in a top asset recovery expert?

Civil remedies can be pursued without any criminal conviction. Whereas, in criminal cases, the burden of proof is on the pros ecution to prove the case “beyond reason able doubt”, in civil cases, the burden of proof is on the claimant to prove the case based “on a balance of probabilities”.

Insight, creativity, communication and sound judgement. Using their skills and experience, an asset recovery expert must quickly assess a complex and evolving situation, and implement an appropri ately tailored and cost-effective approach to the process. Practitioners need to demonstrate to clients a range of skills, including research, analytical, technical and problem-solving skills.

To what extent are civil remedies a more effective way of recovering assets than criminal remedies?

How have frauds become more sophisticated over the past five years, and how do you think they could evolve in the near future?

WWL says: The “excellent” Hitesh Patel gains considerable commendation for his sweeping knowledge of fraud investigations in a wide range of industries.

Fraud is on the rise, and it seems that no individual or organisation is immune from this threat.

Globalisation has led to complex multi jurisdictional business structures, whereas technological advances mean that the world is more integrated, and borders are becoming blurred. Funds can be transferred across borders in seconds, whereas it may take a skilled investigator several months to identify the flow of funds. Where fraud occurs, it is less likely that it will involve just one jurisdiction. As a result, asset recovery specialists will be faced with ever more complex investigations and having to navigate the evolving intrajurisdictional legal and enforcement chal lenges. Leveraging smart technology and a wider spectrum of disparate data sources to get greater visibility of the money trails will be key.

Ankura Dubai, United Arab Emirates

54 Asset Recovery | Experts

BiographyRecordJacqui

Tel:jacqui.record@ankura.comankura.com+971043819038

Jacqui Record is a senior managing director at Ankura based in Dubai. She is a UK char tered accountant (fellow of the ICAEW) and has more than 30 years of broad forensic investi gation and litigation experience mainly within the Big Four across the Middle East, UK, Europe and Africa. As a forensic accountant, she has led large, high-profile forensic investigations globally and provided expert evidence numerous times in a wide variety of civil and criminal forums around the world.

How have frauds become more sophisticated over the past five years, and how do you think they could evolve in the near future?

What is the most challenging aspect about working on crossborder asset recovery cases?

What do you enjoy most about working as an asset recovery expert?

What advice would you give to younger practitioners hoping to one day be in your position?

As senior managing director at Ankura, how would you like to see your practice develop over the next five years?

What new technologies are helping asset recovery specialists?

whoswholegal.com/thought-leaders

The main focus of my asset recovery work is detailed investigations. I enjoy piecing together the puzzle and working out what has happened. Often the biggest chal lenge is getting the information in the first place and using multiple sources and legal options can really make the difference to finding and securing assets.

The increasingly sophisticated data tools allow vast amounts of data to be consid ered more easily when investigating fraud. There is also an increasing amount of specific asset-tracing data available. However, there still needs to be hands-on experience of just what can be obtained in each jurisdiction and what are the best routes to getting it.

This varies from client to client and the individual situation each client is facing. The most important thing is to work out the facts whether internally or externally as often there is a lot of emotion and conjecture at the beginning of any matter. We need to assist the client to be realistic about what can be achieved, where the fraud is happening and at what level. We may need to deal with political or business realities on the ground to help work out the best approach.

What role do you see thirdparty funding playing in asset recovery litigation moving forward?

Corporates are more and more looking at having a portfolio of managed litigation.

Gain practical experience with a strong team and ensure that you obtain a broader understanding of what other connected individuals within related practices are doing. Nothing in what we do is standard but this will give you the best skills possible to deal with every situation as it arises.

How do you establish a detailed understanding of a client’s busi ness to advise them effectively?

therefore asset tracing is often one of the early steps for a litigation funder.

Business is increasingly global and there fore it is necessary for businesses to be able to operate and recover assets glob ally. Firms and their advisers need to be connected globally to achieve this. Our investigation, technology, dispute and asset-tracing teams are globally connected across our various regions. As we grow this interconnection is expanding. Deep practical experience is also key to being able to investigate and locate assets in the multiple jurisdictions we operate, it is no longer appropriate to rely on low-level desk-led skills only. Experience can fasttrack and provide a much more effective asset-tracing solution. Therefore our focus in the next five years is to grow a deeply experienced, globally connected team.

Although frauds are aided by technology, most are still not that sophisticated and involve taking assets and then covering it up. The ability to move assets more easily across jurisdictions means that most work is now global.

Dealing with the intricacies of each system to get the data as well as following the sometimes small clues to piece together the links between companies and indi viduals. Being able to work in multiple languages is useful. In the Middle East, often some of the most useful information is in Arabic rather than English.

“She is well known and a highly active practitioner in asset recovery”

“She provides solutions and her team is top notch”

Peers and clients say: “Jacqui is an excellent asset recovery expert”

The key point for litigation funders is that there are assets to recover against and

BiographyVargaGeoff

Kroll Tel:geoff.varga@kroll.comwww.kroll.comLisbon+351913830849 56 Asset Recovery | Experts

Senior member of Kroll’s restruc turing practice. Focus on offshore restructuring and insolvency. Routinely takes on fiduciary roles including liquidator, trustee, receiver, monitor and director. Has over 25 years of professional experience in restructurings, insolvency and asset recovery. Has international engagement expe rience acquired while working in the US, Cayman, Canada and New Zealand. Has been routinely engaged in restructuring/insol vency mandates, acting for stakeholders.

What do clients look for in an effective expert witness?

whoswholegal.com/thought-leaders

What do you enjoy most about working as an asset recovery expert?

How do you effectively coordi nate with other experts when handling large multi-jurisdic tional cases?

Be open to accept increased responsi bility. Try to understand your limitations in decision making (as we all have them) and seek guidance in resolving matters when there is doubt. If confronted with a choice/decision, assess your options, and make a timely decision. Routinely people get paralysed in decision making, allowing situations to fester.

The ability to layer in multiple entities and jurisdictions can create issues for the asset recovery specialist. Also the use of tech nology (including crypto) by the fraudster can make things move faster. Fortunately, the use of technology by the asset recovery specialist can combat this. Lastly, fraud in the crypto space, given its very nature, can make recovery difficult regarding things such as anonymity and questions over

It is important to have a point person for all experts to ensure that both timelines are being met and to avoid duplication of efforts and hence unnecessary costs. It is also important to have timely communica tions with the group to ensure that there are not conflicting views, and that key infor mation and findings are shared.

What new technologies are helping asset recovery specialists?

They want someone with the experi ence, independence and professionalism to convey the position to the court. They also want someone that is cost effective to engage management.

As the world continues to get smaller, collaboration among the various practices and service lines needs to increase. As it

What advice would you give to younger practitioners hoping to one day be in your position?

where crypto assets actually reside and thus which laws apply.

Engagement is very diverse and routinely involves unique situations. There is also usually an international component, which while adding complexity, can also make the mandate more interesting.

relates to asset recovery and restructuring/ insolvency cross-border matters are more commonplace, necessitating a collective effort to increase efficiencies and provide good value for money to stakeholders

AI type platforms that allow mountains of data/records to be reviewed infinitely faster than manual reviews.Tracing technologies (regarding crypto and blockchain) have also helped recovery efforts.

Looking back over your career, what is the most memorable case you have been a part of?

I acted as the liquidator to two Cayman funds that collectively lost over US$1 billion in a Ponzi scheme. As we progressed through the matter it was interesting to discover both how the schemer operated, in addition to the blatant red flags that investors missed or looked past chasing above-average returns.

As managing director at Kroll, how would you like to see your practice develop over the next five years?

Peers and clients say: “Geoff is a savvy and commercially astute professional” “He combines his keen intellect with a practical approach to deliver the best results for his clients”

How have frauds become more sophisticated over the past five years, and how do you think they could evolve in the near future?

Kenneth Krys , KRyS Global Alex Lawson , Alvarez & Marsal Margot MacInnis , Grant Thornton

David Griffin , FTI Consulting

Barbara Miranda , Sequor Law • Q&A D C Page , V2 Global

Ian Casewell , Mintz Group Malcolm Cohen , BDO LLP

• Q&A

Singapore

Samuel D Ouriach , Grant Thornton UK LLP

Ben Johnson , Berkeley Research Group

Will Davies , Grant Thornton UK LLP Andrew Durant , FTI Consulting

Steve Holt , Grant Thornton UK LLP

Guernsey, Channel Islands

Cayman Islands

Specialist Services

David Alexander , Evelyn Partners

Ashley Messick , GPW + Co Ltd

England

Hong Kong Cosimo Borrelli , Kroll • Q&A Neill Poole , Ankura • Q&A

Angela Barkhouse , Quantuma Advisory Limited • Q&A

Jarrod Baker , Deloitte Nick Gronow , FTI Consulting

Geoff Varga , Kroll • Q&A

British Virgin Islands

Eleanor Fisher , EY Cayman Ltd

Mike Saville , Grant Thornton UK LLP Andrew Wordsworth , Raedas

Hitesh Patel , StoneTurn • Q&A

Netherlands

New Zealand

Ludo Block , Blockint

United Arab Emirates

Steve Cornmell , Kroll • Q&A

Mark McDonald , Grant Thornton

Hugh Dickson , Grant Thornton Specialist Services

Portugal

Turks and Caicos Islands

Matthew Richardson , Grant Thornton

Amy Lashinsky , Alaco Limited Gervase MacGregor , BDO LLP • Q&A

Martin Trott , R&H Restructuring

Christopher Osborne , FRP Advisory Trading Limited • Q&A

Thought Leaders in Asset Recovery 2022

Zoë Newman , Kroll • Q&A

Charlotte Caulfield , Kalo

New York Jim Mintz , Mintz Group Daniel Nardello , Nardello & Co LLP • Q&A

James Pomeroy , Grant Thornton

USA Florida

Australia

John Royle , Grant Thornton

David Ingram , Grant Thornton UK LLP

Andrea Harris , Grant Thornton Timothy Le Cornu , KRyS Global

Steven Haynes , Greyhawk

Nick Haywood , PricewaterhouseCoopers

Experts

Jacqui Record , Ankura • Q&A

Matthew Fleming , KordaMentha

Paul Pretlove , Kalo

Gavin Pearson , Quantuma Advisory Limited

Directory | Asset Recovery –Experts58

Kevin Hellard , Grant Thornton UK LLP

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Who’s Who Legal@whoswholegal whoswholegal.com Online August 2022

Tel:bougartchev-moyne.comkbougartchev@www.bougartchev-moyne.comParis+330142848777

Bougartchev Moyne Associés

60 Business Crime Defence | Corporates

Co-founder, in January 2017, of the law firm Bougartchev Moyne Associés, Kiril Bougartchev is, with 33 years of experience, one of the most renowned lawyers in the Paris market in criminal busi ness law, commercial litigation and regulatory (AMF/AFA/ACPR) litigation. He has been involved in many notorious white-collar crime cases, including sensitive political and financial matters. He also advises clients in the conception, implementation and strengthening of their anticorruption and compli ance programmes, and assists them in connection with controls undertaken by the AFA.

BiographyBougartchevKiril

First, the cases that we work on are complex matters, combining numbers and law, meaning that defining the best strategy necessarily requires an under standing of these two aspects. Besides, the stakes of such cases have become colossal, whether in monetary terms or for our clients’ image. Moreover, this is an area where defending companies, banks or financial institutions does not exclude the possibility of very high stakes on a human level. Finally, the cases that we deal with systematically have an international dimension, which means educating oneself in foreign legal systems. Taken together, it is a fascinating subject.

I would say that everything has changed except for one thing, our determination to defend the interests of our clients. Law firms have become a major player of the economic world. They have also under gone a digital revolution and have had to structure themselves accordingly (legal databases, increasingly dematerialised proceedings, etc.). Finally, they have had to accept becoming service providers who, like any other, are subject to heightened competition and, consequently, increas ingly formalised selection processes.

Where, in your opinion, does the future of the practice area lie?

Looking back over your career, what is the most memorable case you have been a part of?

What challenges accompany helping clients across a wide range of sectors in their anti corruption and compliance programmes?

In the field of white-collar crime and due to the influence of Anglo-Saxon practices, our practice is moving more and more towards the solutions of “negotiated justice” (the French DPA, plea bargaining, etc.). That said, we remain litigation lawyers and must not lose sight of the defence of our clients’ interests.

When it comes to anticorruption and, more broadly, compliance, the difficulty lies in the fact that each company is different, not only in its activities but also in its

How has the market changed since you first started practising?

What impact will technological developments and digitalisa tion have on financial crimes?

On the other hand, the means of inves tigation, whether those of the judicial authorities or those of companies, are also

How do you see your practice developing over the next five years?

During the covid-19 pandemic, the use of virtual hearings was facilitated so that, in the most urgent cases, justice could continue to be rendered. This technological evolution continues in civil and commer cial courts, where most of the steps of a proceedings are now dematerialised. In criminal matters, and even when you represent a company, the human aspect is essential and makes the practice of virtual hearings difficult. In other words, virtual hearings have some advantages but should not lead to the dehumanisation of the criminal trial and increase the gap between litigants, lawyers and judges.

In your opinion, what are the benefits and challenges of vir tual hearings? What role do you see them having in the future?

In that respect, we will continue to develop our “best friends” network. Indeed, law firms of all sizes continue to be our main source of work. Next, we will continue to develop our practice in matters of compli ance/internal investigations, which is our second largest area after white-collar crime. Finally, we are seeking for growth, reserving a future to our associates.

WWL says: Kiril Bougartchev continues to impress market sources thanks to his adept handling of criminal litigation on behalf of corporate clients.

Five years after its creation, the firm is now a brand, and it is now up to us to further strengthen its reputation.

organisation. The risks they face are not the same depending on the sectors and countries of activity and must therefore be approached differently. In the same way, the compliance system to be put in place must be adapted to the organisation and functioning of the company. Not taking this into account means running the risk of setting up a paper system, which is inef ficient by nature. In other words, there are as many compliance systems as there are companies.

Without doubt, the “Elf affair”, a major politico-financial scandal that I had the chance to work on and which, for me, is an indelible memory in my professional life.

What do you enjoy most about practising corporate criminal law?

The evolution of technology is diversifying the types of fraud that companies face. For example, the widespread use of remote working during the covid-19 pandemic and the resulting distance between people has led to an increase in fraud cases (fraud to the chairman, hacking etc.).

evolving, which has the effect of balancing things out, even if the latter are lagging behind the former.

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BiographyHenzelinMarc

Marc has vast experience in trans national and domestic litigation, with a focus in international and economic criminal law, commer cial and banking litigation, asset recovery, mutual legal assistance in criminal matters and extra dition, sports and public inter national law. He leads private investigations, focusing on asset search, recovery and compliance issues. His portfolio includes some of the most important asset recovery cases in Switzerland.

LALIVE Tel:mhenzelin@lalive.lawwww.lalive.lawGeneva+41581052000 Also a Thought Leader in Asset Recovery, Business Crime Defence | Individuals and Investigations 62 Business Crime Defence | Corporates

whoswholegal.com/thought-leaders

How are things different now in the field of business crime defence to when you were starting out?

What are the main challenges for companies in your juris diction when they are facing multinational investigations and why?

You have had a very distin guished career. What would you still like to achieve?

It’s difficult to think that far back! The key difference I would say is the prolifera tion of technology, which has given rise to increased opportunities for criminal behaviour, but which is also a powerful weapon in the fight for justice. The key challenge for lawyers is to keep pace with this ever-evolving world.

Peers and clients say: “He has handled a prolific amount of complex asset recovery cases over the years” “Marc is a real leader in the Genevan market”

The Swiss legal system is renowned for providing full cooperation to foreign juris dictions in relation to their international investigations. Unfortunately, that is not always the case when the shoe is on the other foot. This can cause undue delay and with it, significant financial ramifications.

How significant will the use of litigation as an asset recov ery tool be in a post-covid-19 world?

You only need to look back to the aftermath of the 2008 global banking crisis, which helped to expose some of the world’s largest fraud schemes, to answer this question. As the world begins to get back to some form of normality, we are already seeing an increase in instructions and enquiries relating to litigation. I expect this to continue.

Before joining LALIVE, I worked in the legal team of the International Committee of the Red Cross in Africa and the Middle East and saw first-hand the importance of promoting and protecting international humanitarian law and human rights. LALIVE also has a long tradition of involvement in all forms of corporate responsibility. Our lawyers share a sense of duty in helping the wider global community in any way we can. I guess it’s in our DNA.

My advice to younger lawyers is to find an area of law that truly excites them. When you’re starting out this might mean casting the career net more widely. Having a passion for what you do helps alleviate some of the pressures that come with the territory and elevates the quality of the work.

In your opinion, should younger lawyers specialise or keep a broad practice when starting out in their career?

What inspired you to co-found the Geneva Academy of Inter national Humanitarian Law and Human Rights?

One of the things that I really enjoy about my job is that every day throws up new challenges and with it the opportunity to achieve. I am fortunate to work within a team of talented individuals who are committed to helping our clients navigate the intricacies of the ever-changing global landscape. Long may that continue.

Admitted to the bar in 1986, Han Jahae has a long history of repre senting individuals, companies and governments before the Dutch courts, as well as almost anywhere in the world. As former chair of the ECBA (2003–2008) and representative of the Dutch bar at the CCBE in Brussels, Han has a broad international network. His practice focuses on complex inter national fraud, business crime and corruption matters, and mutual legal assistance.

JahaeRaymakers Tel:jahae@jahae.nlwww.jahae.nlAmsterdam+31204352525 Also a Thought Leader in Business Crime Defence | Individuals 64 Business Crime Defence | Corporates

BiographyJahaeHan

How important is it for practi tioners to maintain positions as authors and lecturers at semi nars and conferences?

In my view this area of law is by far the most interesting from both a professional, an ethical and a personal point of view. The rules keep changing almost on a daily basis so you need to stay on top of your game. Cases are never black or white, there are many shades of grey. Things that made your client the best in his or her business last year might become criminal the next year. Once an investiga tion is launched multiple issues need to be addressed, apart from the prosecution your client needs to deal with employees, banks, governments, press, just to name a few. The stakes are usually very high. Guiding a company or higher manage ment of a company through an investi gation and making sure they get the best result possible is not only very challenging but above all very rewarding.

How do you seek to gain a deep understanding of your client’s business and build long-term relationships?

I think the most interesting change of direction is the fact that today much more than before the prosecution target higher management of a company for alleged crim inal behaviour of the company rather than the company itself. Where they used to sue the company and look for fines, they now go after the decision-making individuals, the people who are responsible for the actions or lack of actions of the company and they try to jail them, which of course changes the ballgame quite drastically. It is getting personal, higher management’s personal freedom is at stake and that means that the stakes are getting even higher.

It is extremely important to share experi ences outside of your own comfort zone, to know how they deal with things in different jurisdictions, that is very inspiring. And of course it is always fun to share war stories with colleagues from around the world over a nice dinner and a glass of wine.

Peers and clients say: “He’s hands on and thinks outside of the box”

You need to understand your client’s business, you need to speak your client’s language, you need to know the prob lems your client will face once an inves tigation will be launched and help him or her develop a strategy that deals with all of these separate but interlinked issues. And of course, if your client comes to you in due time, you will need to try and avoid that an investigation will even commence. Not only do you need to understand your client and make sure he or she under stands the issues so he or she can make well-informed decisions, you also need to be able to communicate with the prosecu tion, talk their language, understand what they need out of the case. Last but not least, you need to know what comes next and anticipate.

your client can close the book and get on with it. If you do not settle it might easily take eight to 10 years before the case is over. In the meantime there is uncertainty for everybody, management, employees, customers, partners, banks, etc. On the other hand, it takes two to tango. Quite often the prosecution does not want to settle or, even worse, if they make an offer, they usually do not have a good case. It is difficult to accept an offer if there is a good chance of winning. You have to weigh those chances against the certainty that the case is over. So you need to be very convinced about the outcome if you choose to fight, you cannot afford to lose.

You bring a lot of experience from other cases. If you have worked in all different kinds of business and industry it is rela tively easy to understand a business you never worked in before. After all, managing a big company isn’t that much different if you work in the steel industry or in the food and beverage industry. If a company is happy with the way you helped them through an investigation the next time they will come to you before a potential problem will arise and ask for advice.

“A brilliant communicator and strategic deep thinker”

“Han stands out for his responsiveness, knowledge of the field and proactivity”

What inspired you to enter the field of business crime defence and investigations?

What qualities make for a suc cessful business crime defence lawyer in today’s climate?

What are the advantages and disadvantages of settling out of court compared to pursuing dispute resolution proceed ings? What is your key to suc cess when it comes to settle ment negotiations?

whoswholegal.com/thought-leaders

What is the best piece of advice you’ve ever received?

If you have worked in different sectors you learn that there are striking similarities when it comes to defending a company that is targeted regardless of the industry they are in. You know what is coming because you have seen it before so you can prepare management for every step that will follow.

How does your vast experience across diverse sectors compli ment your practice?

Always look at your case as if you were the prosecutor.

What recent regulatory develop ments have had the most impact on your clients? How have adapt ed your practice accordingly?

The obvious advantage of settling a case is, of course, the fact that the case is over,

New

John BiographyKenneyJ

John focuses his practice on complex civil litigation, govern ment investigations, business crimes, and corporate compli ance. He has tried over 75 cases in 16 different states and various federal courts, mainly in front of juries, and has argued numerous state and federal appeals, including in four different federal circuits. He previously served as an Assistant U.S. Attorney in the Southern District of New York for nine years, including three years as the Executive Assistant U.S. Attorney.

Newman

Also a Thought Leader in Business Crime Defence | Individuals 66 Business Crime Defence | Corporates

Hoguet Regal & Kenney, LLP Tel:jkenney@hnrklaw.comwww.hnrklaw.comYork+12126898808

How does Hoguet Newman Regal & Kenney distinguish itself from the competition?

How has the market changed since you first started practising?

whoswholegal.com/thought-leaders

The most important thing is to avoid an indictment. If the government brings charges, defence counsel has failed. Ideally, you also avoid a fine. That’s the best case: the client walks away with no fine and no criminal conviction of any kind. If the client is an individual and the investigation seems likely to result in fines, it is crucial that counsel obtain the company’s commit ment to indemnify the client.

provision was added in 2005, but in 2020 there were 236 cases, a new record. The Chapter gives foreign representatives access to U.S. bankruptcy courts where a foreign insolvency proceeding is ongoing. That can be very useful where assets were fraudulently transferred to the U.S. You can initiate a parallel bankruptcy proceeding in the U.S. and get a U.S. lawyer appointed as trustee. The trustee then has subpoena power to go pursue the money wherever it is located within the U.S. By design, the process is highly accommodating to foreign courts: the statute instructs the U.S. bank ruptcy court to cooperate “to the maximum extent possible” with foreign courts and representatives.

How have the challenges brought on by covid-19 impact ed your practice?

What do clients look for in an effective business crime defence lawyer?

What developments in the US should foreign practitioners be following and why?

“Don’t call, don’t write.” If a client has been under investigation in a criminal case, and it goes quiet, your first instinct may be to reach out to DOJ for an update. Resist that urge. Some investigations end in silence, and that is a good outcome.

Our most distinctive features are our flex ibility and commitment to collaboration. We remain small by design, preserving a model that demands the highest stand ards, personal attention, and a focus on efficiency. We know what our colleagues are working on, and we routinely call on each other to assist. Our lawyers bring decades of training at government agen cies and leading Am Law 100 law firms, so our clients can confidently trust us with their highest-stakes matters.

of particular strength. In the employment context, disputes have arisen from the shift to remote work and from controversies around vaccine mandates. The growth in insurance cases was driven by business interruption claims. As our client base expanded in those areas, some clients also brought with them government enforce ment matters, which is where my practice has seen an impact.

What is the best piece of advice you have ever received?

For the firm more broadly, we have seen a particular uptick in employment and insur ance cases, which have long been areas

SPACs and the cryptocurrency sector are two areas I have been following. Both SPACs and crypto rose to unprecedented prominence in 2021 and experienced remarkable crashes in 2022. Rapid boom and bust trajectories tend to inspire ques tions about fraud, and there is no doubt that regulators at the Securities and Exchange Commission and Commodities Futures Trading Commission are taking a close look. It would not surprise me to see major investigations in both these areas.

When I left the Southern District of New York in 1980, there were very few former Assistant U.S. Attorneys at large law firms, and there was no real conception of white collar as a distinct practice area. I was classified at the time as a general litigator. The growth of white-collar defence work into its own specialty has been a signifi cant change. Over the course of the past four decades, regulators have identified a much wider range of practices that they consider criminal, and agencies have become accustomed to targeting compa nies, not just individuals. The result has been bigger cases and sufficient demand to sustain a specialist white-collar criminal defence bar.

Are you noticing an uptick in certain areas of fraud? Why might this be?

WWL says: The “excellent” John Kenney is one of the most seasoned and knowledgeable whitecollar litigators in New York, with more than 50 years of trial experience.

The growing use of Chapter 15 in the Bankruptcy Code is worth watching. That

Bär Karrer AG

Saverio Lembo heads Bär & Karrer’s white-collar crime practice group. He has exten sive experience in white-collar crime, commercial and financial litigation, international judicial assistance (civil and criminal), arbitration and insolvency. In recent years, he has been involved in several complex commercial litigation proceedings, has served as a party representative or arbi trator in various domestic and international commercial arbi trations and has assisted clients in Swiss and foreign criminal proceedings. He regularly repre sents clients before the Court of Arbitration for Sport (CAS).

Tel:saverio.lembo@baerkarrer.chwww.baerkarrer.chGeneva+41582615740 Also a Thought Leader in Business Crime Defence | Individuals, Asset Recovery and Investigations 68 Business Crime Defence | Corporates

BiographyLemboSaverio

How do you seek to minimise the impact of criminal investi gations in the lives of clients?

Corruption is definitely an area in steady growth. Among the less traditional frauds, one can see emerge more and more cases of ransomware. Indeed, we are starting to have clients consulting us because hackers have been able to paralyse their IT system and request the payment of a ransom.

and understand how risk aware and sensi tive the client is. One obviously does not advise a corporation the same way one would advise an individual who has never been involved in criminal proceedings. Whoever the client is, the lawyer must not only present the risks but also and even more importantly propose a solution.

I definitely enjoy the diversity of the matters I have to deal with. One day I can be busy with an art fraud and the day after with a computer fraud or a corruption case.

What is the most complex fraud litigation you have worked on during your career to date?

The most important challenge is probably the understanding by the lawyers of the functioning of a cryptocurrency and the problems relating thereto. To tackle this issue, we regularly hold internal seminars familiarising the lawyers to cryptocur rencies at our firm. Also, we finance the studies (masters at University) followed by some of our young associates who are interested in developing this new area of specialisation.

Peers and clients say: “Saverio might just be the very best investigations lawyer in Switzerland”

What do you enjoy most about your practice?

“Saverio is a fully committed, client-oriented lawyer who provides high-quality services and understands the exact needs of his “Heclients”has an excellent knowledge of the international white-collar crime market”

Clients need to feel protected by their lawyers. They also need to be transpar ently made aware of the risks they are running. Consequently, the challenge of a lawyer is to walk a fine line between clearly exposing the situation to the client without unnecessarily dramatising it. To that effect, the lawyer must show empathy

To what extent has cryptocur rency posed new challenges for business crime defence lawyers?

Just the way I have developed it until now, with passion and commitment.

Are you noticing an uptick in certain areas of fraud? Why might this be?

How do you establish a detailed understanding of a client’s business to advise them effectively?

There are various fraud litigations I can think of. I can obviously not mention all of them. Probably the most complex and interesting one was the Madoff fraud, in which we represented individuals or banks. All of them were sued or prosecuted for having allegedly been accomplices of the fraud. This was really a fascinating fraud litigation. One of the main challenges was to understand how the authors of the fraud operated to convince the judicial authori ties that our clients were victims of the fraud and lacked any mens rea.

In white-collar crime, on a general basis, you first need to master basic accounting principles, corporate law and the regula tions to which your client is submitted. Then you must obviously have the curiosity to inform yourself about the business area of your client and the products or services offered by the latter. To that effect, it can be useful to second a young associate to your client. Also, you should not hesitate to ask the client to provide explanations about their business. Clients generally appreciate that their lawyers try to better understand what they do.

How would you like to develop your practice in 2022–2023?

whoswholegal.com/thought-leaders

“The best of the best, an obvious choice”

Jonathan Midgley is a crim inal defence lawyer and senior partner at Haldanes. Mr Midgley has been consistently rated for several decades by independent legal journals as one of Hong Kong’s premier criminal defence lawyers. In 2013, when Hong Kong introduced the concept of solic itor advocate for the first time, Mr Midgley, as a result of his standing in the field of criminal defence, was immediately appointed to the criminal division.

Tel:midgley@haldanes.comwww.haldanes.comKong+85223914441

BiographyMidgleyJonathan

Haldanes Solicitors & Notaries

Hong

70 Business Crime Defence | Corporates

bonus. It means that I can turn to excep tionally talented Queen’s Counsel in England, which is something I have done regularly over the years.

I would encourage those younger than I to guide Haldanes into the future. I would add that we are currently on a sensible course to maintain premium legal services for our clients and a steady growth of the business.

How have mid-sized law firms fared with the challenges brought on by the coronavirus pandemic?

Your practice is largely focused on defence work. What unique insights can you offer to practi tioners focused on prosecution work?

Prosecutors, hopefully, always remember that they are there to present the facts. To set them out in an unbiased neutral way for either a judge or jury to determine the merits. A criminal defence lawyer has a duty to “fearlessly defend a client“, it is an entirely different responsibility.

How does your global network of colleagues enhance your practice?

Becoming a solicitor advocate in 2013 has largely resulted in psychological adjust ment. Also, clients see you professionally in a different light. From a practical point of view there have been some opportunities to utilise the wider rights of audience. For example, I co-conducted an appeal in the Court of Appeal for a gentleman accused of being in possession of a gun as he entered Hong Kong.

There are obviously challenges facing Hong Kong. The changes that have occurred recently impact the legal profes sion. However, I remain optimistic that the common law system will continue in Hong Kong.

Quite well, not being monolithic has meant nimbleness.

Become advocates and appear regularly in courts.

There have been so many interesting cases, it is almost impossible to label one “the most interesting”. Perhaps I can name two cases that were very closely linked. Firstly, the case of Nina Wang, when she was accused of forging her late husband’s will, where I acted for her on her criminal prosecution. That was followed a little later by the case of the “Feng Shui master”, Tony Chan. Ironically, we looked after the civil side of that case. The media’s attention in both was exhausting!

What has been your most inter esting case to date?

How has being a solicitor-advo cate shaped your practice?

WWL says: Jonathan Midgley enjoys a stellar reputation among sources thanks to his top-notch criminal litigation and investigation practice.

A global network of colleagues, both solici tors and barristers has been a tremendous

How do you anticipate the changing landscape in Hong Kong to impact its legal market?

In which direction would you like to steer your practice in the next five years?

What can younger practitioners be doing to make a name for themselves in the Hong Kong criminal defence market?

whoswholegal.com/thought-leaders

Felix is a partner at the criminal defence department of Haldanes, and the head of the firm’s compe tition and antitrust practice. He specialises in complex whitecollar crime, competition law and securities regulatory matters, particularly those relating to listed companies, international finan cial institutions and multinational corporations. He advises a broad spectrum of international clients on multijurisdictional investiga tions and court proceedings given his professional proficiency in English, Mandarin, Cantonese and Spanish.

BiographyNgFelix

72 Business Crime Defence | Corporates

Haldanes Hong Tel:felix.ng@haldanes.comwww.haldanes.comKong+85222302887

Solicitors & Notaries

Currently, I specialise in criminal defence, regulatory and disciplinary matters and competition law. The former two have been my main practice for years and I have really enjoyed those areas. Competition law has been a booming practice in the past few

You have a wide-ranging whitecollar crime practice – what types of cases do you enjoy working on most?

How do you anticipate the changing landscape in Hong Kong to impact its legal market?

In which direction would you like to steer your practice in the next five years?

clients in identifying the appropriate over seas law firms, and escalating legal fees on instructing different teams of lawyers. I am fortunate enough to have a global network of lawyer contacts, which allows me to be the “one stop shop” case manager for clients in multijurisdictional cases.

White-collar crime is a fascinating and booming area of practice in Hong Kong and Asia. I particularly enjoy handling commercial fraud, market misconduct and corruption cases, which often involve complex evidential analysis and legal argu ments that excite me. At Haldanes, we are very blessed to have gathered a large team of very dedicated criminal lawyers without whom managing sizeable cases would not have been Recently,possible.myteam of six and I have managed to secure an acquittal for two former public doctors who faced charges of Conspiracy to Commit Misconduct in Public Office (MIPO) after a highly publi cised 86-day trial at the District Court. It was in fact one of the longest MIPO trials in Hong Kong’s history with 94 prosecu tion witnesses, voluminous prosecution materials, and complex legal arguments concerning the Independent Commission Against Corruption (ICAC)’s search warrants, admissibility of digital evidence and surveillance records, and elements of MIPO offences.

A growing number of coun tries are getting more active in investigating corporate mis conduct allegations. What are the main challenges for com panies in your jurisdiction when they are facing multinational investigations and why?

How has increasing coordi nation among enforcement authorities globally impacted your practice?

At Haldanes, we have a great mix of people from different nationalities and all walks of life. This diversity provides a welcoming working environment and allows our lawyers to cater to the needs of a broad spectrum of clients.

The new National Security Law (NSL) and the potential changes to the Personal Data (Privacy) Ordinance have definitely raised a lot of concerns amongst the interna tional corporations. We are getting a lot of advisory work from our global technology and social media companies, and inter views from international press. However, the NSL is still at its infancy and we are waiting for the court judgments to roll out to provide further clarity on the controver sial provisions.

Our clients are more likely facing multi national investigations nowadays and therefore we as legal practitioners are required to have an international vision and understand the rapid changes world wide. As a firm, we encourage and actively distribute our resources for our practi tioners to network with legal practitioners both locally and internationally and under stand the changing landscape in different jurisdictions.

Often, our clients facing global inves tigations would face the challenges in navigating the regulatory framework of numerous countries, with vast differences in substantive laws and procedures. This would also translate into difficulties for

Multinational investigations are on the rise especially in the last decade, particularly due to the cross-border nature of criminal offences such as cyber-fraud and money laundering, and the extraterritorial reach of legislations in some major jurisdictions, for example, FCPA and FATCA in the US, and Bribery Act 2010 in the UK.

whoswholegal.com/thought-leaders

How does your global network of colleagues benefit your practice?

On a global level, I am very active in the International Bar Association (IBA) and have been an officer for the Young Lawyers Committee, Criminal Law Committee and Business Crime Committee respectively for over a decade, and frequently partici pate in international conferences as a speaker.This makes me one of the most resourceful lawyers in the field, both “inbound” and “outbound”, since I have internal connections at my fingertips –to give you an example, I recently got a Iranian corporate client on a litigation case referred by a Singaporean law firm, and recommended a few Turkish lawyer friends to our commercial partner for a case in Istanbul.

You are admitted to practice in three different jurisdictions globally. How does this enhance your practice?

I hold practising certificates in Hong Kong, England and Wales and Dubai International Financial Centre (DIFC) –they mean much more than “CV boosters”, which make you look good. From time to time, I have been asked by my clients and friends to provide swift practical advice on matters relating to England and Wales and DIFC and certify their documents for legalBusinesspurposes.nowadays has become increasingly international and having the ability and knowledge of numerous juris dictions offers a better experience to my clients.

WWL says: Felix Ng ranks highly among peers thanks to his leading expertise in market abuse and fraud cases.

I am one of the very few among my fellow law schoolmates who have not switched law firms over the past 18 years of practice.

years, thanks to the vigorous enforcement actions by the competition commission in Hong Kong. On a national level, the main land Chinese regulatory authorities have recently tightened its anti-monopoly grip on the technology gurus with hefty penal ties. Therefore, I am looking forward to expanding Haldanes’ competition and

What has been your greatest achievement to date?

antitrust practice in the next five years and we will be involved in more cases.

My greatest achievement to date is estab lishing myself from a trainee solicitor all the way to an equity partner at Haldanes, while playing an instrumental role in growing the firm from about 30 people to over 130 and promoting the brand globally.

74 Business Crime Defence | Corporates

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Law Offices of Panag & Babu New Tel:sherbir@pblawoffices.comwww.pblawoffices.comDelhi+919819907099

Sherbir Panag is the chair of Panag & Babu’s compliance and investigations practice. Sherbir has deep experience of defending multinational companies and conducting internal investigations in matters involving criminal and regulatory proceedings; as well as advising clients on navigating their business in India in a compliant manner. Sherbir’s practice has consistently been ranked as a market leader for white-collar crime in India by WWL, Global Investigations Review, Chambers and Partners and The Legal 500

BiographyPanagSherbir

76 Business Crime Defence | Corporates

Virtual hearings started out as being extremely challenging in India, on account of weak digital infrastructure that has drastically changed over the course of the coronavirus pandemic.

The future, ought to be hybrid and I believe that since the digital rubicon has been crossed, we shouldn’t go all the way back.

In terms of setting up and pioneering an international standards white-collar crime practice in India, the inspiration really was the market vacuum. As India became more economically relevant and with more global companies setting up shop, the whitecollar and corporate governance prac tice was not keeping pace. We either had commercial lawyers or criminal lawyers who were focused on individual defence, drawing in principles of blood crimes to financial crimes. On the other hand, we had multinational companies who were used to working with the international firms with deep expertise, who hit a roadblock in India. As I returned from Germany after my stint at Roxin LLP, I felt this had to change and a new skillset had to emerge, and this is how the journey began.

I can now proudly say, with all the humility at my command – that nearly a decade later from what was a market vacuum, firms like ours are now leading the charge in terms of providing world class advice, establishing practice stand ards and command the respect of our peers across the world.

What impact has covid-19 had on your practice?

We were fortunate to have undertaken steps at the onslaught of the coronavirus pandemic, to move to a work from home model before the more formal lockdown in India came into being. As early as March 2020, we had intimated our clients about our business continuity plan – which was approximately two weeks before the rest of the country shut down. This allowed us to test our technology solutions, under take amendments, switch heavy bandwidth applications for lite versions and we were

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In terms of court appearances, our daily number of hearings is at par with pre-pandemic levels, the significant posi tive factor being that one can attend court from the comfort of one’s home office, as opposed to the hectic movement from one court to another.

For a practice like ours, where we are in courts across the length and breadth of India, virtual hearings have made us more efficient and commercially more prudent for clients. On the flip side, virtual hearings have impacted criminal trial work and the criminal justice system as a whole became responsive to urgent cases, which while understandable in the pandemic – has its own share of issues and has created a large backlog of cases.

What do you enjoy most about practising in the area of corpo rate criminal law?

What impact will the growing emphasis on technology and digitalisation have on financial crimes?

We have continued to remain very busy through the past few months, with our capacity of work being 140-160 per cent per lawyer, which is in fact in sync with compa rable quarters outside the pandemic. The workflow has been to a large part (almost 60 per cent) the culmination of prepandemic investigations and matters.

ready and better placed to service our clients when their offices closed.

To me it’s the best of both worlds – the thrill and intellectual rigour of criminal law and the fast pace of commercial law. Leading a corporate crime practice, in my view is the best job in the world – where I get to do the right thing every day, by bringing facts to the forefront and ensuring companies find their moral compass. There’s never a dull day and that is part of the charm.

All in all, its been a busy 24 months, which has been professionally satisfying in terms of delivering results to our clients through dynamic mediums and embracing technology; but most importantly we are grateful that our colleagues and their fami lies have stayed healthy and safe – which to me beats everything else.

In your opinion, what are the benefits and challenges of vir tual hearings? What role do you see them having in the future?

Cyber-attacks have definitely been at the forefront and organisations across the

Why did you decide to set up your own firm?

Peers and clients say: “He has tremendous experience of investigations and advising on defence strategy for corporates”

“I simply wouldn’t consider anyone else in India at all anymore”

spectrum (small/medium/large) have been victims.Separately, we are likely to see an increase in frauds associated with payment processing as physical verification and age-old control principles of maker/ checker are restricted for companies that don’t have state-of-the-art accounting software.Providence and lessons from the 2008 financial crisis have shown us how crim inal misconduct risks including fraud and bribery increase, with business disruption. Armed with hindsight, it would be prudent to be prepared, ensure compliance and governance is strengthened – as opposed to being ignored or becoming a budget casualty. Compliance functions will have to

“He’s a master of his craft with a deep knowledge of the law and an ability to understand the root causes of an issue as well as potential solutions”

With the growing focus on cor porate criminal liability and the increased reliance on internal investigations, to what extent do you see business crime defence in India emulating that of the US and Europe?

I would not put it as India emulating the US or Europe, but rather what I have

“He is my first choice for referrals in criminal matters”

been propounding for a while is the slow emergence of a universal standard and enforcement response to business crimes. Laws across the spectrum are becoming more fundamentally aligned at a principal level, enforcement authorities are better understanding corporate misconduct and compliance can no longer be perfunctory merely through policy frameworks and training.Similarly, internal investigations both as the responsible corporate response to an issue of criminal misconduct and as sound defence strategy – are very much part of this emerging global standard, in India as much as the rest of the world.

“An impressive defence lawyer”

78 Business Crime Defence | Corporates

rely significantly on technology and remote working for tasks that customarily were in person or on-site; but the lack of in-person meetings cannot be the cause to bring the compliance organisation to a grinding halt and increase risk. The daunting challenge notwithstanding, this also is an opportunity to digitise compliance.

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Claire Lipworth , Hogan Lovells International LLP

Melody Wang , Allen & Overy Lang Yue England

Neil O'May , Norton Rose Fulbright LLP

Nichola Peters , Addleshaw Goddard LLP

Peter Burrell , Willkie Farr & Gallagher (UK) LLP

Michael Bowes QC , Outer Temple Chambers

Patrick Gibbs QC , Three Raymond Buildings

Alison Pople QC , Cloth Fair Chambers

Brian Spiro , Herbert Smith Freehills LLP

Stéphane Bonifassi , Bonifassi Avocats Kiril Bougartchev , Bougartchev Moyne Associés AARPI • Q&A

Heiko Ahlbrecht , Wessing & Partner Rechtsanwälte mbB

Antenor Madruga , Madruga BTW • Q&A Juliana Sá de Miranda , Machado Meyer Sendacz e Opice Advogados

Helen Malcolm QC , Three Raymond Buildings

Jessica Parker , Corker Binning

Ross Dixon , Hickman & Rose

Thought Leaders in Business Crime Defence 2022 | Corporates

Jonathan Barnard QC , Cloth Fair Chambers

Jonathan Pickworth , Paul Hastings LLP

Clare Montgomery QC , Matrix Chambers

Vincent Asselineau , Asselineau et Avocats

Maximiliano N D'Auro , Beccar Varela Australia

Jo Rickards , Greenberg Traurig LLP

Jonathan Grimes , Kingsley Napley LLP

Andrew Smith , Corker Binning

Stephen Gentle , Simmons & Simmons LLP

Eric Dezeuze , Bredin Prat Antonin Lévy , Antonin Levy & Associés Jonathan Mattout , Herbert Smith Freehills LLP Astrid Mignon Colombet , August & Debouzy Stéphane de Navacelle , Navacelle

Susannah Cogman , Herbert Smith Freehills LLP

Alfred Dierlamm , DIERLAMM Rechtsanwälte Felix Dörr , Dr Felix Dörr & Kollegen Tobias Eggers , WirtschaftsstrafrechtPARK

Judith Seddon , Dechert LLP

Ali Sallaway , Freshfields Bruckhaus Deringer LLP

Argentina

Nick Benwell , Simmons & Simmons LLP

Hugo Keith QC , Three Raymond Buildings

David Perry QC , 6 KBW College Hill

Kenan Furlong , A&L Goodbody

Ian Winter QC , Cloth Fair Chambers

Directory | Business Crime Defence – Corporates80

Harry Travers , BCL Solicitors LLP Barry Vitou , HFW

Carlos Ayres , Maeda, Ayres & Sarubbi Advogados

Otto Dietrich , Dietrich Rechtsanwalts GmbH

China

Hanns W Feigen , Feigen-Graf Bernd Groß , Feigen-Graf Kai Hart-Hoenig , Dr Kai Hart-Hoenig Rechtsanwälte Eberhard Kempf , Kempf Schilling Daniel M Krause , Krause & Kollegen Barbara Livonius , Livonius Rechtsanwälte Holger Matt , Rechtsanwaltskanzlei Prof Dr Holger Matt Greece

Hannah Laming , Peters & Peters Solicitors LLP

Elizabeth Robertson , Skadden Arps Slate Meagher & Flom (UK) LLP

Karolos Seeger , Debevoise & Plimpton LLP

Richard Sallybanks , BCL Solicitors LLP

David Corker , Corker Binning

Peter Binning , Corker Binning

Adrian Darbishire QC , QEB Hollis Whiteman

Sherbir Panag , Law Offices of Panag & Babu • IrelandQ&A

Jonathan Midgley , Haldanes Solicitors and Notaries • Q&A

Christine Braamskamp , Jenner & Block LLP

John Kelsey-Fry QC , Cloth Fair Chambers

Robert Wyld , Johnson Winter & Slattery Austria

Ian Burton , BCL Solicitors LLP

Stephen Pollard , WilmerHale

Nicholas Purnell QC , Cloth Fair Chambers

Tom Epps , Cooley (UK) LLP

Neil Swift , Peters & Peters Solicitors LLP

Johanna Walsh , Mishcon de Reya LLP

Michelle de Kluyver , Addleshaw Goddard LLP France

Elly Proudlock , Linklaters LLP

Ilias Anagnostopoulos , Anagnostopoulos • Q&A Hong Kong

Eve Giles , Allen & Overy LLP

Felix Ng , Haldanes Solicitors and Notaries • Q&A

Clare Sibson QC , Cloth Fair Chambers

Germany

Brazil

Louise Hodges , Kingsley Napley LLP

Rebecca Niblock , Kingsley Napley LLP

Andrew Powner , Haldanes Solicitors and Notaries India

Mark Beardsworth , Cadwalader Wickersham & Taft LLP

Homer E Moyer Jr , Miller & Chevalier Chartered

F Joseph Warin , Gibson, Dunn & Crutcher LLP

Poland

District of Columbia

Paul Gully-Hart , Schellenberg Wittmer

John W Nields Jr , Covington & Burling LLP

Serbia

NetherlandsQ&A

William W Taylor III , Zuckerman Spaeder LLP

William A Burck , Quinn Emanuel Urquhart & Sullivan LLP

James G Tillen , Miller & Chevalier Chartered

David M Zinn , Williams & Connolly LLP

David W Simon , Foley & Lardner LLP

Wendell Wong , Drew & Napier LLC

Fabio Cagnola , Cagnola & Associati Studio Legale

Astolfo Di Amato , Astolfo Di Amato e Associati

David Schreuders , Simmons & Simmons LLP

Geneva

•

Adriana de Buerba , Pérez-Llorca

Kara Brockmeyer , Debevoise & Plimpton LLP

Vânia Costa Ramos , Carlos Pinto de Abreu e Associados, Sociedade de Advogados, RL

William H Jeffress Jr , Baker Botts LLP

Brendan V Sullivan Jr , Williams & Connolly LLP

David B Anders , Wachtell Lipton Rosen & Katz

James A Bensfield , Miller & Chevalier Chartered

Niels van der Laan , De Roos & Pen

William E Lawler III , Blank Rome LLP

Martine M Beamon , Davis Polk & Wardwell LLP

Marike Bakker , NautaDutilh NV

Robert J Anello , Morvillo Abramowitz

Kateryna Gupalo , Arzinger

California Jan Lawrence Handzlik , Handzlik & Associates APC

Hendrik Jan Biemond , Allen & Overy LLP

Abbe David Lowell , Winston & Strawn LLP

Janusz Tomczak , Raczkowski

Zurich

Vladimir Hrle , Hrle Attorneys

Saverio Lembo , Bär & Karrer Ltd • Q&A Sonja Maeder Morvant , Reiser Avocats Clara Poglia , Schellenberg Wittmer

Andrew T Wise , Miller & Chevalier Chartered

Lanny A Breuer, Covington & Burling LLP

Roberto Pisano , Studio Legale Pisano

Portugal

Barry Boss , Cozen O'Connor

Sergiy Grebenyuk , Asters

Lucinda A Low , Steptoe & Johnson LLP

David Schertler , Schertler & Onorato LLP

USA

Laurence A Urgenson , Mayer Brown LLP

Peter H White , Schulte Roth & Zabel LLP

Italy

Pedro Duro , CS’Associados

Kathryn Cameron Atkinson , Miller & Chevalier Chartered Raymond Banoun , Banoun Law PLLC Kirby D Behre , Miller & Chevalier Chartered

Kenneth L Wainstein , Davis Polk & Wardwell LLP

Blair G Brown , Zuckerman Spaeder LLP

Anders Brosveet , Advokatfirmaet Elden

Richard Morvillo , Orrick Herrington & Sutcliffe LLP

Ukraine

Marc Henzelin , LALIVE • Q&A

Bruce Zagaris , Berliner Corcoran & Rowe LLP

Hamidul Haq , Rajah & Tann Singapore LLP

Norway

Nina Marino , Kaplan Marino, PC Debra Wong Yang , Gibson, Dunn & Crutcher LLP

Mark Rochon , Miller & Chevalier Chartered

Howard M Shapiro , WilmerHale

New York

Henry F Schuelke III , Blank Rome LLP

Amy Jeffress , Arnold & Porter

Kimberly A Parker , WilmerHale

Gary DiBianco , Skadden Arps Slate Meagher & Flom LLP

Han Jahae , JahaeRaymakers • Q&A

Ibtissem Lassoued , Al Tamimi & Company

Benjamin Borsodi , Schellenberg Wittmer

United Arab Emirates

David S Krakoff , Buckley LLP

Reid H Weingarten , Steptoe & Johnson LLP

Grand Iason & Anello PC

Jan Leliveld , Van Doorne NV

Mark F Mendelsohn , Paul Weiss Rifkind Wharton & Garrison LLP

Lisa van der Wal , De Roos & Pen

Thomas Brandi , Advokatfirmaet Selmer

Richard Grime , Gibson, Dunn & Crutcher LLP

Muriel Rosing , Stibbe

George Ayoub , Schellenberg Wittmer

Alice S Fisher , Latham & Watkins LLP

whoswholegal.com/thought-leaders

Peter S Spivack , Hogan Lovells US LLP

Singapore

Spain

Daan Doorenbos , Stibbe

Switzerland

Peter Burckhardt , Schellenberg Wittmer

Philip Urofsky , Shearman & Sterling LLP

Barry J Pollack , Robbins Russell Englert Orseck Untereiner & Sauber LLP

Elkan Abramowitz , Morvillo Abramowitz Grand Iason & Anello PC

Beth A Wilkinson , Wilkinson Stekloff

Roberto Finzi , Paul Weiss Rifkind Wharton & Garrison LLP

Nancy Kestenbaum , Covington & Burling LLP

Directory | Business Crime Defence – Corporates82

Linda Imes , Spears & Imes LLP

Barry H Berke , Kramer Levin Naftalis & Frankel LLP

Barry Bohrer , Mintz Levin Cohn Ferris Glovsky and Popeo PC

Robert J Cleary , Proskauer Rose

Benjamin Brafman , Brafman & Associates PC

George S Canellos , Milbank LLP

John J Kenney , Hoguet Newman Regal & Kenney LLP • Q&A

Steven Kobre , Kobre & Kim

Michael S Kim , Kobre & Kim

Carl H Loewenson , Morrison & Foerster LLP

Angela T Burgess , Davis Polk & Wardwell LLP

Richard Strassberg , Goodwin

David M Zornow , Skadden Arps Slate Meagher & Flom LLP

Guy Petrillo , Petrillo Klein & Boxer LLP

Michele Hirshman , Paul Weiss Rifkind Wharton & Garrison LLP

Strauss Hauer & Feld LLP

Christopher J Morvillo , Clifford Chance US LLP

Paul Shechtman , Bracewell LLP

Rita M Glavin , Seward & Kissel LLP

Gary P Naftalis , Kramer Levin Naftalis & Frankel LLP • Q&A

Susan Brune , Brune Law P.C.

Tai H Park , Quinn Emanuel Urquhart & Sullivan LLP

Richard D Weinberg , Morvillo

• Q&A

James J Benjamin Jr , Akin Gump

Sean Hecker , Kaplan Hecker & Fink LLP

David Esseks , Allen & Overy LLP

Aaron R Marcu , Freshfields Bruckhaus Deringer US LLP

Jonathan S Kolodner , Cleary Gottlieb Steen & Hamilton LLP

Andrew J Levander , Dechert LLP

Abramowitz Grand Iason & Anello PC

John F Savarese , Wachtell Lipton Rosen & Katz

Charles E Clayman , Clayman & Rosenberg LLP

Andrew J Ceresney , Debevoise & Plimpton LLP

Bruce E Yannett , Debevoise & Plimpton LLP

David E Brodsky , Cleary Gottlieb Steen & Hamilton LLP

Katherine R. Goldstein , Milbank LLP

Mary Jo White , Debevoise & Plimpton LLP

Lisa Zornberg , Debevoise & Plimpton LLP

Samuel W Seymour , Sullivan & Cromwell LLP

Marshall L Miller , Kaplan Hecker & Fink LLP

Theodore V Wells Jr , Paul Weiss Rifkind Wharton & Garrison LLP

John Gleeson , Debevoise & Plimpton LLP

...all in one place. The world’s best arbitrators, counsel and expert witnesses…  Who’s Who Legal @whoswholegal  whoswholegal.com Available now

BiographyCarnicéMarcJean-

84 Business Crime Defence | Individuals

Jean-Marc Carnicé heads BianchiSchwald LLC’s dispute resolution and white-collar crime practice groups within the firm. He was the chairman of the Geneva Bar Association from 2014 to 2016. He is a member of the High Council of Geneva’s judiciary and teaches white-collar crime within the Swiss Bar Association special ised lawyer training course. He has been a lecturer at the Ecole d’Avocature of the Law Faculty at Geneva University. Jean-Marc Carnicé holds a law degree from the University of Geneva and an LLM from New York University. He was admitted to the Geneva Bar in 1994 and the New York Bar in 1996.

BianchiSchwald LLC Tel:carnice@bianchischwald.chwww.bianchischwald.chGeneva+41582203600

different countries and the trust I place in them are essential to be well prepared for multijurisdictional investigations.

What advice would you give to younger lawyers hoping to one day be in your position?

I have noticed over the past few years an increase in the sophistication of the authorities.

Immediate availability, trust, ability to understand their activity and to find a solu tion, responsiveness and reliability. These are the key qualities of a successful whitecollar defence lawyer.

They should try to work in high-profile cases in order to attract greater visi bility. Participation in specialised confer ences and publications also help towards achieving a strong reputation among peers. Finally, respect towards the adverse party and indeed the opposing counsel is abso lutely essential.

How do you prepare for mul tijurisdictional investigations?

I have above all been inspired by the people I met. As a young lawyer, I had the privi lege to work for the best white-collar crime defence lawyers in Geneva. They shared their knowledge with me, and I am trying to do the same today with young lawyers.

In what ways has covid-19 impacted investigations processes?

Therefore, a high level of work is required from the legal community. Cyber criminality will clearly be a challenge in the future. Lawyers often must advise clients on preventive steps to be taken as a means of protecting against data theft as many commercial institutions are targeted. Without doubt, cyber criminality will increase in the next five years and deeply impact business crime defence practice.

I have also been clearly attracted by the diversity of the matters, its complexity and the international dimension of the cases.

WWL says: Jean Carnicé earns plaudits for his remarkable experience representing both corporate and individual clients in complex corporate criminal proceedings.

How do you see business crime defence practice changing in the next five years?

What inspired you to focus your career on white-collar crime defence?

whoswholegal.com/thought-leaders

Looking back over your career, what is the most interesting case you have been a part of?

You have enjoyed a very dis tinguished career so far. What would you like to achieve that you have not yet accomplished?

I would be very interested in taking a bigger part in academic pursuits. Teaching and participating in specialised conferences around the world would be a great achieve ment for me.

Over 10 years ago I was involved in a very complex cross-border litigation case between Italy, France and Switzerland. My client was accused of being a member of a criminal organisation, jailed in Switzerland and prosecuted. I had to interact with lawyers in different countries and I filed more than ten appeals in front of the Swiss Federal Criminal Court, many of which have been admitted. In the end, the client was acquitted.

What do clients look for in an effective business crime defence lawyer?

In my area of practice, multijurisdictional investigations are very typical. During the past few years, I have built strong contacts with law firms all around the world and met many excellent lawyers with whom I coop erate on a regular basis. The capacity to provide the client with very good lawyers in

Covid-19 has slowed down some investiga tions and blocked tribunals. The federal government refused to issue a decision suspending the statute of limitation that would have helped to reduce the pres sure on the judiciary. This decision was adequate in my opinion since exceptional rules should never be applied in criminal procedure. An important criminal trial in a major case regarding FIFA was cancelled because some of the accused have been considered at higher risk from corona virus. Finally, the statute of limitation was reached and the trial never took place.

Tel:robertopisano@pisanolaw.comMilan+390276002207

Also a Thought Leader in Business Crime Defence | Corporates 86 Business Crime Defence | Individuals

BiographyPisanoRoberto

Mr Pisano has a history of repre senting prominent individuals and entities in high-profile crim inal proceedings, including three cases of tax fraud against the former Italian prime minister, various cases of corruption involving international corpora tions and their officers, extradi tion (including the recent FIFA investigation) and foreign appeals against assets’ freezing, advising and representing foreign govern ments and conducting internal investigations for foreign multi nationals. He was co-chair of the business crime committee of the IBA in 2007– 2008 and vice chair of the ECBA in 2008–2009.

Studio Legale Pisano

As said, in the Italian scenario there is no competition with the larger firms, but synergy with different and supplementing skills. Internationally, it is crucial to have developed fruitful working experiences with the most knowledgeable lawyers in the various countries, because they will be the key factor of success when the case will arise.

Three cases of international tax fraud against the former Italian prime minister, in which I represented his main co-defendant, a US movie producer accused of being his hidden partner. The cases involved searche and seizure in the US (overturned) and Hong Kong (challenged), extensive freezing of funds in Switzerland (overturned in the criminal proceedings), etc. We won two cases and lost the third, with the whole country following the trials, because as a result the prime minister lost his Senate seat. We trust to win before the European Court of Human Rights, where the case is currently pending.

whoswholegal.com/thought-leaders

There is no doubt that laws on corporate criminal liability in the various states, espe cially in the last two decades, have signifi cantly impacted criminal law practice. In Italy, for instance, as of 2001 prosecutions can be brought against corporate entities, also foreign ones, in relation to a wide range of crimes committed by their managers or employees, in the interest or for the benefit of the corporation. In that context, where corporations and multinational groups become the targets of criminal investi gations, compliance programmes have

Yes, it is a noticed trend that is welcome, because it increases the number of quali fied advisers in the field. In the Italian scenario, however, representation at trial remains a role for boutique firms of expe rienced trial lawyers, who do not compete, but actually work in synergy with supple menting skills, with the larger law firms. All this makes the white-collar crime prac tice in our times much more complex, chal lenging and appealing.

When handling business crime cases, what makes Studio Legale Pisano stand out from competitors in the market?

What attracted you to a career in business crime defence?

a crucial role for excluding or mitigating corporate responsibility. This has clearly impacted the practice of criminal lawyers in advising and representing corporate entities, especially listed ones, vis-à-vis prosecuting and judicial authorities, and in conducting internal investigations in the interest of corporate clients.

What has been the most memo rable matter that you’ve worked on in your time practising law?

“A

An increasing number of coun tries are getting more active in investigating allegations of corporate misconduct. To what extent have stricter compliance programmes and a focus on corporate governance around the world impacted your practice?

Peers and clients say: “He is one of, if not the best in this jurisdiction” top white-collar crime investigation lawyer”

Cross-border white-collar crime enforcement is expanding rap idly and aggressively in the cur rent climate. Has this affected your practice in any way?

Since about the last 20 years, we have a culture and practice of working daily in teams with Italian and foreign counsel, experts, in-house lawyers, etc. Whitecollar practice is never a matter of a single man. This is especially true in our times, where almost every case is highly complex and transnational. Having said that, there is no way to defend properly and success fully in white-collar cases, without studying personally and in-depth every single detail of the case.

How do you intend to continue competing with the likes of larger firms in this space? Are networks and strategic alli ances important to ensure that you offer clients cross-border capabilities?

It is a highly sophisticated sector, where the traditional principles of criminal law have to interact with the dynamism and need of efficiency of the financial and international world. In that scenario, especially repre sentation at trial requires a stimulating, peculiar mixture of technical expertise and personality.

The increasing prominence of anti-bribery and anti-corrup tion work in the global market place has seen a number of law firms beef up their white-collar crime capabilities in recent years. Is this a trend that you’ve noticed? How has this affected your practice?

Yes absolutely. Most of my practice concerns multiple investigations in various states (the US, the UK, Germany, France, plus the Middle East, Far East, etc.), espe cially for corruption and tax fraud allega tions involving international corporations, their managers and foreign consultants. With the consequent need to coordinate with foreign counsel all steps of the activity of defence, including the challenges to the various freezing orders and letters of request to foreign authorities, frequently issued in these scenarios. There are no high-profile investigations and prosecu tions in recent times, which do not include extensive cooperation and exchange of evidence with foreign authorities, and freezing orders in foreign jurisdictions.

BiographySantangeloBetty

Schulte Roth & Zabel LLP New York, Tel:betty.santangelo@srz.comwww.srz.comNY+12127562587

Betty Santangelo focuses her practice on white-collar criminal defence and securities/bank enforcement. A former assis tant U.S. attorney for the SDNY, she specialised in securities and commodities fraud prosecutions. Her practice includes repre senting and conducting internal investigations for financial insti tutions, other corporate entities and individuals in matters brought by the U.S. Attorneys’ offices, by various regulatory agencies, including the SEC, the bank regu latory agencies, the CFTC, FINRA, international regulators and state and local prosecutors.

88 Business Crime Defence | Individuals

SRZ specialises in servicing all types of financial institutions, operating from offices in New York, London, and Washington D. C. SRZ’s clients are themselves market leaders and innovators. Accordingly, SRZ’s success comes from being expert on market trends and on top (if not ahead) of new developments in the industry. With

How do you effectively coordi nate on cases when working with foreign law enforcement agencies?

In approaching these cases, it is impor tant to understand the differences between the foreign agency and the U.S. agency and their goals. The rules relating to testimony can also be very different. It is, of course, also important to find a knowledgeable foreign law firm who can work with you as a good partner.

In developing your career, it is important to develop mentors along the way. I have been fortunate to have some good mentors. But the one thing I have learned over the years is that you should follow your own passion and choose your own path. If you do that, you will do a better job for your clients and live a happier life.

What advice would you give to younger practitioners hoping to one day be in your position?

What motivated you to pursue a career in white-collar crime?

What makes Schulte Roth & Zabel stand out from its com petitors in the market?

market-leading experience and an appre ciation of both legal and business perspec tives, we provide comprehensive support to all our clients across all our practices.

How have frauds become more sophisticated over the past five years, and how do you think they could evolve in the near future?

I was inspired by my father, a U.S. congressman and a criminal defence lawyer, who regaled me with his description of his criminal trials, and a woman pros ecutor who headed the Official Corruption Unit of the U.S. Attorney’s Office in the Southern District of New York (SDNY) who inspired me with her successful prosecu tions of mail fraud cases. (I was her student assistant.). I was then lucky enough to work at my first job after law school for one of the first white-collar defence boutique firms, which comprised former Assistant U.S. Attorneys. Their practice opened my eyes to the breadth of a white-collar defence practice, including securities fraud, foreign corrupt practices cases and money laun dering cases — all of which I found intellec tually stimulating. Thereafter, while I was at the U.S. Attorney’s Office in the S.D.N.Y., I prosecuted securities and commodities fraud cases and a very large international insurance fraud. All of this experience convinced me to specialise in white-collar defence.

What qualities make for a suc cessful practitioner in business crime defence?

WWL says: The “terrific” Betty Santangelo stands out for her in-depth expertise in corporate criminal defence matters, including securities and regulatory investigations.

You are a founding member of the Securities Industry and Financial Markets Association’s (SIFMA) Anti-Money Launder ing (AML) and Financial Crimes Committee. What are the organ isation’s goals and how has it enhanced your practice?

The Committee is an offshoot of a group I organised to assist me, while I was a member of Treasury’s Bank Secrecy Act advisory group, in providing feedback to the U.S. Treasury Department regarding the AML rules. It comprises experienced AML practitioners whose goals are to discuss issues with other members of the industry and discuss best practices in order to enhance the ability of their financial insti tutions to build sound AML and counter terrorist financing programs. Where appropriate, the committee communicates those issues to the regulators in a concise and cogent way to enable them to under stand the effect of those regulations on the industry and respond appropriately. I am extremely proud of how this committee has developed, my role in the committee, and how effective it has been. My work on this committee has enhanced my knowledge of the industry, helped me to be sensitive to my client’s concerns and to better repre sent them before the regulators.

Looking back over your career, what is the most memorable case you have been a part of? Fortunately, for me, I have worked on a number of significant cases that have been memorable.Oneofthem was the enforcement action against Merrill Lynch relating to the Orange County bond default. At the time, it was the largest case of its kind, and generated a securities law enforce ment investigation, civil litigation and a district attorney criminal proceeding. The matter involved billions of dollars in Orange County debt underwritings and resulted in a criminal settlement with the District Attorney of Orange County in which Merrill Lynch paid $30 million, but did not admit any wrongdoing. I was closely involved in overseeing the litigation and in negotiating the criminal settlement.

The international scope of frauds has made them more complicated and more diffi cult to detect by law enforcement. Going forward, the use of crypto currency will make these frauds even more difficult to unwind.

From my perspective, I think you need an intense interest in drilling down to the important facts, an ability to weed out frivo lous explanations, and the art of being able to explain the justice system to your clients to help them get through the process.

whoswholegal.com/thought-leaders

BiographyTunikDaniel

Lenz & Staehelin Tel:daniel.tunik@lenzstaehelin.comwww.lenzstaehelin.comGeneva+41584507000 Also a Thought Leader in Asset Recovery 90 Business Crime Defence | Individuals

Describe your career to date. I commenced and pursued my career at Lenz & Staehelin in Geneva, which I only interrupted first for a position as a foreign associate with a New York law firm and later for a sabbatical break.

By definition criminal investigations do impact the lives of clients involved in such matters. It is the lawyer’s role to guide the clients through and provide advice that is cautious without being unneces sarily alarming. Criminal investigations do require the involvement of the clients and thus affect their lives. Whenever this is possible, lawyers should discharge the clients from tasks they can handle.

The pandemic was the perfect illustration of a situation where the ordinary course of procedure could not be pursued and needed adaptations. To a limited extent adaptations occurred, but changes are very slow and it is not easy in this area to depart from the traditional in-person conduct of proceedings.

Has the coronavirus pandemic brought about any relevant procedural changes or even reforms in the region?

How does your expertise in corporate insolvencies and employment enhance your business crime practice?

Clients should expect a business crime defence lawyer to master the applicable legal rules and have the capacity to appre hend fully the underlying business environ ment. Clients would typically look for a mix of experience and willingness to immerse in the specific factual details of each case.

How do you seek to minimise the impact of criminal investi gations in the lives of clients?

How do you see business crime defence practice changing over the next five years?

It can be expected that the trends identified in the last years will continue to develop. This includes an increased willingness by the criminal authorities to direct investiga tions against both corporations and indi viduals as well as an increasing overlap between criminal and regulatory activity.

You do not need to play it strong if you can play it smart.

What do clients look for when selecting a business crime defence lawyer?

WWL says: Daniel Tunik is revered for his top-tier work defending international corporates in high-value disputes.

Whilst the language used in court proceed ings is imposed by the local rules, having the ability to communicate with the clients in their chosen language is undoubtedly a benefit as it saves translation time and costs and ensures that the clients can properly convey their messages.

By definition, the business crime prac tice evolves in a business environment. It is therefore of paramount importance for lawyers active in that field to have a proper understanding of the functioning of such an environment – or its dysfunc tioning. Accordingly, a broad practice that encompasses various business areas –including insolvency issues and disputes involving top management – certainly helps in the handling of complex business crime investigations.

whoswholegal.com/thought-leaders

What is the best piece of advice you’ve ever received?

In your experience, what ben efit do multilingual lawyers deliver to clients?

Han Jahae , JahaeRaymakers • Q&A Enide Perez , Sjöcrona Van Stigt Niels van der Laan , De Roos & Pen Lisa van der Wal , De Roos & Pen

Nicholas Purnell QC , Cloth Fair Chambers

Ben Rose , Hickman & Rose

Benjamin Borsodi , Schellenberg Wittmer

Hugo Keith QC , Three Raymond Buildings

Clare Sibson QC , Cloth Fair Chambers

Hannah Laming , Peters & Peters Solicitors LLP

Patrick Gibbs QC , Three Raymond Buildings

Christopher Coltart QC , 2 Hare Court

Stephen Pollard , WilmerHale

Richard C C Peck QC , Peck and Company

Felix Dörr , Dr Felix Dörr & Kollegen Tobias Eggers , WirtschaftsstrafrechtPARK

Vincent Asselineau , Asselineau et Avocats

Louise Hodges , Kingsley Napley LLP

Eve Giles , Allen & Overy LLP Rachna Gokani , QEB Hollis Whiteman

Ian Winter QC , Cloth Fair Chambers

Stéphane Bonifassi , Bonifassi Avocats

Poland

Jo Rickards , Greenberg Traurig LLP

Peter Binning , Corker Binning

Brian Spiro , Herbert Smith Freehills LLP

Miguel Reale Júnior , Miguel Reale Junior Advogados

Hong Kong

Roger Burlingame , Dechert LLP

Oliver Sahan , Roxin Rechtsanwälte Part mbB

Derek Chan SC , Plowman Chambers

Greece

Switzerland

Adrian Darbishire QC , QEB Hollis Whiteman

Judith Seddon , Dechert LLP

Andrew Smith , Corker Binning

Fabio Cagnola , Cagnola & Associati Studio Legale

Alison Pople QC , Cloth Fair Chambers

Stephen Gentle , Simmons & Simmons LLP

Tom Epps , Cooley (UK) LLP

Richard Sallybanks , BCL Solicitors LLP

Juliana Sá de Miranda , Machado Meyer Sendacz e Opice Advogados Canada

Portugal

David Perry QC , 6 KBW College Hill

British Columbia

Eberhard Kempf , Kempf Schilling Daniel M Krause , Krause & Kollegen Barbara Livonius , Livonius Rechtsanwälte

Thought Leaders in Business Crime

Alex Bailin QC , Matrix Chambers

Colin Cohen , Boase Cohen & Collins, Solicitors and Notaries Peter Duncan , Plowman Chambers Graham Harris SC , Liberty Chambers Benson Tsoi , Parkside Chambers

Alfred Dierlamm , DIERLAMM Rechtsanwälte

Jessica Parker , Corker Binning

Jonathan Barnard QC , Cloth Fair Chambers

Elly Proudlock , Linklaters LLP

Germany

Jean-Marc Carnicé , BianchiSchwald • Q&A

Eric Dezeuze , Bredin Prat Stéphane de Navacelle , Navacelle

Spain

Australia

Robert Wyld , Johnson Winter & Slattery

Marc Henzelin , LALIVE • Q&A

John Kelsey-Fry QC , Cloth Fair Chambers

Patrick Hunziker , RVMH Avocats

Ian Burton , BCL Solicitors LLP

David Corker , Corker Binning

Clare Montgomery QC , Matrix Chambers

Vânia Costa Ramos , Carlos Pinto de Abreu e Associados, Sociedade de Advogados, RL Pedro Duro , CS’Associados João Neto , G Marques da Silva Germano Marques da Silva , G Marques da Silva

Christine Braamskamp , Jenner & Block LLP

Johanna Walsh , Mishcon de Reya LLP

France

Kenan Furlong , A&L Goodbody Italy

Saverio Lembo , Bär & Karrer Ltd • Q&A

Paul Gully-Hart , Schellenberg Wittmer

Ernesto Díaz-Bastien , Ernesto DíazBastien & Asociados SLP

Jonathan Grimes , Kingsley Napley LLP

Ireland

Ross Dixon , Hickman & Rose

Stephen Parkinson , Kingsley Napley LLP

Stephan Beukelmann , BEUKELMANN | MÜLLER | PARTNER Rechtsanwälte mbB

Geneva

England

Janusz Tomczak , Raczkowski

Anand Doobay , Boutique Law

Defence 2022 | Individuals

Brazil

Directory | Business Crime Defence – Individuals92

Claire Cross , Corker Binning

Harry Travers , BCL Solicitors LLP

Roberto Pisano , Studio Legale Pisano

Marike Bakker , NautaDutilh NV Dian Brouwer , JahaeRaymakers

Alexander Schork , Schork & Kauffmann Karl Sidhu , SvS Rechtsanwälte

Ilias Anagnostopoulos , Anagnostopoulos • Q&A

• NetherlandsQ&A

California

Sonja Maeder Morvant , Reiser Avocats

whoswholegal.com/thought-leaders

Jan Nielsen Little , Keker, Van Nest & Peters LLP

Christopher J Morvillo , Clifford Chance US LLP

Benjamin Brafman , Brafman & Associates PC

Nanci L Clarence , Clarence Dyer & Cohen LLP

David M Zinn , Williams & Connolly LLP Roger E Zuckerman , Zuckerman Spaeder LLP

Robert J Anello , Morvillo Abramowitz Grand Iason & Anello PC

Gregory L Poe , Law Offices of Gregory L. Poe PLLC

Kenneth L Wainstein , Davis Polk & Wardwell LLP

Roy Black , Black Srebnick Kornspan & Stumpf PA

Jeffrey D Morris , Berkowitz Oliver Williams Shaw & Eisenbrandt LLP

Reid H Weingarten , Steptoe & Johnson LLP

Daniel Tunik , Lenz & Staehelin • Q&A

United Arab Emirates

Kansas

Jan Lawrence Handzlik , Handzlik & Associates APC

New York Elkan Abramowitz , Morvillo Abramowitz Grand Iason & Anello PC

Seth P Waxman , WilmerHale

Sean Hecker , Kaplan Hecker & Fink LLP

Barry H Berke , Kramer Levin Naftalis & Frankel LLP

Dani R James , Kramer Levin Naftalis & Frankel LLP

Douglas Jensen , White & Case LLP

F Joseph Warin , Gibson, Dunn & Crutcher LLP

Andrew M Lawler , Andrew M Lawler PC

John Gleeson , Debevoise & Plimpton LLP

Michael S Kim , Kobre & Kim

Brendan V Sullivan Jr , Williams & Connolly LLP

Mark F Mendelsohn , Paul Weiss Rifkind Wharton & Garrison LLP

John W Keker , Keker, Van Nest & Peters LLP

Walter F Brown Jr , Orrick Herrington & Sutcliffe LLP

Fred Hafetz , Hafetz & Necheles LLP

Roberto Finzi , Paul Weiss Rifkind Wharton & Garrison LLP

Martine M Beamon , Davis Polk & Wardwell LLP

David Schertler , Schertler & Onorato LLP

John J Kenney , Hoguet Newman Regal & Kenney LLP • Q&A Nancy Kestenbaum , Covington & Burling LLP

Ronald P Fischetti , Fischetti & Malgieri LLP

Aaron R Marcu , Freshfields Bruckhaus Deringer US LLP

Robert C Josefsberg , Podhurst Orseck PA

Cristina C Arguedas , Arguedas Cassman & Headley LLP

Thomas J Bath Jr , Bath & Edmonds PA Daniel E Monnat , Monnat & Spurrier Chartered

Linda Imes , Spears & Imes LLP

Robert M Cary , Williams & Connolly LLP Barry Coburn, Coburn & Greenbaum PLLC Thomas C Green , Sidley Austin LLP

John W Nields Jr , Covington & Burling LLP

Sharon L McCarthy , Kostelanetz & Fink LLP

James J Benjamin Jr , Akin Gump Strauss Hauer & Feld LLP

William W Taylor III , Zuckerman Spaeder LLP

Neal R Sonnett , Neal R Sonnett PA

Ukraine

Richard F Albert , Morvillo Abramowitz Grand Iason & Anello PC

J Sedwick Sollers III , King & Spalding LLP

Bruce M Lyons , Bruce Lyons Law Jane W Moscowitz , Moscowitz & Moscowitz PA

David B Anders , Wachtell Lipton Rosen & Katz

Andrew J Levander , Dechert LLP

Lawrence Iason , Morvillo Abramowitz Grand Iason & Anello PC

Elliot R Peters , Keker, Van Nest & Peters LLP

John D Cline , Law Office of John D. Cline

Florida

Olga Prosyanyuk , Aver Lex Vitaliy Serdyuk , Aver Lex

USA

Missouri

Gerald B Lefcourt , Gerald B Lefcourt P C

David Esseks , Allen & Overy LLP

Barry A Short , Lewis Rice LLC

Barry J Pollack , Robbins Russell Englert Orseck Untereiner & Sauber LLP

William H Jeffress Jr , Baker Botts LLP Abbe David Lowell , Winston & Strawn LLP

Nina Marino , Kaplan Marino, PC George D Niespolo , Duane Morris LLP

Ibtissem Lassoued , Al Tamimi & Company

Terry W Bird , Bird Marella Boxer Wolpert Nessim Drooks Lincenberg & Rhow PC

Vincent J Marella , Bird Marella Boxer Wolpert Nessim Drooks Lincenberg & Rhow PC

District of Columbia

Miguel Oural , Lenz & Staehelin

Henry W Asbill , Buckley LLP Lanny A Breuer , Covington & Burling LLP

Susan Brune , Brune Law P.C. George S Canellos , Milbank LLP Charles E Clayman , Clayman & Rosenberg LLP

Michele Hirshman , Paul Weiss Rifkind Wharton & Garrison LLP

Barry Bohrer , Mintz Levin Cohn Ferris Glovsky and Popeo PC

Rita M Glavin , Seward & Kissel LLP

Brian A Sun , Norton Rose Fulbright Debra Wong Yang , Gibson, Dunn & Crutcher LLP

Steven Kobre , Kobre & Kim

• Q&A

Directory | Business Crime Defence – Individuals94

Rusty Hardin , Rusty Hardin & Associates, LLP

John Sand Siffert , Lankler Siffert & Wohl LLP

Tai H Park , Quinn Emanuel Urquhart & Sullivan LLP

Betty Santangelo , Schulte Roth & Zabel LLP • Q&A

Paul Shechtman , Bracewell LLP

Mark F Pomerantz , Paul Weiss Rifkind Wharton & Garrison LLP

Lawrence J Zweifach , Gibson, Dunn & Crutcher LLP

Pennsylvania

Charles M Meadows Jr , Meadows Collier Reed Cousins & Blau LLP

Marjorie J Peerce , Ballard Spahr LLP Guy Petrillo , Petrillo Klein & Boxer LLP

Theodore V Wells Jr , Paul Weiss Rifkind Wharton & Garrison LLP

Mary Jo White , Debevoise & Plimpton LLP

Texas

Robert E Welsh Jr , Welsh & Recker

David Spears , Spears & Imes LLP

Charles A Stillman , Ballard Spahr LLP Amy Walsh , Orrick Herrington & Sutcliffe LLP

John R Wing , Lankler Siffert & Wohl LLP

Bruce E Yannett , Debevoise & Plimpton LLP

Frank H Wohl , Lankler Siffert & Wohl LLP

John F Savarese , Wachtell Lipton Rosen & Katz

Gary P Naftalis , Kramer Levin Naftalis & Frankel LLP • Q&A

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BiographyGiroudSandrine

LALIVE Tel:sgiroud@lalive.lawwww.lalive.lawGeneva+41581052000 Also a Thought Leader in Asset Recovery 96 Investigations

Sandrine specialises in domestic and international litigation. She advises and represents compa nies on compliance procedures and internal investigations. Her experience in the management of particularly sensitive matters allows her to tackle not only legal but also strategic aspects such as reputation and media. She is also recognised for her expertise in art law, public international law and human rights. Sandrine is a member of various professional bodies and organisations in the field of human rights and art.

While traditionally a more domestic market, the world of investigations and criminal law is now more international than ever. Besides, the traditional issues such as antibribery and corruption, financial services misconduct and fraud or money laundering have become more sophisticated. Also, new schemes such as ESG litigation and inves tigation have emerged as a result of global developments and climate change.

What motivated you to pursue a career in law?

How does your multilingual ism strengthen your practice, especially in investigations?multijurisdictional

A strong sense of justice and the willing ness to help those in need.

“She is tough and extremely smart”

The confrontation with the judicial machinery and the weight of procedure which give a more prosaic perspective of the otherwise romantic idea of justice you have during your studies. Criminal law requires tactical skills to work out the system and ensure your client’s voice is being heard.

whoswholegal.com/thought-leaders

How has the market changed since you first started practising?

What is the best piece of advice you’ve ever received?

My main priority is investing in our team, identifying and attracting talent, inspiring passion for our profession and providing our team with the best means – among others logistical tools and soft skills – to serve our clients and exceed their expectations.

Being able to speak and understand other languages helps you rethink your commu nication, to ensure your message is well understood by all and not only by reference to your own language. This ensures that objectives are clearly identified and agreed by all, which improves efficiency.

Adjust corporate criminal liability sanc tions to the reality of the market to really incentivise companies to anticipate and remediate potential deficiencies, which could lead to criminal offences.

Cryptocurrency has raised two sorts of issues: firstly, it requires a technical under standing of how cryptocurrencies work, thus more learning for lawyers. Secondly, the technology complicates the tracking of assets – and authorities are often behind the curve in keeping up with investigations involving cryptos.

What did you find most chal lenging about entering criminal law?

To what extent has cryptocur rency posed new challenges for business crime defence lawyers?

As a partner at LALIVE, what are your main priorities for the firm’s development in the next couple of years?

Peers and clients say: “Sandrine is an excellent adviser”

“She is very shrewd at assessing legal risks and is a fantastic tactician”

Try and ask! You’ll be surprised how many times you’ll get a yes.

If you could implement one reform to the way business crime defence is legislated in Switzerland, what would it be and why?

Kaplan Hecker & Fink LLP New Tel:shecker@kaplanhecker.comwww.kaplanhecker.comYork+1212763-0883

Sean Hecker is a partner at Kaplan Hecker & Fink LLP. Sean is nation ally recognised as a go-to lawyer who receives widespread praise and acclaim for his practice, which focuses on white-collar criminal defense, government and internal investigations, complex civil litiga tion, and regulatory compliance, as well as his active pro bono prac tice. He is president of the New York Council of Defense Lawyers and is a fellow of the American College of Trial Lawyers.

Also a Thought Leader in Business Crime Defence | Corporates & Individuals 98 Investigations

BiographyHeckerSean

I have always believed in advancing the public interest through the law. Through my clerkships and experience working as a trial lawyer with the Federal Defenders of New York, I became interested in a career as a corporate-crime lawyer and was able to help establish Kaplan Hecker’s whitecollar practice and investigations practice when I joined in 2018.

How do you see your practice developing over the next five years?

various forms of alleged corruption or fraud – the nature of the businesses targeted will likely continue to evolve and focus on new technologies.

I love working alongside my talented Kaplan Hecker colleagues to help our clients solve their most difficult and urgent problems. Our team comprises highly experienced litigators and trial lawyers, including former federal prosecutors, former public defenders, and lawyers who have clerked for judges at all levels.

What makes Kaplan Hecker & Fink stand out from its competitors?

WWL says: Sean Hecker is “a super-strategic and sharp advocate” who provides “practical and strong advice” to clients in complex investigations.

How do you establish a detailed understanding of a client’s business to advise them effectively?

To what extent has the legal market changed, in terms of gender diversity, since you began practising?

Since joining Kaplan Hecker in 2018, we’ve strategically grown our white-collar and investigations practice in an incredibly short period of time. As a boutique firm, our clients receive personalised attention from partners, while benefiting from the efficiencies of a small, uniquely talented team of lawyers with diverse experience across the legal industry.

What has been your greatest achievement to date?

The acquittal our team achieved for Robert Bogucki at trial before Judge Charles Breyer is certainly one of my proudest recent achievements. As Judge Breyer noted, he had never previously granted a Rule 29 motion in full before but did so here after being persuaded that the prosecution was ill-considered and unjust. Our whole trial team deserves real credit for that achievement. I’m also incredibly proud of the white-collar team we are building at Kaplan Hecker & Fink, which now includes former federal prosecutors and several former public defenders like myself.

First and foremost, clients look for experi ence and someone who will fight for them. When it comes to complex corporate-crime work, it helps to have in-depth knowledge and first-hand experience across a broad range of white-collar and government investigation areas, including FCPA matters, financial markets trading-related issues, accounting and related financial-fraud cases, and other types of DOJ, SEC, and CFTC investigations. Clients want person alised attention and a total commitment to achieving the best possible outcome, whether through negotiation or trial.

It is key to integrate yourself as seamlessly as possible with your client from the start of your engagement. Listen to your client, who knows their business better than any lawyer will. And spend time educating yourself, particularly if it is in an emerging industry, such as DeFi or cryptocurrencyrelated businesses.

What do you enjoy most about working on white-collar crime matters?

We have seen a lot of progress regarding gender diversity across the legal market, but it’s clear we still have a long way to go.

What attracted you to a career as a corporate crime lawyer?

We have a strong foundation of trust and a shared commitment to justice, both of which yield rewarding results for our clients.

My practice areas are complex and constantly evolving. While the types of charges that are investigated remain similar over time – typically involving

What do clients look for when selecting their counsel?

whoswholegal.com/thought-leaders

More and more firms are implementing diversity and inclusion initiatives to support their attorneys and staff members, espe cially over the last couple years. I’m fortu nate to help lead a firm that is majority women – and LGBTQ+ – owned and offers innovative solutions to attract and retain diverse talent, like our unique program that provides parental leave during federal clerkships.

Andreas D. Länzlinger heads Bär & Karrer’s internal investigations practice group and is one of the leading partners of the firm’s litigation/arbitration practice group. He has extensive experi ence in handling complex banking/ financing, commercial, corporate, contract and insurance litiga tions, both before Swiss courts and in cross-border proceedings. He and his team have conducted many large-scale internal inves tigations at global enterprises in the financial, pharmaceutical and construction business. He has represented a number of Swiss clients in mass tort litigation cases before US courts.

BiographyLänzlingerAndreas

Tel:andreas.laenzlinger@baerkarrer.chwww.baerkarrer.chZurich+41582615350 100 Investigations

Bär & Karrer

Difficult to say. I guess the most important achievement that I have still to accomplish is to continue and complete the handover of my responsibilities in the practice group to the next generation, and to further define the role I am going to play as part of the team in the next couple of years. Apart from that, I would like to intensify my role as advisor to boards of directors and/or to senior leadership in the management of compliance-related crisis situations. This is an area where I have gained a lot of experience in my relatively long practice of conducting investigations and litigating related matters.

How do you establish a detailed understanding of a client’s business to advise them effectively?

101

What is the most challenging aspect of conducting large and complex internal investigations at finance, pharmaceutical and construction businesses?

As regards individual cases, I consider my greatest achievement to be that I was able to contribute, with my team, to many corporate clients in the testing and improvement of their governance and compliance framework and the related processes, on their journey to reach a higher level of overall responsible, ethical and compliant business conduct.

than 15 years, we have inter nally developed a group of highly skilled and experienced specialists in the field of investigations, and we have built a solid network with outside service providers that we add to the team as required, which enables us to assist a great variety of clients in various markets (financial, industrial, nutrition, pharmaceuticals, infrastructure) to conduct investigations in their business operations.

My personal goal is to continue our practice group’s development of the next leading partners’ generation of the group. We have so far successfully built up a strong team of new partners and senior associ ates who have already taken over some of the responsibility to develop and grow our practice area. My goal is to secure a smooth transition process permitting this extremely talented and enthusiastic younger generation to successfully develop this practice group in the years to come, while I continue to contribute my part to the growth of the group’s business.

the client’s interests in the resolution of the investigated matter constantly on our radarAnotherscreen.important challenge, among many others, is the balancing of individual responsibilities in an investigated matter against the corporate responsibility, to form a fair and balanced view when it comes to remediation and sanctioning at the conclusion of an investigation.

litigation, triggered by sanctioned persons, by investors, or by third parties which were involved in the investigated matter. Equally, various authorities may have an interest in the matter under investiga tion, and related proceedings may result. The litigation perspective is therefore an important element of a holistic conduct of an investigation.

You have enjoyed a very dis tinguished career so far. What would you like to achieve that you have not yet accomplished?

Over the years, we have gained a detailed and thorough understanding of the busi ness of our clients with whom we have worked with for a long time. This is, obvi ously, a fundamental requirement and basis to be able to efficiently conduct an investigation of matters involving a client’s business. We generally spend substantial time and effort to understand the relevant business parts of our clients where matters must be investigated, and we make sure that the core team managing the investiga tion comprises the required representa tives of the client who possess the needed know-how in the affected business sectors.

whoswholegal.com/thought-leaders

With respect to our firm’s development, I am very happy to see that I have contrib uted to the establishment of a very strong, multi-facetted internal investigations practice group, which is one of the leading groups in Switzerland. Likewise, we have been able to build up the white-collar prac tice group not only in Geneva, where this group was traditionally strong, but equally in Zurich.Sincemore

Peers and clients say: “One of the best in Zurich and Switzerland for corporate investigations” “He has an excellent reputation and a very strong team around him”

You do a mix of investigations and disputes work. To what extent do these two sides of your practice complement each other?

Generally, the timing aspect of investiga tions is crucial, primarily from a client’s perspective. Investigations are a serious stress factor for those concerned or affected, and for the organisation in general. Therefore, it is of utmost impor tance that an investigation is carried out efficiently, with appropriate reporting mile stones so that the responsible manage ment and/or board levels are kept informed for them to timely take the required deci sions. Hence, our role is not just to conduct a state-of-the-art investigation, but to have

In my opinion, litigation and investigation is a perfect match, for a variety of reasons. First, in both practice areas, one must master all relevant facts and understand the business that forms the background of the matter prior to forming views as the legal qualifications that derive therefrom. Establishing the complete (and relevant) facts of the respective matter is key in both areas. Then, the same skills are required when interviewing fact witnesses and experts. Thirdly, the litigator’s experience is crucial when assessing remedial action, in particular, when it comes to sanctioning people. Often, investigations end up in

As head of Bär & Karrer’s inter nal investigations group, what are your goals for the group’s development over the next five years?

What has been your proudest achievement to date?

102 Investigations

Simone specialises in complex domestic and cross-border internal and regulatory investigations for a broad range of topics, including corruption, ESG-related issues and incidents, money-laundering, fraud, cybercrime and harass ment allegations. She is regularly retained by corporate clients to advise on crisis management, compliance and remedial action. She also has extensive experi ence with monitorships. Simone Nadelhofer is ranked among the 100 Women in Investigations 2021 worldwide by Global Investigations Review. She has recently co-edited and contributed to the first edition of The Guide to Internal investiga tions in Switzerland

BiographyNadelhoferSimone

LALIVE Tel:snadelhofer@lalive.lawwww.lalive.lawZurich+41581052100

Today, the proliferation of data sources is one of the biggest challenges when gathering the data relevant to an investi gation. Possible perpetrators use a variety of mobile devices and applications, and devices such as drones, iPods, smart cars, and even cloud plays a role in the commis sion of crime. The further development of mobile forensics will hopefully make it possible and easier to access and use this type of data in investigations meaningfully.

I started my career as a lawyer in the banking and finance team of a leading law firm in Zurich. I quickly developed a strong interest for white-collar crime and investigations. In 2010, I joined LALIVE and helped set up a new office in Zurich with two colleagues, which was a new experi ence and a great opportunity to grow in an untapped market. Together with a larger team of lawyers, we have since then been able to develop a considerable investiga tions practice. We have, for example, been the Swiss counsel to the US monitor of a large Swiss company, the first foreign monitor based in Switzerland conducting an in-depth investigation into the compa ny’s US-related practices.

What impact will legal technol ogy innovation have on investi gations practice over the next five years?

How has the market changed since you first started practising?

How does your role as Corpo rate Counsel Forum Liaison Officer of the IBA Business Crime committee enhance your practice, and what are the goals of the organisation?

LegalTech tools will further accelerate internal investigations and enhance effi ciency of the process without being less

Every engagement starts with thorough research on the client’s business, in particular the client’s public financial and non-financial reports. We also speak to the client’s management and employee’s and ask questions relevant to our engagement.

What inspired you to pursue a legal career?

The IBA brings together legal practitioners from all over the world. My function allows me to closely interact with my peers and exchange insights into the business crime and investigations practice in other juris dictions. When you follow a cross-border practice, staying abreast of international developments and establishing trusted relationships is key.

whoswholegal.com/thought-leaders

I decided to become a lawyer when I was a teenager. I always liked arguing and defending my case, starting with my parents. Therefore, a career as a dispute resolution lawyer was an obvious choice, which I never regretted. What I love about the profession is the constant intellectual stimulation when dealing with complex and high-stake disputes and investiga tions, as well as the exchanges with inter esting people from all over the world. Also, the legal system and issues affecting our clients constantly evolve, so there is no routine in my daily work. Now it is the new ESG regulations that are changing the legal landscape, particularly in investigations.

concise. Speedy processes are key for companies wishing to cooperate with enforcement authorities and allowing them to complete investigations that would, in the past, have taken years.

What makes LALIVE stand out from its competitors in the market?

103

A serious internal investigation or compli ance advice requires an in-depth under standing of a client’s business and risks, as there are no tailor-made solutions.

How do you establish a detailed understanding of a client’s business to advise them effectively?

Peers and clients say: “Simone is one of the leaders in investigations and white-collar matters in “SheSwitzerland”isregularly retained in high-profile cases by companies and executives”

You have enjoyed a very dis tinguished career so far. What would you like to achieve that you have not yet accomplished?

I would like to continue bringing solu tions and give back to organisations with responsible business manage ment approaches and apply my skills in ways that can drive sustainable impact. I am quite passionate about the topic of responsible business and am committed to implementing further measures – also within the firm – to create an accepting environment in which all people can thrive. I would also like to pass on my experience and knowledge to the younger generation and help young female lawyers on their career path in particular.

With LALIVE’s focus on dispute resolution, our team does nothing else than assist and advise clients in high-stake disputes, investigations and crisis situations. The firm stands out among its competitors as an independent firm, which is key in inves tigations, and the international exposure with Swiss roots. What makes the differ ence I believe, is the people that work for the firm and their drive for excellence, collaboration and inclusion.

serious compliance programme in compa nies in any industry. Also, investigations are conducted cross-border and Swiss compa nies are facing prosecution in other jurisdic tions, above all in the US. With Glencore, for the second time, a Swiss company has been assigned a US monitor, which raises inter esting questions, mainly of Swiss blocking statutes and data protection. Further new technologies are impacting the world of investigations through volume and granu larity of data that can be accessed.

“Simone is persistent, communicates very transparently, is cost-conscious as well as exceptionally thorough in her work”

Two decades ago, investigations and whitecollar crime did not exist as practice areas in the leading firms. Furthermore, and hard to believe, Swiss law firms had just started using emails as their means of commu nication at the time. In 2000, compliance issues were mostly related to anti-money laundering regulations for financial institu tions. Since then, the world has changed, and investigations are an integral part of any

Describe your career to date.

Gary P Naftalis is co-chairman of Kramer Levin Naftalis & Frankel LLP and one of the nation’s leading trial lawyers and pre-eminent liti gators. For more than 40 years, he has represented individuals and corporations in all phases of complex bet-the-company civil, criminal and regulatory matters.

Kramer Levin Naftalis & Frankel LLP

BiographyNaftalisGary

Also a Thought Leader in Business Crime Defence | Corporates & Individuals 104 Investigations

New Tel:gnaftalis@kramerlevin.comwww.kramerlevin.comYork+12127159253

Mr Naftalis formerly served as an assistant US attorney in the Southern District of New York. He received his law degree from Columbia, his MA from Brown, and his AB from Rutgers. He has taught at Columbia and Harvard and co-authored the leading work on the grand jury.

How has the market changed since you first started practising?

The most significant change in business crime defence is globalisation. Quite often the alleged misconduct involves complexi ties and consequences not confined to a single nation, regulator and authority. You must now strategise and approach issues while considering diverse and often competing interests and agendas.

WWL says: Gary Naftalis is revered for his adept handling of corporate investigations, with peers highlighting him as “one of the very best in the country”.

What impact has technological innovation had on the nature of corporate crime cases you have been seeing?

One case that stands out is my successful defence of Michael Eisner, the CEO of the Walt Disney Company, in the share holder’s derivative lawsuit relating to the hiring and termination of Michael Ovitz as Disney’s president. After a highly publi cised 37-day trial in the Delaware Court of Chancery – the second longest trial held in that court – Mr Eisner and the other Disney directors prevailed and every claim against them were rejected. Because the case was tried with cameras in the court room, the public could see firsthand how the evidence demonstrated that Michael Eisner had acted properly in all respects and always in the best interests of Disney and its shareholders.

The greatest challenge they face is the absence of trials. Even before covid-19, there were far fewer jury trials than in the past. Because of covid-19, there were

105

essentially no jury trials for more than a year. You can’t become a great trial lawyer by reading books or watching videos. You need to be in the trenches. And it is harder to convince a prosecutor or regulators that their prospective case has flaws if you don’t have a track record in the courtroom.

I find it enormously satisfying to be able to help individuals and corporations in times of crisis. In those high-stress situations, everything that is important is at stake –their freedom, reputation and future. Being able to persuade regulators or prosecutors not to bring charges is the best outcome for the client. But often we need to go to court to vindicate the client’s rights. Trying such high-stakes cases is an intellectual and strategic challenge and involves relating to and persuading people, whether they be jurors or judges, that the charges are unjust and unfounded. That is a challenge that I enjoy the most.

increased the universe of communica tions and complicated the work of this business crime defence lawyer. People dash off emails and texts often without the care and editing that goes into sending a written memo or letter. And unlike written drafts and letters that can be discarded, electronic communications never go away. Deleted emails and texts can be retrieved from hard drives. The evolution of final documents can be traced through metadata.Onthe positive side, presentation of data and arguments to judges and juries is enhanced by technology and can be much more effective and persuasive. Jurors pay more attention when documents and testimony are projected on a screen and so much more can be done with graphics.

I highly recommend clerking for a great judge, preferably a trial judge. Learning the ins and outs of trials, how judges approach decision-making and understanding how the system works is invaluable. Working as a prosecutor is also valuable if you want to be a trial lawyer. You cannot learn how to try cases from books. You need to be in court and actively trying cases. And a highquality public prosecutor’s office is a great place to get hands-on experience and learn from your mistakes and from trying cases against great adversaries.

What has been the most memorable matter that you’ve worked on?

You have a wide-ranging cor porate crime practice. What have you enjoyed working on the most?

Electronic communications — emails and text messages — have exponentially

What advice would you give to younger lawyers starting a career in the field?

What do you think will be the greatest challenge faced by the generation of white-collar crime lawyers behind you?

whoswholegal.com/thought-leaders

The best advice I had ever received was to become an assistant US attorney under Robert Morgenthau in the Southern District of New York after clerking for a federal judge. It was a life changing experience. I learned how to be a trial lawyer and how to present complex fraud cases to a jury. I found that this was something that I liked and suited my talents and aspirations.

You can never be over-prepared. There is no substitute for really knowing the facts and all the issues that might arise at trial. And being credible so the jury and judge will rely on what you argue and what you say as always being the truth. Having a good reputation for lawyering skills and reliability is indispensable.

The scope of what is considered criminal and worthy of investigation and prosecution has dramatically increased. Matters that were once the subject only of private civil disputes, or at most administrative action, have now been criminalised. In addition, corporations are now being investigated and prosecuted much more frequently. It was not that long ago that corporations were hardly ever the focus of criminal investigations and prosecutions.

BiographySierraDiego

Diego Sierra is a partner at Von Wobeser y Sierra, where he leads the anti-corruption and compli ance, and bankruptcy and restruc turing practices, in parallel with his litigation and arbitration prac tices. He is admitted to practise both in Mexico and in New York. He co-chairs the Mexican Bar Association bankruptcy committee and chairs the ICC Mexico anticorruption commission. Diego Sierra serves as officer of the IBA anti-corruption committee. He graduated with honours from the Escuela Libre de Derecho and with honours from the School of Law and the Kellogg School of Management of Northwestern University where he obtained an LLM and a certifi cate in business administration.

106 Investigations

Von Wobeser y Sierra Mexico Tel:dsierra@vwys.com.mxwww.vonwobeser.comCity+525552581039

We believe we have an optimal blend of high-stakes transactional and disputes expertise. This allows us to better serve our clients specifically while preparing and implementing strategies. We offer a mix of diverse areas of specialisation that sometimes translates but often in a subtle fashion. For example, we will generate a strategy with antitrust components mixed with administrative and civil litigation, while securing the upper hand in an M&A negotiation. Essentially, we help our clients make better business decisions by lever aging the close dialogue and constant collaboration that we foster between our transactional and litigation practices.

Whenever I have some spare time, I love jumping into a WSJ or HBR article showing where the latest trends are moving towards. I am no business expert but having that interest as an intellectual sport gives me an angle in asking our clients questions that disputes lawyers sometimes do not consider relevant. I try to understand a client’s main competitive advantages, how can it continue growing and preserving its profitability, what are its margins, whether there is cyclicality in its business model, what are its EBIDTA margins, does it generate cash promptly from its clients or is its business cash flow somewhat constricted. I also try to under stand a client’s operation and what obsta cles it could face to preserve its business from running smoothly. Working from the business back towards the legal issues very often helps us craft legal solutions that would have not been apparent at the outset from a strictly legal point of view.

I am a firm believer that the younger gener ations need to reach for greater sophistica tion and stronger intellectual diversity. I am always pushing for their greater preparation both academically in Mexico and overseas. On wordsmanship I get close to associ ates in helping them structure briefs and memos. I try to guide them but let them find their own solutions. We are always in constant dialogue and pushing ourselves to be creative. As part of VWyS’s institution alisation, we have built an associate career path. Associates set their own goals against this career path and we periodically qualify their performance. In this way, we measure their progress and aim for greater objec tivity. We encourage our associates to study LLM’s abroad and seek working opportu nities for them with firms we admire. We also host foreign associates every year. This affirms VWyS’s international DNA, opens our firm to the world and aligns our stars for their eventual walk into the partnership.

As a generalist disputes lawyer, I have been honoured by our clients’ trust to repre sent them on wide array of matters. For example, defending class actions, share holder disputes, insolvency proceedings, tortious liability, breach of contract, and qui tam actions arising from facts in Mexico. On investigations, I have conducted investiga tions on companies involved in sectors and industries as diverse as finance, insurance, consumer products, entertainment, travel, consulting, mining, construction, automo tive, and oil and gas. Investigations have also given me the opportunity to deal with Mexican authorities when self-reporting. Moreover, investigations have opened a fascinating window into the extraterrito riality of the FCPA and the frequent litiga tion universe that often stems from FCPA concerns. I have also acted as counsel for our clients in international arbitrations in jurisdictions such as Paris and Miami. This plurality of engagements offers me a broader toolkit to solve our clients’ most complex legal problems. It puts me in a better position to anticipate combina tions and permutations on the unfolding of a dispute that other practitioners, who are focused on a specific domestic niche, sometimes might overlook.

How do you seek to mentor and continue to strengthen the liti gation team at the firm?

Von Wobeser y Sierra has transactional and litiga tion expertise. How do these strengths complement each other and add value to the cli ent experience?

How do you seek to work across different practice areas to understand the sequence of events in a dispute?

More than 85 per cent of VWyS’ss client base comes from multinational companies doing business in Mexico. Thus, most of our clients have close ties with the US. Often, they are public companies with securities listed in the US markets and their opera tions in Mexico are governed by extrater ritorial statutes that reach beyond the US borders. Being admitted to practise in New York therefore helps me recognise concerns that my clients may have that otherwise I would have been blind to. It enables me to become a communicating bridge between legal traditions that do not always see eye to eye – common law and civil law.

How does diversity form an important part of Von Wobeser y Sierra’s culture?

We operate as a unified full-service firm with a Mexican foothold, and a strong inter national outlook. In a profession where individualism often undermines a firm’s success, we have placed collaboration front and centre in VWyS. We act with transpar ency with regards to the cases that we handle, both between partners and at the associate level. Transparency also guides the way we measure ourselves. As part ners, we track our performance not only by business generation but by contribu tions to the firm and our culture. Moreover, associates measure both partners and their peers’ contributions to our firm and its wellbeing. Finally, in recent months we have invested heavily in our people’s well ness by retaining psychologists to help cope with the tough challenges caused by

businesses and build longterm relationships?

At VWyS, we celebrate our differences, strive for intellectual excellence and

whoswholegal.com/thought-leaders

How do you seek to gain a deep understanding of your client’s

You are admitted to practise in New York and Mexico. How does this enhance your practice?

107

What are the main ways Von Wobeser y Sierra distinguishes itself from its competitors?

client satisfaction. Women and members of the LGBT community sit at the partner table. Their voices count and influence our culture and firm strategy. We want to be the best law firm in Mexico, with a strong commitment to diversity. We have also created an ethics committee that over sees compliance with our firm’s code of conduct and that manages a hotline oper ated by an independent third party to hear any complaints in the workplace.

WWL says: Diego Sierra is “a top-notch expert” who excels in high-stakes anti-corruption investigations at home and abroad.

commercial and administrative litigation presence in the market while expanding our arbitration reputation which is a hall mark of our firm. Moreover, our whitecollar and investigations practice will continue to drive our growth in offering a distinctive area of international practice.

How would you like to develop your litigation practice in the next five years?

108 Investigations

the coronavirus pandemic and our work load. We have also continued to invest on diversity and inclusion by offering round tables and seminars to raise awareness of the benefits of a diverse environment.

We want to continue expanding our core areas of expertise by strengthening our

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110 Investigations

Eric Stupp heads Bär & Karrer’s financial services department and co-heads the internal investiga tion and cross-border proceed ings team. His practice focuses on advising banks, insurance companies, asset managers and other financial intermediaries on regulatory matters, enforcement proceedings and on M&A trans actions. In recent years, he has regularly advised financial insti tutions and regulatory bodies in connection with internal investi gations on cross-border issues. In particular, he has assisted clients in numerous proceedings initiated by the US Department of Justice, the New York Department of Financial Services and other US or European authorities.

Bär & Karrer AG Tel:eric.stupp@baerkarrer.chwww.baerkarrer.chZurich+41582615390

BiographyStuppEric

There exists some confusion about AI and machine learning. Many forensic tools are not really embracing AI as this tech nology is still in its early days of develop ment. It may play a more prominent role in the future, but presently, the ability of humans to assess information is by far

Technology and the increased use of elec tronic communication makes it easier to skim large volumes of data and to get to a sub-set of data that might be relevant for an investigation at hand. But from there on, it is still of crucial importance to have lawyers with an open mind and an ability to connect the dots.

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“He has vast experience in financial investigations and banking, and is well recognised in the market”

Even for investigations outside the finan cial sector, for example, in case of alleged bribery allegations, it is very helpful to understand how money flows and what kind of information can be found.

of countries, including Switzerland, there exist blocking statutes, which restrict investigative measures taken for the benefit of foreign authorities. GDPR and privacy laws add even more red tape limiting the freedom to share informa tion across borders. Furthermore, there exist cultural differences. For example, you have to organise and interpret an interview differently depending on which part of the world you are in. The human language is not like a math task, it requires interpreta tion and a good understanding of context and cultural code of interaction.

How does your extensive expe rience in banking regulations enhance your investigatory practice?

What underrated skills and traits would you encourage the up-and-coming generation of lawyers to develop?

What challenges are posed by conducting investigations across multiple jurisdictions?

What recent trends have you noticed in investigations and how have they impacted your practice?

Cybercrime is a real threat to companies and society at large. I do not think that new laws are required. But criminal and other authorities need to improve their abili ties to understand those threats and their ability to bring cases to justice.

How would you like to develop your practice in 2022–2023?

To what extent do you see a need to reform current laws and regulations for them to be in pace with the growing sophistication of cybercrime?

How do you establish a detailed understanding of a client’s business to advise them effectively?

more important for a successful investi gation than some fancy IT tools.

Financial literacy, management and organ isational skills are clearly factors that are of relevance for a career in this area of the legal profession.

The practice is still on a growth path. Since January 1st, two associates became partner, which will allow us to broaden the practice. In addition, we have a number of new associates who will start in the coming months.

To what extent has machine learning and artificial intel ligence impacted how you approach investigations?

Our firm covers various industries. There is nearly always a partner in the firm who is able to explain what the rules of the road are for a specific industry. Furthermore, we usually start an investigation by inter viewing representatives of the manage ment and reading through annual reports, reports of financial analysts and other sources of information in order to get a basic sense of how a company operates in its respective industry.

Peers and clients say: “Eric is an attorney with profound experience”

Multi-jurisdictional investigations create their own set of issues. One has to respect different laws, which make it harder to have a consistent approach with regard to an investigation at hand. In a number

“His clients can be assured that they are in very good hands with him”

Approximately 100 Swiss financial institu tions have been exposed to investigative inquiries of US and other authorities. A good grasp of how the financial system works is very helpful to organise an internal investigation in a targeted manner and to be able to assess the information gathered.

whoswholegal.com/thought-leaders

Ontario

John Mitchell , Arnold Bloch Leibler Robert Wyld , Johnson Winter & Slattery

Patrick Gibbs QC , Three Raymond Buildings

Clare Sibson QC , Cloth Fair Chambers

Carlos Ayres , Maeda, Ayres & Sarubbi Advogados

Argentina

Ewan Brown , Slaughter and May

John Kelsey-Fry QC , Cloth Fair Chambers

Aaron Stephens , King & Spalding International LLP

Canada

Roger Burlingame , Dechert LLP

Hugo Keith QC , Three Raymond Buildings

Judith Seddon , Dechert LLP

Mark Johnson, Debevoise & Plimpton LLP Mark Lin , Hogan Lovells

Simone Kämpfer , Freshfields Bruckhaus Deringer LLP

Patrick Rappo , DLA Piper

Nichola Peters , Addleshaw Goddard LLP

Eloy Rizzo Neto , Demarest Advogados

Thomas Schürrle , Debevoise & Plimpton LLP Hong Kong

Eve Giles , Allen & Overy LLP

Sara George , Sidley Austin LLP

Matthew Bruce , Freshfields Bruckhaus Deringer LLP

Mark Beardsworth , Cadwalader Wickersham & Taft LLP

Thought Leaders in Investigations 2022

Joanna Dimmock , Paul Hastings LLP

John W Boscariol , McCarthy Tétrault LLP

Peter Binning , Corker Binning Neill Blundell , Macfarlanes LLP

Miranda Hill QC , 6 KBW College Hill Louise Hodges , Kingsley Napley LLP

Anne-Marie Ottaway , HFW

Ben Rose , Hickman & Rose Ali Sallaway , Freshfields Bruckhaus Deringer LLP

Giovanni Falcetta , TozziniFreire Advogados

Eike Bicker , Gleiss Lutz Bernd Groß , Feigen-Graf Heiner Hugger , Clifford Chance Partnerschaft mbB

David Corker , Corker Binning

Jonathan Grimes , Kingsley Napley LLP

Stephen Gentle , Simmons & Simmons LLP

Elly Proudlock , Linklaters LLP

Peter Goldsmith QC , Debevoise & Plimpton LLP

Richard Sallybanks , BCL Solicitors LLP

China

Antonin Lévy , Antonin Levy & Associés Astrid Mignon Colombet , August & Debouzy Stéphane de Navacelle , Navacelle Germany

Bruno Carneiro Maeda , Maeda, Ayres & Sarubbi Advogados

Eric Carlson , Covington & Burling LLP Kate Yin , Fangda Partners

England

Brazil

Keith E Oliver , Peters & Peters Solicitors LLP

Jonathan Pickworth , Paul Hastings LLP Stephen Pollard , WilmerHale

Erica Sarubbi , Maeda, Ayres & Sarubbi Advogados

Gustavo Luis Morales Oliver , Marval O'Farrell Mairal

Ross Dixon , Hickman & Rose Anand Doobay , Boutique Law

Michael O'Kane , Peters & Peters Solicitors LLP

Clare Montgomery QC , Matrix Chambers

Alison Pople QC , Cloth Fair Chambers

Australia

Claire Lipworth , Hogan Lovells International LLP

Harry Travers , BCL Solicitors LLP Barry Vitou , HFW

Jonathan Cotton , Slaughter and May Matthew Cowie , Dechert LLP

Elizabeth Robertson , Skadden Arps Slate Meagher & Flom (UK) LLP

Guy Foster , Allens

Amanda Raad , Ropes & Gray LLP

Tom Epps , Cooley (UK) LLP

Christine Braamskamp , Jenner & Block LLP

Carlos Conceicao , Clifford Chance LLP

Johanna Walsh , Mishcon de Reya LLP

Michelle de Kluyver , Addleshaw Goddard LLP France

Richard Lissack QC , Fountain Court Chambers

Stéphane Bonifassi , Bonifassi Avocats Eric Dezeuze , Bredin Prat

Directory | Investigations

David Perry QC , 6 KBW College Hill

Kelly S Austin , Gibson, Dunn & Crutcher LLP

Jessica Parker , Corker Binning Duncan Penny QC , 6 KBW College Hill

Alberta Mark Morrison , Blake, Cassels & Graydon LLP

Luke Tolaini , Clifford Chance LLP

112

Timothy W Blakely , Morrison & Foerster LLP

Sven Henrik Schneider , Hengeler Mueller

Adrian Darbishire QC , QEB Hollis Whiteman

Ben Morgan , Freshfields Bruckhaus Deringer LLP

Jo Rickards , Greenberg Traurig LLP

Nick Benwell , Simmons & Simmons LLP

Roger Best , Clifford Chance LLP

Karolos Seeger , Debevoise & Plimpton LLP

Andrew Smith , Corker Binning Brian Spiro , Herbert Smith Freehills LLP

Edward Grange , Corker Binning

Nicholas Purnell QC , Cloth Fair Chambers

Peter Burrell , Willkie Farr & Gallagher (UK) LLP

Alan Linning , Mayer Brown Tim Mak , Freshfields Bruckhaus Deringer

Thiago Jabor Pinheiro , Mattos Filho Shin Jae Kim , TozziniFreire Advogados

Timothy L Dickinson , Paul Hastings LLP

Homer E Moyer Jr , Miller & Chevalier Chartered

Martin Rogers , Davis Polk & Wardwell

Roan Lamp , De Brauw Blackstone Westbroek NV

Tom Stocker , Pinsent Masons LLP

Federico Busatta , Gianni & Origoni

Amy Jeffress , Arnold & Porter

Joy Tan , WongPartnership LLP

Charles F Connolly , Akin Gump Strauss Hauer & Feld LLP

Patrick Ploeger , De Brauw Blackstone Westbroek NV

Neil H MacBride , Davis Polk & Wardwell LLP

India

Peter Burckhardt , Schellenberg Wittmer

Deborah Meshulam , DLA Piper LLP (US)

Kyle Wombolt , Herbert Smith Freehills

Gary S Lincenberg , Bird Marella Boxer Wolpert Nessim Drooks Lincenberg & Rhow PC

William B Jacobson , Allen & Overy LLP

Eric Stupp , Bär & Karrer Ltd • Q&A

Diego Sierra , Von Wobeser y Sierra SC

Kazakhstan

NetherlandsQ&A

Ireland

Scotland

Hamidul Haq, Rajah & Tann Singapore LLP

Colleen A Conry , Ropes & Gray LLP

Walter F Brown Jr , Orrick Herrington & Sutcliffe LLP

Benjamin Borsodi , Schellenberg Wittmer

Kirby D Behre , Miller & Chevalier Chartered

James Wadham , Davis Polk & Wardwell

Jeffrey H Knox , Simpson Thacher & Bartlett LLP

James M Koukios , Morrison & Foerster LLP

Robert D Luskin , Paul Hastings LLP

Jaime Alonso , Uría Menéndez Switzerland Geneva

•

Nathaniel B Edmonds , Paul Hastings LLP

Mark F Mendelsohn , Paul Weiss Rifkind Wharton & Garrison LLP

Aisling O'Shea , Sullivan & Cromwell LLP

Kimberly A Parker , WilmerHale

David A O'Neil , Debevoise & Plimpton LLP

Karen A Popp , Sidley Austin LLP

Andreas D Länzlinger , Bär & Karrer Ltd

Mexico

Harpreet Singh Nehal SC , Audent Chambers

Clara Poglia , Schellenberg Wittmer

Colleen P Mahoney , Skadden Arps Slate Meagher & Flom LLP

United Arab Emirates

Matteson Ellis , Miller & Chevalier Chartered

Wendy Wysong , Steptoe & Johnson LLP

Douglas N Greenburg , Latham & Watkins LLP

Claudio Bazzani , Homburger

Marike Bakker , NautaDutilh NV

Debra Wong Yang , Gibson, Dunn & Crutcher LLP

Sandrine Giroud , LALIVE • Q&A

113

Gordon A Greenberg , McDermott Will & Emery

Richard Grime , Gibson, Dunn & Crutcher LLP

Donna Wacker , Clifford Chance

Daan Doorenbos , Stibbe

Simone Nadelhofer , LALIVE • Q&A Flavio Romerio , Homburger

USA California

Joel Benjamin , Kinstellar LLP

District of Columbia

Lanny A Breuer , Covington & Burling LLP

Janusz Tomczak , Raczkowski

Nick Williams , Hogan Lovells International Spain

Ibtissem Lassoued , Al Tamimi & Company

Kara Brockmeyer , Debevoise & Plimpton LLP

Singapore

Charles (Chuck) Duross , Morrison & Foerster LLP

Kathryn Cameron Atkinson , Miller & Chevalier Chartered

Aaron Lee , Allen & Gledhill LLP

Zurich

Kenan Furlong , A&L Goodbody

Bruno Cova , Delfino e Associati Willkie Farr & Gallagher LLP

• Q&A

Jamie Gorelick , WilmerHale

Studio Legale

Kunal Gupta , Trilegal

Ismail Ramsey , Ramsey & Ehrlich LLP

Marnix Somsen , De Brauw Blackstone Westbroek NV

Marc Henzelin , LALIVE • Q&A

Preston Burton , Buckley LLP

Nigeria

CHAMBERS LLC

Dayo Adu , Famsville Solicitors

Italy

Saverio Lembo , Bär & Karrer Ltd • Q&A

Eric H Holder Jr , Covington & Burling LLP

Davinder Singh SC , DAVINDER SINGH

William H Jeffress Jr , Baker Botts LLP

Fabio Cagnola , Cagnola & Associati

David S Krakoff , Buckley LLP Corinne A Lammers , Paul Hastings LLP Lucinda A Low , Steptoe & Johnson LLP

Wilson Ang , Norton Rose Fulbright (Asia) LLP

Amy J Conway-Hatcher , Schertler & Onorato LLP

Poland

Michael Diamant , Gibson, Dunn & Crutcher LLP

whoswholegal.com/thought-leaders

Robert J Anello , Morvillo Abramowitz Grand Iason & Anello PC

Peter R Zeidenberg , ArentFox Schiff LLP

Lev L Dassin , Cleary Gottlieb Steen & Hamilton LLP

Carl H Loewenson , Morrison & Foerster LLP

Michael A. Asaro , Akin Gump Strauss Hauer & Feld LLP

Mark Rochon , Miller & Chevalier Chartered

George S Canellos , Milbank LLP

Richard Strassberg , Goodwin

• Q&A

114 Directory | Investigations

Gary P Naftalis , Kramer Levin Naftalis & Frankel LLP • Q&A

David M Zinn , Williams & Connolly LLP

John D Buretta , Cravath, Swaine & Moore LLP

Martine M Beamon , Davis Polk & Wardwell LLP

Amy E Millard , Clayman & Rosenberg LLP

James G Tillen , Miller & Chevalier Chartered

Christopher J Morvillo , Clifford Chance US LLP

Denis J McInerney , Davis Polk & Wardwell LLP

Reid H Weingarten , Steptoe & Johnson LLP

Andrew M Levine , Debevoise & Plimpton LLP

Charles A Stillman , Ballard Spahr LLP

New York

Evan T Barr , Fried, Frank, Harris, Shriver & Jacobson LLP

Richard D Owens , Latham & Watkins LLP

Aaron R Marcu , Freshfields Bruckhaus Deringer US LLP

Barry Bohrer , Mintz Levin Cohn Ferris Glovsky and Popeo PC

Andrew T Wise , Miller & Chevalier Chartered

Laurence A Urgenson , Mayer Brown LLP

Grand Iason & Anello PC

Patrick Fitzgerald , Skadden Arps Slate Meagher & Flom LLP

John Hillebrecht , DLA Piper LLP (US)

George J Terwilliger III , McGuireWoods LLP

Linda Chatman Thomsen , Davis Polk & Wardwell LLP

James J Benjamin Jr , Akin Gump Strauss Hauer & Feld LLP

Barry H Berke , Kramer Levin Naftalis & Frankel LLP

Paul Shechtman , Bracewell LLP

Daniel L Zelenko , Crowell & Moring LLP

Lawrence Iason , Morvillo Abramowitz Grand Iason & Anello PC

Richard F Albert , Morvillo Abramowitz

Brendan V Sullivan Jr , Williams & Connolly LLP

F Joseph Warin , Gibson, Dunn & Crutcher LLP

Grand Iason & Anello PC

Lynn A Neils , Baker Botts LLP

Mark Filip , Kirkland & Ellis LLP

Sharon Cohen Levin , Sullivan & Cromwell LLP

Paul Schoeman , Kramer Levin Naftalis & Frankel LLP

Robert J Cleary , Proskauer Rose

Cheryl Scarboro , Simpson Thacher & Bartlett LLP

Hank Bond Walther , Jones Day

Andrew J Levander , Dechert LLP

Sean Hecker , Kaplan Hecker & Fink LLP

Nicolas Bourtin, Sullivan & Cromwell LLP

Lee S Richards III , Perkins Coie LLP

Mary Jo White , Debevoise & Plimpton LLP

Nancy Kestenbaum , Covington & Burling LLP

Michele Hirshman , Paul Weiss Rifkind Wharton & Garrison LLP

Michael S Kim , Kobre & Kim

David E Brodsky , Cleary Gottlieb Steen & Hamilton LLP

Samuel W Seymour , Sullivan & Cromwell LLP

Dan K Webb , Winston & Strawn LLP

Illinois

Theodore V Wells Jr , Paul Weiss Rifkind Wharton & Garrison LLP

Bruce E Yannett , Debevoise & Plimpton LLP

David B Anders , Wachtell Lipton Rosen & Katz

Guy Petrillo , Petrillo Klein & Boxer LLP

Steven Kobre , Kobre & Kim

Patrick F Stokes , Gibson, Dunn & Crutcher LLP

Philip Urofsky , Shearman & Sterling LLP

John F Savarese , Wachtell Lipton Rosen & Katz

Susan Brune , Brune Law P.C.

Peter S Spivack , Hogan Lovells US LLP

Kenneth L Wainstein , Davis Polk & Wardwell LLP

Elkan Abramowitz , Morvillo Abramowitz

David N Kelley , Dechert LLP

Roberto Finzi , Paul Weiss Rifkind Wharton & Garrison LLP

Mythili Raman , Covington & Burling LLP

William F McGovern , Kobre & Kim

Alan Vinegrad , Covington & Burling LLP

Frank H Wohl , Lankler Siffert & Wohl LLP

Mark F Pomerantz , Paul Weiss Rifkind Wharton & Garrison LLP

David Meister , Skadden Arps Slate Meagher & Flom LLP

Minimise risk Drill down into speciﬁc feedback to deliver a more effective business generation strategy

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BiographyBeckettPhil

Phil Beckett is a managing director with Alvarez & Marsal and leads the firm’s disputes and investigations practice in Europe and the Middle East and the forensic technology practice globally. Phil brings more than 20 years of experience in forensic technology engagements, advising clients on forensic investigations of digital evidence, the interroga tion of complex data sets, data privacy, cyber risk and the disclo sure of electronic documents.

Tel:pbeckett@alvarezandmarsal.comwww.alvarezandmarsal.comLondon+447798733555 116 Investigations | Digital Forensic Experts

Alvarez Marsal

In what ways does Alvarez & Marsal distinguish itself from competitors?

117

What challenges has the shift to remote working pre sented from a digital forensic standpoint?

and Investigations team – including accountants, economists and investiga tors. Finally, the fact that we operate as a truly global practice enables us to bring local knowledge and experience on crossborder matters – whether that relates to localised technology services or local laws and regulations.

What do clients look for in an effective digital forensic expert?

whoswholegal.com/thought-leaders

What are the biggest data threats your clients currently face, and how are you helping tackle them?

There are many qualities needed to make a good expert. The most obvious one is technical ability – forensic experts need to know their subject area and not stray away from it, as that is where danger lurks!

There are many data threats clients are facing: cyber, privacy and the manage ment of large, complex datasets during a litigation or regulatory enquiry. However, one that stands out at the moment is the theft of intellectual property – be that via a departing employee or through corporate espionage – never mind external hackers.

I started my career at a large accountancy firm performing IT audits and IT security reviews. During this time, I was assigned to a fraud investigation where I got my first taste of digital forensics. I remember the case vividly and from that point forward I pushed my career in that direction. Combining deep technical skills with an investigative mindset in order to put the pieces of the jigsaw together to help tell the story and solve the problem is something I enjoyed on that first case and something I still enjoy to this day.

What is the best piece of advice you’ve ever received?

As more and more of a company’s inherent value is embedded within its data and intellectual property, the data becomes a larger and larger target. We work closely with clients to help protect their crown jewels and if the worst happens help them investigate any loss. This includes establishing the relevant intelligence and evidence that allows clients to take further action to protect their interests. This has always been a relevant risk, but at the moment with a lot of change following the pandemic, we are seeing an uptick in these type of matters.

as has always been the case, is to plan well in advance. Companies should make sure they understand their IT infrastructure –both from a technical perspective and from a user’s perspective. An understanding of how the technology systems have been designed and also how they are actually used – which are not always aligned – is critical.

What inspired you to pursue a career in digital forensics?

Remote working, or hybrid working, has introduced new technologies and applica tions into businesses as they seek to repli cate and enhance the way they collaborate. When it comes to an investigation, all of these new technologies have to be taken into account. This includes an increased and varied use of cloud and virtual technol ogies, as well as the continued adoption of collaborative and communicative software such as Slack, Teams and Zoom. The key,

To what extent has machine learning and artificial intel ligence impacted how you approach investigations?

AI and machine learning, comprising a wide variety of technologies, adds to the toolbox that a digital forensic professional uses and will build on and enhance existing tools and introduce new techniques and approaches. It is critical that the expert understands how the AI works, what the technology is doing and what that means – experts cannot simply press a button and blindly accept whatever follows. AI will open many possibilities, some that can be foreseen and others that cannot, but they need to be appropriately scrutinised as part of the forensic process. Without a shadow of a doubt, AI will enhance a lot of what we do (and is already) and will unlock new investigative techniques. AI is something we, as digital forensic experts, are continu ally assessing.

At Alvarez & Marsal we distinguish ourselves based on the quality of the people on our team. We engage with clients in a consultative way and always seek to understand and resolve their challenges, rather than delivering a standard product without understanding the situation. We also bring a range of skillsets to bear on a problem, not just from a technical perspec tive, which includes cyber, privacy and data analysis skills as well as forensics, but also from across the wider, integrated Disputes

I once heard a senior partner get asked what had made him so successful and he said it was the three As: ability, availability and affability. This advice is something that I have tried to follow – ensuring that, as an individual and team, we have the correct set of technical skills to solve a client’s problem, that we are always available when needed and that we develop good relation ships with our clients. It is always impor tant to enjoy what you do and who you do it with – one of the reasons “fun” is a core value at Alvarez & Marsal.

Peers and clients say: “Phil really is an outstanding forensic expert” “Even as a competitor, I refer work to him”

Forensic experts should have an inquisitive and open mind, making sure to consider alternative hypotheses for a case, as well as be confident enough to deliver findings, regardless of how they will be received – as experts cannot be unduly influenced.

Digital experts need to be able to commu nicate the work performed and associated findings/conclusions in an easily under stood manner – often acting as a trans lator between “technology” and “human”.

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Tel:joel.bowers@kroll.comwww.kroll.comToronto+14163616742

BiographyBowersJoel

Joel Bowers is a managing director in the cyber risk prac tice of Kroll. Based in Toronto, Joel has overseen the cyber risk practice in Canada since 2012. Joel and his team specialise in litigation support matters and sensitive data reviews following breach incidents. Over the years, Joel has led thousands of cases involving digital evidence ranging in size from single computer investigations through cases involving hundreds of electronic devices with over 20 terabytes of information.

Kroll Advisory Ltd.

Peers and clients say: “Joel is very knowledgeable of digital forensics practice” “He is a top choice and a well-versed practitioner in investigations proceedings”

What do clients look for in an effective digital forensic expert?

Clients are always going through a very stressful situation when digital forensic services are required, so it’s important to respond to new requests quickly, and then remain in communication and not leave them waiting and wondering what is happening with their case.

What do you find most inter esting about assisting clients in data breach investigations?

The most interesting thing about assisting clients with data breach investigations is finding creative solutions to their unique review challenges. Anything we can do to defensibly reduce the amount of data that needs to be manually reviewed or apply automation to expedite a review goes a long way towards decreasing cost and increasing the speed of any sensitive data review.

As managing director of the cyber risk practice at Kroll, what are your main priorities for the team’s development in the coming years?

I learned about the field in school and was immediately drawn to the combination of investigative problem solving alongside the opportunity to work with many different types of computer systems.

How has the role of a digital forensic expert changed since you first started practising?

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Where, in your opinion, does the future of digital forensics lie?

life balance for the team members. Cyber is an extremely demanding industry and I would like to work towards making it easier for people to stay in the industry and with the company for extended periods of time.

What makes Kroll stand out from its competitors in the market?

What inspired you to pursue a career in digital forensics?

Kroll experts provide rapid response to more than 3,200 cyber incidents of all types annually. We help countless more clients with litigation support (including expert witness services); managed detection and response services for both active threats and as an integral part of network secu rity; notification solutions, including multi lingual call center support; and proactive services, including general and threatfocused risk assessments, response plan ning, tabletop exercises and more. With years of public and private sector expe rience and law enforcement service, our cyber security experts can provide invalu able leadership at any point in the cyber risk continuum.

The most important aspect of an effective digital forensic expert is responsiveness.

What is the best piece of advice you’ve ever received?

I think it is important to scale up to keep up with demand for our services, and to continue to refine processes and imple ment automation where possible to increase efficiency and to improve work

The biggest change over the years has been the increase in specialisations within the field. When I began, everyone had to be a bit of a generalist as every customer used different technologies, and the case volume was much lower. Those elements combined to mean investigators had to be flexible. Now we have subject matter experts that only work on incident response cases, or only work on malware analysis.

whoswholegal.com/thought-leaders

I expect information technology systems will continue moving towards cloud and “software as a service” based solutions, and digital forensics will have to continue to innovate, develop new tools, and adapt to that ecosystem.

Take a step back. It’s truly amazing how sometimes stepping away from a problem can make the solution immediately obvious.

BRG

Peggy Daley specialises in highprofile investigations and compli ance initiatives on behalf of higher education institutions, finan cial institutions, and healthcare providers and manufacturers. She is a nationally recognised data analytics expert and has led high-profile cybersecurity and trade secret theft investigations. She has testified at regulatory and sanctions hearings and serves as an expert witness in matters relating to fraud, data privacy, data analytics, Telephone Consumer Protection Act (TCPA) compliance and data security.

Tel:pdaley@thinkbrg.comwww.thinkbrg.comChicago+13124297950

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BiographyDaleyPeggy

What’s the most interesting case you’ve worked on to date?

I’ve been extraordinarily fortunate and my personal career goals have been met. Of course, I want to keep working with brilliant lawyers on challenging cases, but my main goal now is to see the professional careers of my team members flourish. I hope I’m working for them some day.

“She has incredible judgment and the excellent ability to pull together and manage a team”

Network security requires ongoing vigi lance. This is true whether the workforce is home or in the office, but remote working poses additional risks. Obtaining outside network security audits from reputable technology firms is critical and being able to certify that security standards are met goes a long way with regulators. Breaches can happen to the most vigilant company but they’re almost guaranteed when lesser standards are applied.

whoswholegal.com/thought-leaders

Our clients’ emergencies are our emer gencies. We’re typically brought in during periods of crisis. This requires a particular set of skills that include patience, preci sion, efficiency, decisiveness, urgency and expectation management.

It’s not underrated but underdeveloped – writing. Many technologists have great technical experience, but they struggle to write cogent reports that can be used by counsel in adversarial proceedings. Written reports and oral testimony are our ultimate deliverable and too little time is spent developing those skills. It’s difficult as technology is always changing so continuing education on that score is mission critical but if you can’t commu nicate effectively and persuasively, you’re doing the client a disservice.

What qualities make for a suc cessful digital forensic expert?

Our forensic technologists were a bit lonely in our physical labs during the worst of the pandemic as computer forensics on laptops and phones remains a manual process, but our team switched to remote working without any hiccups.

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It has been less of a change than one would think since so many of our clients have switched their networks to the cloud meaning we were able to conduct a lot of work from our secured home offices.

How has the market changed since you first started practising?

How has the shift to virtual working following the corona virus pandemic affected digital forensics?

What would like to achieve that you have not yet accomplished?

What underrated skills would you encourage the next gener ation of digital forensic experts to develop?

“She will work all night, call in any resource, do whatever she can to accommodate whatever the case needs”

Counsel is much more sophisticated about technology and it is no longer a badge of honour to claim that they are not. Issues relating to data privacy are now a primary concern in most of my matters even in cases that do not arise out of alleged viola tions of data privacy laws.

It’s a tie between the Lehman Brothers bankruptcy investigation on behalf of the examiner or the Bernie Madoff Ponzi scheme. It is fascinating to peel the onion and discover the genesis, scope and impact of complex financial frauds.

I understand how lawyers think, and their ongoing need to discover and apply facts that are necessary to establish causes of actions and defences. The best lawyers are working on their opening statements on day two of a case and adjusting it as discovery rolls out. I “get” the big picture, not just my expert role and often make strategy suggestions that a non-lawyer wouldn’t know to suggest.

Peers and clients say: “She is incredible to work with – totally devoted to the client”

How does your background as a corporate defence and litiga tion lawyer enhance the skills you bring to your role as an expert?

How can clients ensure they are prepared to meet the high levels of expectations from regulators concerning opera tional resilience and robust compliance programmes in firms where remote working is prevalent?

Robert DeCicco is a managing director with Alvarez & Marsal’s disputes and investigations prac tice. He specialises in providing services related to digital foren sics incident response, forensic examinations, cybersecurity and electronic discovery for a variety of high-profile and confidential clients. He is a court accepted expert for a host of technologyrelated disciplines both domesti cally and abroad. Mr DeCicco has performed hands-on examina tions and analysis through the full life cycle of electronic evidence from extremely complex, dispa rate and sensitive technology envi ronments throughout the world.

Alvarez & Marsal Los Tel:rdecicco@alvarezandmarsal.comwww.alvarezandmarsal.comAngeles+18326962339

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BiographyDeCiccoRobert

The main challenges, without taking covid-19 into consideration, have tradi tionally been how data is handled from a privacy perspective from region to region. The nuances change often and our access to data from corporate and individual citi zens of varied nations changes right along side of legislation. Fortunately, I can rely on and leverage the experience of my colleagues who operate in every major market across the globe. Our clients are multinational and understand their respec tive landscapes and they expect the same from us.

for any direct examination. Going through reports, deposition testimony or any other details and drilling with counsel has always been helpful for me. Knowing what I ‘did’ inside and out and cold will usually serve better than saying ‘I have to get back to you’ too many times on the record in cross-examination.

Overall, our firm continued to leverage all our core values and we pride ourselves on our agility and adaptability to change despite being a large international firm. Using one of our core values – integrity – as a baseline for how the firm would approach the change in work structure was key. We did not allow the changes in the past year to compromise our quality of work or the integrity of our work product. For the forensic technology services practice overall, our shift due to covid-19 was rela tively frictionless. We have been dealing with data collection scenarios on short timelines from often physically remote locations and conducting analysis remotely for years, so our change was more of shifting gears from remote collection and analysis being an exception to being a majority. And we have continued to take away lessons that make us more produc tive and cohesive as a team.

The first step when handling a response is to get an understanding of what has already happened and what the client or outside counsel has already done. We always have a plan for any contingency and have seen almost every scenario at least once before. It is important to remain calm and rely on training and experience and to trust in the process. Once a baseline of steps is taken and is coupled with the facts, we look to leverage as much as possible of previously taken measures and to shore up any shortfalls that may have inadvertently happened. From there, the next steps all involve understanding the universe of users impacted and what digital assets have been impacted, and then operating within that universe.

How has your firm adapted to the challenges caused by covid-19?

How do you prepare when tes tifying as an expert?

The dynamics of digital forensics is what keeps work interesting. There is an everchanging landscape of devices that store electronic information and communica tion platforms we use in day-to-day busi ness and personal life that go in and out of fashion. We are constantly working with new tools and techniques in an effort to keep up with the new technologies. As a result, nothing ever becomes completely routine. Always needing to learn and adapt makes for a fulfilling career.

How have you seen companies’ approaches to cybersecu rity issues and data breaches evolve over the past few years?

What are the main challenges of working in a practice area that is increasingly global in scope?

whoswholegal.com/thought-leaders

Companies have learned to involve outside counsel as soon as possible, as compared to previous times when we found ourselves advising a corporate client to do so. In instances where the law firm introduces us to an event, the case teams are consider ably more sophisticated in the approaches to getting their client back to productivity and what issues to look for. The translation of technology to law is much smoother now than it was previously.

What are the initial key steps when handling an incident response from a client?

Looking back at the colleagues and peers I have worked with in various consultancies and across various levels of organisations around the world and seeing how they have grown over time professionally, personally and in their respective expertise has been one of my proudest achievements. I’d like to think I contributed in some way as either a colleague or teammate, a lesson learned during our interaction that helped them move forward and develop in their careers.

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Looking back over your career, what has been your proudest achievement?

Personally, I like to make sure I understand the timeline of how long I have to prepare and then compare that to what information I need to refresh or have top of my mind

What do you enjoy most about working in digital forensics?

Peers and clients say: “He is extremely skilled in computer and digital forensics” “A top choice for high-profile investigations proceedings”

Tel:tanya.gross@ankura.comwww.ankura.comLondon+442070158803

Ankura

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BiographyGrossTanya

Tanya Gross is a senior managing director at Ankura, based in London. She has spent the past decade managing investigations and disputes involving unstruc tured, structured and semistructured data. She has led largescale evidence and disclosure management exercises in the UK, France, Switzerland, Hong Kong, Japan, the Middle East and the US. Tanya leads the team’s client delivery and practice development efforts across Europe, EMEA and APAC, including e-discovery, digital forensics, information security, structured analytics and custom solutions.

From a practical perspective, we can collect data and artefacts remotely using forensically sound techniques – we always have. We have fully adapted to this new way of working and our clients have been satis fied with our results.

What has been your most inter esting case to date and why?

It is often challenging to balance helping an organisation get back to business-asusual operations while preserving data that is necessary for the investigation and root cause analysis. It is also important to help contain the issue and ensure any malware is identified, isolated and removed.

I am now able to add faces to names. Travel restrictions have meant we have had to adapt to meet the needs of our clients.

It’s essential to develop a strategy at the outset of an investigation for the collection

Which technology are you excited about at the moment and how do you think it will impact data investigation and disputes?

You have enjoyed a very dis tinguished career so far. What would you like to achieve that you have not yet accomplished?

What do you enjoy most in your role as senior managing direc tor at Ankura?

How has covid-19 changed your practice and your clients’ data programmes?

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We’ve adopted a collaborative approach to working using various tools and platforms that allow video and content sharing.

and searching exercise. It’s crucial to scope which systems hold data that is of interest, in order to prepare and process it for the investigation and legal review. In recent years there has been a big focus on using machine-learning techniques to reduce data volumes, but if you develop a focused, targeted approach and sample the data of key individuals relevant to the investiga tion at the start and develop a defensible methodology, you can keep the volume of data down to a manageable size. Machine learning should complement the approach and not used solely to reduce data volumes, otherwise it can be cost prohibitive. The methodology and process is the most importantWorkingelement.closely with the legal teams helps guide and steer the approach, and communication and managing stakeholder expectations remains key.

Up until recently, we were merely using audio calls, but now we try to call our clients using video to replicate a face-to-face meeting. This creates a more relaxed atmos phere, strengthens relationships, and makes working practices more inclusive.

“Ms Gross ensures diligent, speedy and excellent client engagement”

Peers and clients say: “Tanya is extremely professional in the provision of investigations services”

What motivated you to special ise as a forensic data expert?

What is the greatest challenge posed by unstructured data in modern investigations?

Working as a team through a really chal lenging time is very satisfying as strong relationships are built if expectations are managed effectively. Cyber incidents are very fast- moving, using a team with a variety of skills will help the client through their crisis.

“She is always available to answer any strategic questions or queries around approach process or costs”

whoswholegal.com/thought-leaders

Always try something new and don’t be scared to challenge yourself! Don’t be scared to fail. You can learn a lot about yourself and others through trying different things.Atthe same time, work hard; be supportive of others; and recognise that everyone has different talents and strengths, but by working together, you can achieve great things. Build strong relation ships with clients and listen to what they are trying to achieve; have those different conversations; and allow yourself to grow and develop.

What advice would you give to practitioners hoping to one day be in your position?

Artifical intelligence is driving a lot of change in our industry. It saves time and cost of analysis, and can quickly find key documents of interest or information that might not otherwise be found through human review and analysis. The efficien cies that can be gained through this tech nology are profound. But adoption is slow for disputes and investigations. It is impor tant that consultants supporting the tech nology truly understand the results and can explain them simply to their audience.

Covid-19 has catapulted us into a culture where we must evolve and learn, which is excellent as so many efficiencies can be gained through using these solutions. I have found that I have met more people through these channels than I would have prior to covid-19, particularly in other jurisdictions.

The most interesting case to date was a sizeable ransomware investigation for a corporation listed on the London stock exchange, where most of their data and backups were encrypted.

I am content with what I have achieved to date. I have managed to do a lot in a short space of time and gained exposure to inter esting projects through some exceptional mentors. If anything, I would like to refocus my attention to gaining a greater balance in work and life.

I love seeing people grow and develop. I am a big advocate of people focusing on their strengths to thrive and succeed. Sometimes people need a helping hand to realise what those strengths are and encouragement to try new things and diversify.

She is absolutely loving the transition to her new role.

Throughout my career I have had the privilege of supporting matters that have involved digital forensic investigations, analysing large corpuses of data for e-disclosure, and handling complex cyberincidents for organisations. Every case is different, which has enabled me to learn a multitude of skills, get exposure to different types of software and technology solutions and work with great people and clients alike.

I have had the privilege of seeing people grow, learn new specialisms, and feel excited about their career choices, which has been very rewarding. Recently, I encouraged a team member to change roles based on her data collection and digital forensics skills.

Amit Jaju is a senior managing director based in Mumbai, India. He leads the data and technology segment in India and has over 17 years of experience in forensic technology consulting covering data analytics, cyber, e-discovery, software licensing and informa tion governance. He has created market-leading solutions to solve data-related challenges for clients around a wide spectrum of areas such as financial crime, bribery and corruption (FCPA / UKBA), sanctions and AML, transac tion monitoring, cyber incident response, piracy and threat moni toring, analytics and software licensing.

Ankura

Tel:amit.jaju@ankura.comwww.ankura.comMumbai+919820073695

BiographyJajuAmit

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How do you effectively pre pare for investigations?multi-jurisdictional

An increasing number of coun tries are becoming more active in investigating allegations of corporate misconduct. What are the main challenges for companies in your jurisdiction facing corporate misconduct investigations?

country may not be so in another. Ideally, countries all over the world could come together and agree on a common minimum charter to deal with cybercrime. I’m aware that this is very much a “wish-list” item but if we can crack this, we can help to make the internet a safer place for everyone.

There are a number of ways in which current laws could be reformed to better deal with cybercrime. For one, penalties for cybercrime offences should be reviewed so that they remain effective deterrents for would-be offenders. Another reform that we can look at is the topic of cross-border infor mation sharing for law enforcement agen cies to investigate and prosecute cybercrime cases. This continues to be a challenge as oversight standards differ internationally. What is perceived as acceptable in one

Has the coronavirus pandemic affected the way authorities and stakeholders perceive and react to cybercrime? Are you seeing any changes in their approaches when pursuing relevant investigations?

Never claim to be the smartest person in the room and always believe that the first hypothesis that gets validated by a piece of evidence may not be the only hypothesis, always maintain professional scepticism.

Cybercrime laws are constantly evolving and adapting to the changing landscape of the internet and technology, and reform is the only way these laws can keep pace with the growing sophistication of cybercrime.

Yes, the coronavirus pandemic has affected the way authorities and stakeholders perceive and react to cybercrime. As companies adapt to the remote working arrangements, some compromises were made in terms of balancing physical and logical security to provide access to users working from home. This opened up new vulnerabilities that were exploited by threat actors. We are seeing more aggressive approaches used by malignant parties as well as more incidents involving employees/insiders in our investigations.

“His technical knowledge is mind blowing and his communication skills are second to none”

“Clients have full confidence in him”

When preparing for a multi-jurisdictional investigation, it is important to understand

Peers and clients say: “A go-to name for companies under complex cyber attacks and breaches”

As the threat landscape continues to evolve, it is important for organisations to put in place robust security measures to protect themselves from potential attacks. Cyber insurance can also be a valuable tool in mitigating the financial impact of a successful cyber attack, which as a sector has seen tremendous growth recently. Similarly, newer security models such as the zero-trust model are seeing wider adoption.Itisessential that organisations continue to invest in robust security meas ures and remain vigilant to the evolving threat landscape.

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To what extent do you see a need to reform current laws for them to be in pace with the growing sophistication of cybercrime?

What is the best piece of advice you’ve ever been given?

whoswholegal.com/thought-leaders

Digital forensics as an area continues to evolve as businesses and regulatory ecosystems become more technologydriven. I enjoy the fact that no two cases are the same and though there are strict guidelines that we follow to ensure the integrity of the process, there is ample room for innovation and discovering new ways of differentiating my work. Whether it was remote data collection during the lockdown period, investigating tampering of WhatsApp chats, detecting espionage on senior executives, detecting manipulation of financial transactions in an ERP system, investigating a crypto Ponzi scheme and now potentially investigating a crime on the Metaverse, there is a good mix of reliance on processes and innovating new solutions.

India is one of the fastest-growing world economies and attracts significant foreign investments. The overseas investors are required to ensure that investee firms adhere to both local and global corporate governance and compliance norms around bribery and corruption, data protection, cyber breaches, financial crime, capital markets regulations etc. The challenge companies face is to detect, investigate and prevent non-compliance around various applicable statutes in an ongoing manner. The key to addressing these challenges is by designing and implementing tech nology-based early warning systems.

the different legal systems that may be applicable and how they might conflict with one another. One should also develop a plan for coordinating with and sharing infor mation between the various jurisdictions involved in the investigation. By taking these steps, one can help ensure that your inves tigation proceeds smoothly and efficiently. At Ankura, we follow the mantra of collect, communicate and collaborate to effectively deal with multi-jurisdiction investigations. This involves collecting data and infor mation locally and centrally, establishing effective communication channels that are well documented on a central platform for issues tracking, and, effective collaboration between internal teams and external stake holders in a transparent manner. We use multiple technologies, dashboards, logging and real-time updates to manage such complex investigations. We also ensure that all our processes, technologies and people speak the same language as a standardised approach. For example: for eDiscovery, we follow global consistency when it comes to the collection, processing, review and production of data, which helps improve the efficiency of the investigation when data is hosted at various locations.

What is it about being a digital forensic expert that you enjoy most?

BiographyTayDaniel

Daniel Tay is a senior director with Alvarez & Marsal’s Forensic Technology Services in Singapore. He brings more than 20 years of experience in law enforce ment, regulatory bodies and forensic advisory. He specialises in providing services related to digital forensics, forensic exami nations, and electronic discovery for corporate fraud and Foreign Corrupt Practices Act matters, expert analysis and testimony and litigation support.

Alvarez & Marsal

Tel:dtay@alvarezandmarsal.comwww.alvarezandmarsal.comSingapore+6565939321 128 Investigations | Digital Forensic Experts

We used to be asked a lot about methodolo gies and processes but with lawyers and judges getting savvier in anything digital, we are now asked more in-depth and under-the-hood questions around digital forensics.

I am honoured and proud to have worked with many good people, who are committed and passionate about the work they are doing, over the course of my career.

I started working in investigations and when one of my cases required looking into the target’s computers, I began exploring the idea of using digital evidence for my cases. It also helps that I have an interest in IT.

“He has an excellent bedside manner and is able to explain difficult issues to clients with ease”

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How do you effectively coordi nate with other experts when handling large multi-jurisdic tional cases?

Working with a group of practitioners from different areas such as consultants

You have a wealth of experience as a testifying expert in a range of sectors. Do you find working on cases in a particular sector more challenging than others, and, if so, why?

How has your experience as a founding board member of the Singapore chapter of the High Technology Crime Investigation Association enhanced your role as a digital forensic expert?

As a senior director of Alvarez & Marsal’s forensic technology service, how would you like to see your practice develop over the next five years?

and in-house examiners, I gain a wider perspective on how I conduct my investi gations. Additionally, the High Technology Crime Investigation Association also works closely with students from the universities, and it is always good to have fresh ideas from them.

We all speak the same language with tech nology, and I find that most of the experts I work with are passionate about finding the truth among the zeros and ones in digital evidence and this helps a lot no matter where we come from.

Peers and clients say: “Daniel is a seasoned forensic practitioner with strong experience”

Testifying as an expert is always challeng ing and is not specific to any particular sec tor. All cases are different and will always have a different set of challenges.

We will continue to expand the team in Singapore and the region, and are likely to enhance the practice with more subject matter experts to support our clients in this region.

How has the role of expert wit ness changed since you started your career?

whoswholegal.com/thought-leaders

Looking back over your career, what has been your proudest achievement?

What inspired you to pursue a career in digital forensics?

Davin Teo is a managing director with Alvarez & Marsal’s Disputes and Investigations practice in Hong Kong and leads the forensic technology team across Asia. He brings more than 22 years of forensic technology, electronic discovery and IT audit experience to numerous national and inter national corporations, govern ment bodies and regulators. Mr. Teo specialises in digital investi gations and electronic discovery matters. His primary areas of expertise are fraud and miscon duct investigations, electronic discovery, dispute matters and data recovery requests.

Tel:dteo@alvarezandmarsal.comwww.alvarezandmarsal.comKong+85231022614 130 Investigations | Digital Forensic Experts

BiographyTeoDavin

Alvarez & Marsal Hong

What challenges has the shift to remote working pre sented from a digital forensic standpoint?

In which direction would you like to steer your practice in 2022-2023?

Peers and clients say: “Davin has an extremely strong work ethic, responds promptly and is highly “Hereliable”delivers high-quality work with a fast turnaround time” “He is very easy to work with and provides excellent forensic analysis”

whoswholegal.com/thought-leaders

What is it about your role as forensic expert that you enjoy most?

as digital forensic experts is to proactively educate and proactively ensure that our client’s systems are constantly updated and robust enough to face these attackers. Additionally, data sizes continue to expo nentially grow and grow. My role should a client face a dispute is to ensure that the discovery exercise is proportional to the matter at hand and that I use all forensic tools and experience at my disposal to minimise costs for our clients whilst ensuring an efficient discovery/disclosure process.

From my experience conducting a number of digital forensic investigations in the new “work from home” era, there have been several challenges. Firstly, staff using their personal devices for business and staff saving company data on these personal devices. Secondly, work computers or personal computers that are being used for work that are not up to date with antivirus software and are vulnerable to cyberattacks could compromise company data. Thirdly, in conducting a digital forensic investigation, we have had to modify our forensic collection capabilities to forensi cally copy data, at times, remotely but still maintain chain of custody and ensure that data is sound for evidentiary purposes for the matter.

There are numerous advantages of being part of a global disputes and investiga tions practice. Being with the firm over 13 years, I’ve been able to get to know and call some of the smartest people in our global team friends. Having the benefit of pooling together resources at the drop of a hat, asking for advice on areas my team or I may not know locally or just discussing strategies in the various jurisdictions around the world has and continues to be superTherebeneficial.arenodisadvantages to a global practice, except for the fact that when a global conference call is setup, usually in Asia you’re doing the call late at night, but it’s all part and parcel of being in a large global practice, which I love.

What are the advantages and disadvantages of having a glob al practice?

One of the business threats our clients face is on the cyber side. Our clients need to be online to do business and this makes their data vulnerable to attacks. Our role

How has the role of a digital forensic expert changed since you first started practising?

My forensic technology team across Asia is one of the largest in the region. I’m proud to see the growth of the practice over the past nine-plus years in Asia and the trust our clients have had in me and my team. I foresee a continued need for forensic technology as domestic and cross-border investigations and disputes increase and therefore having a significant local pres ence with local expertise is essential to our practices’ growth in 2022–2023.

What motivated you to special ise in digital investigations and e-discovery matters?

The world of digital forensics is constantly changing. When I got into the field over 22 years ago, the data sizes were small indeed. We were forensically copying hard drives in computers that were 20GB in size and it would take a few hours. Nowadays, the sizes of hard drives we face are some times 2,000GB in some laptops (100 times the size of what I saw 22 years ago) and it still only takes a few hours to forensically copy. Data sizes have advanced but so has the forensic technology. Additionally, there continues to be a proliferation of many different types of electronic devices where evidence can be stored, and which you need to analyse from a digital forensic stance.

What are the biggest data threats your clients currently face, and how are you helping tackle them?

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I graduated as an accountant but always had an interest in the digital world of computing. During my time with one of the Big Four, I took an opportunity to join the IT audit team and became part of the first forensic technology team in Australia. This opened my eyes to the world of digital forensics and investigations. Then when I moved to the UK in 2003, I had a chance to explore the world of e-discovery and have never looked back since.

What advice would you give to up-and-coming practi tioners starting out in digital investigations?

I wouldn’t be where I was today without my team. As a forensic expert, while I have a lot of experience and knowledge under my belt, at times I need to rely on team members who have certain specialised knowledge or experience. Working collabo ratively with my team globally is something that I value a lot and ultimately gaining that additional knowledge and adding it to my experience is something I find very valuable.

Always learn and listen to those around you. Surround yourself with people in the field that have been around for a long time as they have a wealth of experience. Embrace technology and the changes that come along with it. Always keep up-todate with the latest technology out there as you just never know where data might be residing the next time you need to do a digital forensic investigation. Lastly, always provide a high level of quality in your work product, “if you think you’ve finished your work, check it again” – there is no room for errors or mistakes in our world of forensics!

132 Investigations | Digital Forensic Experts

Tel:twiles@forensicrisk.comwww.forensicrisk.comLondon+44(0)2039417564

BiographyWilesTrevor

Forensic Risk Alliance

Trevor is a partner in FRA’s forensic accounting team, and also leads the data governance and forensics team. He has more than 30 years’ experience in forensic services focusing on helping clients and their legal advisors to navigate complex and multi-jurisdictional conten tious matters resulting from whistle blower and/or regulator actions. Trevor has worked across a variety of industry sectors and jurisdictions. He brings a multidisciplinary approach to complex contentious matters, to help iden tify crucial evidence faster and more effectively.

whoswholegal.com/thought-leaders

FRA we understand that clients dealing with complex matters need technical expertise delivered in an under standable and actionable way. We have built lasting relationships with our clients on this basis.

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makes it imperative to have expert tech nical advice. Missteps around this can have significant implications.

Unlike larger network accounting firms,

we operate purely in the forensic space and generally have few conflicts. Independence is increasingly critical to boards, audit committees and regulators. Our one firm approach is also truly unique in our market. We pull the best experts for the client from our global pool of digital forensics, data analytics and forensic accounting special ists to work seamlessly as one combined team. There are no internal silos and this combination of deep expertise and collabo ration means that we have provided digital forensic services in some of the largest corporate investigations. This experience is invaluable.Finally,at

What motivated you to special ise in forensic services?

What advice would you give to younger practitioners hoping to one day be in your position?

The latest change is the increased variety of forensic tools available, including machine learning and AI to help find the most relevant evidence quickly. Though all these changes can be challenging, it means that you’re constantly learning. Coming up with pragmatic and creative solutions for our clients is incredibly satis fying and can make all the difference in an investigation or project.

Learn from those around you who have more or different experiences and look to develop the consultant mindset. Curiosity is a strength and the opportunities to grow from clients and colleagues can truly help you understand and develop what it is you bring to the table. Learning also helps you to actively listen, which is a key facet in providing effective advice to help clients with their challenges.

I started my career in audit working with large international corporates. Several of my colleagues had moved into forensic services and their experiences of investi gating white-collar crime sounded exciting. So I decided to also make the move and my first assignment was investigating improper use of funds by the manager of a very wellknown pop star. Our work resulted in a very favourable settlement for the pop star. That was it, I was sold. Since then, I have worked on a number of very high-profile matters, each of which presented their own challenges. Finding the facts and piecing together the truth of a matter is very satis fying. Uncovering relevant data, analysing the data and understanding how people behave are all key facets in investigations – there is never a dull moment.

The role has changed significantly, particu larly in the past decade. The first change is a huge increase in data volumes – we now discuss terabytes and petabytes rather than gigabytes. Scalability of data collec tion resources is critical in responding to these needs. This increase is also partly due to a greater diversity of data sources such as personal devices, messaging apps, voice recordings, etc. One of the unique things we do at FRA is to use cutting-edge solutions to link traditional structured data (eg, accounting, treasury) with unstruc tured data (eg, email, WhatsApp) to get a full picture of what happened.

Second, the introduction of ever more stringent data protection legislation such as GDPR and country blocking statutes

What impact are you seeing from technological innovation?

As mentioned, AI can drive efficiency and effectiveness in investigations by quickly identifying the critical focus areas or smoking guns in a massive corpus of information, saving time and money and producing better results. However, we place equal emphasis on having the best technologies and having the people with the expertise to tailor those tools to the client’s goals. When responding to data challenges in contentious situations – be they government, internal investigations or disputes – clients need the support of experts who can make their case as well as wield the technology. The use of AI technology in the investigations space will continue to improve as regulators begin to encourage or expect the use of it in multi-jurisdictional investigations. This means having the right team of technology experts and innovative tools to support all our clients’ challenges.

What makes Forensic Risk Alli ance stand out from its com petitors in the market?

Peers and clients say: “Trevor has a tremendous understanding of digital forensics”

How has the role of a digital forensic expert changed since you first started practising?

“A top choice in the UK market”

Michael Jelen , Berkeley Research Group

Tanya Gross , Ankura • Q&A

Joel Bowers , Kroll • Q&A

Peter Robinson , Deloitte LLP

Trevor Wiles , Forensic Risk Alliance • Q&A

Germany

Thought Leaders in Investigations 2022 Digital Forensic Experts

India

England

Australia

Illinois

Lee Neubecker , Enigma Forensics, Inc.

Cuyler Robinson , Charles River Associates

Phil Beckett , Alvarez & Marsal • Q&A

Richard Chalk , FTI Consulting

Hong Kong

Directory | Investigations –Digital Forensic Experts134

USA California

Amit Jaju , Ankura • Q&A

Michael Bandemer , Berkeley Research Group

Nick Klein , Klein & Co Computer Forensics Canada Ontario

Craig Earnshaw , FTI Consulting

David Waterfield , AlixPartners UK LLP

Davin Teo , Alvarez & Marsal • Q&A

Texas

Günter Degitz , AlixPartners GmbH Renato Fazzone , FTI Consulting

Singapore

Ben Fouracre , J.S. Held

Robert C DeCicco , Alvarez & Marsal • Q&A

Japan

Peggy Daley , Charles River Associates • Q&A

Richard Kershaw , Deloitte

Gino Bello , FTI Consulting

Darren Cerasi , Deloitte Daniel Tay , Alvarez & Marsal • Q&A

Ian Smith , FTI Consulting

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BiographyAbingtonWilliam

Alvarez

William Abington is a managing director of Alvarez & Marsal disputes and investigations leading its energy practice and has more than 25 years of expe rience providing financial and fraud investigations, dispute analysis and audit services. He has performed investigations for internally identified company matters, as well as in response to inquiries made by governmental oversight and regulatory organi sations. He has presented analysis findings to the SEC, the DOJ, the DOI and the CFTC. & Marsal

Tel:wabington@alvarezandmarsal.comwww.alvarezandmarsal.comHouston+17132213915 136 Investigations | Forensic Accountants

What has been the most inter esting case that you have been involved in?

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You have enjoyed a very distin guished career thus far, what do you consider to be your best accomplishments?

There are very smart people in all indus tries and jurisdictions. Irrespective of the culture or line of business, most people I work with are good, honest people seeking to learn the truth about whatever circum stance they are addressing. I have found that if I listen more than I speak, I often learn of a critical piece of information or a valuable idea that is helpful to our anal ysis. Unfortunately, I have also learned that no sector of business or jurisdiction is immune from bad actors.

What do you enjoy most about your role as a forensic expert?

How has the use of technol ogy impacted your day-to-day practice?

“William provides creative solutions while adhering to professional standards”

“He is detail oriented and client focused as a practitioner”

I think I can generalise my answer into two parts. First, I certainly enjoy the challenge of taking a complex problem and devel oping a solution. Sometimes the problem is like trying to put together a puzzle with random pieces from multiple puzzles. I enjoy thinking through how to simplify the issue, and then especially, how to develop an analysis and present the solution in an easy to understand manner. Second, I enjoy working with my colleagues and people from other disciplines. My work has afforded me the opportunity to work with many smart people who have certainly increased my knowledge and business understanding. Although sometimes it is necessary to work alone, it is very enjoyable to work with a team of outstanding people.

What have you learned from working with clients in a wide range of industries and jurisdictions?

We will continue to see advancements in technology and the younger generations are becoming more and more advanced in their understanding and use of technolog ical tools. This advancement is important as we tend to continue to specialise, but we must guard against allowing our tech nological tools and specialties to override our business acumen and good instincts.

Working with a highly successful business whose owner at one time was homeless and slept in their car, or the person who was an oil field worker and is now sitting in the corner office of the successful company they own, is very interesting to me. The cases with the most interesting people are the cases that I find to be the most interesting.

Technology has made it possible for impro prieties, intentional and unintentional, to become very complex. Thus, some trans actions and circumstances can initially be difficult to wrap your mind around. Fortunately, technology can be used in forensic analysis very efficiently and effectively to identify and evaluate trans actions and circumstances. I remember when we used to prepare spreadsheets by hand. Now, technology allows us to retrieve data, perform analyses, make calculations, and prepare presentations that would have been impossible to do otherwise. Technology is an integral part of our dayto-day practice.

How do you see your practice developing over the next five years?

whoswholegal.com/thought-leaders

That is an interesting question because I think a case can be as interesting as you want it to be. Although I have worked with many large corporations on interesting matters, I have also worked on matters involving private companies developed by people who have a “rags to riches” story.

Peers and clients say: “Mr Abington has an impressive ability in handling cross-examination”

Every matter that I have been involved with has its own unique satisfaction. Certainly, successfully completing some of the more challenging assignments, including those for which it was a “long shot” to be successful, has been gratifying. Mostly, I hope to have instilled in my younger colleagues the importance of maintaining high business standards and integrity at all times. I have enjoyed watching these colleagues learn and grow into outstanding individuals. Many whom I have worked with over the years are very successful profes sionally and have balanced their profession with their personal life very well. Whether they learned a few good things from me, or maybe to avoid some things I did, I hope to have meaningfully contributed to their careers.

BiographyBartonDaniel

Daniel Barton is a forensic accountant with more than 25 years of professional experience. He focuses on cross-border inves tigations involving fraud, bribery and corruption and other ethics and compliance violations. He also has significant experience in hands-on asset recovery and proactive ethics and compliance consulting. Daniel has given evidence as an expert and witness of act in the English High Court, courts in Russia and in arbitration proceedings.

Alvarez & Marsal Tel:dbarton@alvarezandmarsal.comwww.alvarezandmarsal.comLondon+447507838145 138 Investigations | Forensic Accountants

To be an effective forensic accountant you have to be able to combine the professional and technical skills with great client service.

Through doing insolvency work I began to do investigations into the conduct of company directors, which I really enjoyed.

Much of the role has remained the same in that a forensic accountant has always been expected to analyse and explain complex issues in a way that the client and others can understand. What has developed over time is the breadth of skills and experience that have come to be expected of forensic accountants and the volumes of data that need to be processed and understood.

I then found that there was a whole depart ment doing forensic accounting and inves tigative work so I quickly managed to get an internal transfer.

is absolutely key is to be truly expert in the areas in which you hold yourself out to be.

your clients are well-equipped to tackle the forensic challeng es they pose?

What inspired you to pur sue a career as a forensic accountant?

whoswholegal.com/thought-leaders

I didn’t know what a forensic accountant was when I began my professional career.

How is technological innova tion changing your approach to forensic accountancy?

How has the role of a forensic accountant changed since you first started practising?

What new types of fraud have you seen emerge recently? How are you ensuring that you and

I mentioned earlier the need for a breadth of skills and experience but it is also fine not to become all things to all people. What

One of the great things about working on forensic accounting projects is that it is most commonly a team effort. As long as the team covers all of the required areas of expertise then we can provide the advice, suggest the options or make the recom mendations in relation to the specific issue that the client is looking to us to assist with.

What advice would you give to someone starting out in foren sic accountancy?

“Daniel drives results and works extremely hard”

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What makes Alvarez & Marsal stand out from its competitors in the market?

Fraud in itself hasn’t changed much, but the ways and means by which it is perpetrated are continually evolving. For instance, many people will be familiar with the introduction of ESG reporting requirements (new), which has brought with it claims of greenwashing and other fraudulent misrepresentation (not new).

The single most important thing, in my view, is our surgical approach to scope. I focus on the core issue and expand only if the findings justify it, rather than starting wide and narrowing. This has a material impact on time and costs for clients whilst also giving them comfort that the matter has been expertly assessed.

Peers and clients say: “I was most impressed by his diligence and attention to detail”

Get a good night’s sleep, you are going to need all your energy.

We continue to embrace and be early adopters of new technologies that assist forensic accounting reviews, whether that be technology assisted review and contin uous active learning on data reviews, or other tools for managing large volumes of information.

How important is it for forensic experts to have multidiscipli nary expertise in accounting, financial evaluation and corpo rate finance matters?

“He is tenacious and willing to get stuck in to the details”

I started in the Insolvency practice of, what was then, a Big Six accounting firm.

What do clients look for in an effective forensic accountant?

I have invested time in becoming a certi fied sustainability professional so that I can detect and prevent misreporting of ESG issues and also proactively advise clients on how to properly manage an ESG reporting programme.

Alvarez & Marsal Tel:mbialecki@alvarezandmarsal.comwww.alvarezandmarsal.comChicago+13122884001 140 Investigations | Forensic Accountants

Mr Bialecki leads the disputes and investigations eastern US regional team, and is a member of the executive committee. He has more than 25 years’ experience as an expert witness, neutral arbi trator and consultant in a variety of areas, including litigation, fraud and forensic investigations. He specialises in post-acquisition disputes, disputes with complex financial issues and financial investigations. Prior to joining A&M, Mr Bialecki was a partner with a Big Four public accounting firm in Chicago.

BiographyBialeckiMatthew

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Peers and clients say: “Matthew has significant experience in handling high-value disputes”

whoswholegal.com/thought-leaders

“An incredibly well-respected forensic expert”

I think the greatest challenge for forensic experts in financial investigations today is the decrease in regulation, creating fewer opportunities in the marketplace.

The market has changed tremendously over the 25-plus years I have been prac tising. When I started, I was working on resolution trust real estate crisis cases and have worked on many different types of cases since then. The market continues to change year after year, often driven by the focus of the regulators, and I have been able to adapt and change with the market.

What attracted you to a career in forensic accounting?

How has the market changed since you started practising?

What is the greatest challenge for forensic experts in financial investigations in the USA today?

In college, my initial plan was to go to law school. My major was public accounting and after working at a law firm in college, I decided I would do something in between accounting and being a lawyer, which was forensic accounting. I have loved doing it ever since.

In your opinion, where does the future of forensic accounting in investigations lie?

What do clients look for in an effective forensic accountant?

What advice would you give to younger practitioners hoping to one day be in your position?

Clients typically look for the proper creden tials and relevant experience. Credentials might be certifications or specific training on dealing with a particular matter. Relevant experience might be familiarity with a specific issue the client is dealing with, experience working in a specific industry, or any other unique skills acquired that might be helpful in dealing with the current situation. Clients also want the work to be cost-effective.

The future of forensic accounting in inves tigations lies in the ability to combine tradi tional forensic accounting experience with technology. As technology becomes more and more complex, the ability to create applications that can aid in an investiga tion and also create efficiencies in our work will be key to being successful.

Alvarez & Marsal distinguishes itself from its competition by being a consulting firm known for asking tough questions, listening well, digging in and rolling up our sleeves. We are fact-driven and action-oriented. We act decisively and deliver practical solu tions to unique problems.

I would advise young practitioners to, of course, work hard, but also to bring solu tions to challenges they have in their daily work. Do not wait for someone to always solve issues for you. You will always need guidance, but come to your superiors with perspectives that show you have thought about an issue and have an opinion about the direction a matter should take. That will make you stand out from your peers.

How does Alvarez & Marsal distinguish itself from competition?

What has been your proudest achievement to date?

My proudest career achievement to date was making partner in 2006.

Also a Thought Leader in Asset Recovery | Experts 142 Investigations | Forensic Accountants

Kroll

Cos is the leader of the Asia and Caribbean restructuring practice of Kroll and a leading restruc turing and forensic investiga tions practitioner having worked exclusively in this area since 1990 – being appointed by asset managers, lenders, financiers, shareholders, distressed compa nies, creditors, courts and other stakeholders. Cos’ strong inves tigation and forensic background plays a key role in forensic assign ments and his commercial expe rience means he is well suited to establishing and implementing solutions to complex problems. Hong Tel:cosimo.borrelli@kroll.comwww.kroll.comKong+85237613800

BiographyBorrelliCosimo

c. harnessing the benefits of the risk, data analytics and digital platforms available across the Kroll universe.

b. More stakeholders are now relevant in our industry and areas of practice. Lawyers have always played a dominant role in our industry and will continue to do so and today so do asset managers, private equity firms and corporates – all equally important stakeholders.

b. understand the data and information available and necessary and the options available to gather that information in relevant jurisdictions;

Technology has been the primary driver changing our industry and has affected all parts of our profession. It has given this industry an enormous reach and has devel oped practices and industries that didn’t previously exist such as data analytics, liti gation support and crypto – the latter being a strong area of growth for us right now. Technology has also created businesses and industries with which we’ve become familiar as they have been key providers or subjects of our work.

Describe your career to date.

Over the past 30 years, the key areas of change are:

How has the market changed since you first started practising?

c. analyse the events and data and under stand what it means; and

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a. further expansion across Asia and in offshore jurisdictions internationally;

I wouldn’t call them underrated skills, but the most important skills for up-andcoming practitioners have not changed much in the past few decades – hard work and doing what’s right (every time).

d. establish how best to apply what you’ve learnt (in accordance with your instruc tions and goal).

We are also a global firm and can quickly leverage our multi-disciplinary expertise and technology to provide clients with effi cient and effective results.

Our experts’ extensive business and court experience enables us to analyse financial matters and provide expert opin ions, as well as assist our clients in devel oping strategies to deal with fraud risks and the associated disputes.

b. development of our forensic investiga tions, expert and restructuring business in US, Europe and Africa; and

Peers and clients say: “Cosimo is a leading forensic accountant in Hong Kong who always gets results”

“He has deep experience working on large fraud cases and other highly complex situations”

c. Technology – when I started work, consolidations were prepared manu ally on large spreadsheets and faxes were relatively new. I had probably been working two to three years before I sent my first email. Today, e-discovery, data analytics software have a role in almost all our assignments. Social media, in various forms, does too.

What underrated skills would you encourage up-and-coming practitioners to develop?

I moved to Hong Kong around 1997, which was a major milestone in developing an international and cross-jurisdictional practice. In 2006, Jacqueline Walsh and I established Borrelli Walsh, a leading specialist restructuring, insolvency and forensic accounting firm. Jason Kardachi joined us soon thereafter and many of our directors today were young starters with us back then. In late 2020, Borrelli Walsh was acquired by Kroll, which bolstered our international forensic capabilities and the combination of our businesses meant that clients could benefit from our full suite of services. Today, we are a truly global firm with over 5,000 experts serving clients in over 140 countries and with forensic and investigation work as a key platform.

How has evolving technology changed your practice since you first began your career?

The impact of covid-19 has been both good and bad. On a positive front, it has created a body of work we will enjoy for years to come and hastened our reliance on information technology and operational creativity. It has enabled businesses like ours to capitalise and better develop its international reach. All these matters, for better or worse, will have long term impact. I am concerned about the effects of working from home and its impact on our ability to impart the neces sary skills and experience to our more junior colleagues. There is much to be gained personally and professionally from working shoulder to shoulder with people from all walks of life and I hope for those with their careers ahead of them that we don’t lose that.

How do you see your practice developing over the next five years?

How has covid-19 affected your work and to what extent do you see these effects being long term?

What is the key to successfully conducting investigations?multi-jurisdictional

a. understand your stakeholders and the role and importance of the relevant jurisdictions;

“He is a pleasure to work with and always provides clear and practical advice”

The key to successfully conducting multi-jurisdictional investigations can be summarised in four key steps:

I graduated with a Bachelor of Economics in 1988 and joined the audit practise of an Australian Big Four firm. While working there, I met a gentleman who ran the restructuring and forensic team and even tually became and remains my mentor – he was a rarity for the time with an interna tional practice in Australia.

What makes Kroll stand out from its competitors in the Hong Kong market?

a. Growing international or cross-jurisdic tional focus of assignments – whether it relates to stakeholders, businesses, or assets.

whoswholegal.com/thought-leaders

Kroll is frequently appointed by asset managers, corporate clients, regulators to assist in large and complex, local and international financial investigations. We are old hands at it, have the benefit of stateof-the-art technology and resources and know what we are doing - we take a seniorled, hands-on approach to our assignments.

No one has made any real difference to the world by taking shortcuts and by focusing on what they should or shouldn’t do to avoid criticism rather than doing what’s right. That isn’t going to change.

The development of our practice over the next five years is exciting – it includes:

Jocelyn Chi is a managing director based in Kroll’s Hong Kong office. She has extensive experience in various forensic, restructuring, insolvency, dispute resolution and investigation assignments throughout Asia including compulsory and volun tary liquidations, IFA, reporting accountant, schemes of arrange ment, capital and debt restructur ings of private and large publicly listed groups. Jocelyn has facili tated investigation assignments for entities in various industries in Hong Kong, PRC, Singapore and internationally. Hong Tel:jocelyn.chi@kroll.comwww.kroll.comKong+85237613840

BiographyChiJocelyn

Kroll

144 Investigations | Forensic Accountants

“She is smart, practical and great to work with”

Having a standardised set of global accounting standards will assist users to understand the financial positions and make judicious comparisons. A standard ised global accounting standard would help bring synergy and uniformity to carry on investigations in a more efficient manner.

What advice do you have for practitioners about to undertake their first expert testimony?

Fraudsters are getting smarter over time. Fraud schemes can tend to be very similar and very dissimilar at the same time. It can therefore be challenging to identify red flags based on past experiences and to be open minded for new fraud patterns.

There is more and more reliance on offshore entities, which makes it harder for an investigator to identify the ultimate beneficiaries or owner or the key manage ment to trace assets and funds flow. In such cases, it also becomes difficult to secure a third-party disclosure order or seek a court order to assist on discoveries.

Nowadays, with digitisation, electronic records provide assistance on investiga tions but it could also be hard because you are unsure of the exhaustiveness of the documents. Metadata in digital docu ments can show when somebody made changes to a document, who made the changes and what the actual change was. It can reveal the origin and history of the document and entire digital DNA, which helps in chronicling the events of the fraud during the case.

The most noticeable trend is the rise of crypto assets / investments. There is an increasing number of client engagements which have a cryptocurrency element involved in them. With crypto thefts, hacks and scams, we holistically investigate the technical and non-technical clues, lever aging off tracing where the funds went and identifying responsible parties.

What was the most interesting investigation you have facili tated and why?

I would say the collapse of a Hong Kong listed company. This was one of the biggest Chinese scrap companies, which was ordered into liquidation by Hong Kong’s High Court upon the application by the Securities and Futures Commission in 2013. The founders and management used multiple special purpose vehicle companies incorporated worldwide, forged shipping documents and round robin transactions leading to overstatements of the group’s financial statements and a fraud on a massive industrial scale.

What attracted you to a career in forensic investigations and asset recovery?

I graduated in corporate finance and accounting and joined the field of corpo rate insolvency, investigations and restruc turing as a fresh graduate. I was among the founding members of Borrelli Walsh, an erstwhile specialist restructuring, corpo rate recovery, insolvency and forensic accounting firm, which was acquired by Kroll in late 2020. What attracted me towards investigations and asset recovery is that it was often time consuming, chal lenging but very rewarding especially when frauds happen in the context of a corpo rate collapse. It is also fulfilling to work with stakeholders who could have high exposure in a total loss situation, where we come in and recoup value for them. I feel that working in the investigations field can give you a sense of purpose as you are instrumental in upholding the integrity of the finance and accounting industry.

To what extent has covid-19 had an impact on asset and fund tracing investigations?

Personally, I don’t think covid-19 has had much of an impact on asset and fund tracing investigations.

Study the case and supporting documents very closely. One needs to be very sure of the accuracy of the underlying documen tation that forms the basis of the opinions being given.

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What did you find most chal lenging about entering investi gations and forensic practice?

What recent trends have you noticed in the investiga tions field, and how have they impacted your work?

whoswholegal.com/thought-leaders

It is very interesting because this case involved a fraud of an industrial scale where the fraudsters planned and executed a scheme across several jurisdictions. The fraudsters prepared comprehensive paper work trying to conceal the fraud. We had to dig into the books and records of the company, interview employees, working with the other enforcement authorities in order to verify and confirm the fraud and to recover dissipated assets and secure potential claims against the fraudsters.

How is asset tracing changing?

“She is able to present complex information in a very clear and organised manner”

Peers and clients say: “Jocelyn has an enormous amount of experience working on some of the most important matters over recent years in the Asia-Pacific region”

For newcomers, two traits that they have to develop to be successful in this profes sion is patience and precision to come up with eye-catching observations.

In what ways could the work of investigations and forensic experts be impacted by the creation of global accounting standards? What barriers exist to such standards, and can they be overcome?

Tel:acostello@forensicrisk.comwww.forensicrisk.comPhiladelphia+12022356316

Drew is a partner specialising in forensic accounting and corpo rate compliance with 23 years of experience in both professional services and the life sciences industry. Drew provides inves tigative services for attorneys, corporate management and governmental agencies pertaining to a variety of matters, including bribery and corruption, earn ings management, false claims, conflicts of interest, commercial disputes as well as general fraud and misconduct schemes. Drew has significant experience guiding companies through regulatory investigations involving the DOJ and SEC, including those resulting in deferred prosecution agree ments and the appointment of independent compliance monitors.

146 Investigations | Forensic Accountants

BiographyCostelloDrew

Forensic Risk Alliance

Also as a specialist firm, we have many fewer conflicts of interest, which is increas ingly an issue for clients and many of our bigger competitors. It’s another key factor in how responsive we’re able to be but also assures clients of our truly independent and objective view.

What is it about forensic accountancy that you enjoy most?

It is an incredibly rewarding career path. As a global firm, with a global reach I’ve worked in many different jurisdictions, and gotten to know amazing people from diverse backgrounds. I have also had the opportunity to hone skills such as adapt ability, effective decision making and a proficiency in conflict resolution.

How is technological innova tion changing your approach to forensic accountancy?

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Understand the allegations and potential culpability; align strategy and workplan with external counsel and advisers; protect and preserve relevant data; learn the busi ness model, products and financials; bring in industry, jurisdiction specific and tech nical team expertise; know your key stake holders; and create a communication plan. Lastly, buckle in, it’s sure to be a wild ride!

The increased digitalisation of informa tion and connectivity through the internet, social media or metaverse has created new fraud schemes and recycled tech-enabled old ones and will continue to do so. The importance of data protection and privacy is exponentially magnified and paramount today. Lastly, the advancements in machine learning and artificial intelligence have enabled the ability to efficiently digest both

What is the best piece of advice you’ve ever been given?

“He provides great strategic thinking with an understanding of the legal issues”

What makes FRA stand out from its competitors in the market?

“He is very detail oriented”

Consistent with its roots, FRA truly employs a one firm approach with nimble partner-led teams. This approach drives unparalleled collaboration and eliminates unnecessary barriers to excellent client service. We’re able to bring the right team together, with the right level of expertise to meet the project’s needs.

We pride ourselves on exceptional client service and delivery. Nothing is more satis fying for a client to continue to call upon us when future needs arise.

structured and unstructured data. More than ever, collaboration and integration between forensic accountants and data specialists is imperative to deliver effec tively for clients. Said simply, technology will spur new ways of committing fraud and more effective ways in preventing and detecting fraud.

With more attention and sensitivity around climate change and the environment, frauds containing exploitations of the envi ronmental standards for financial gain are growing and are quite different and more complex than your traditional cooking the books fraud. FRA has done extensive work with Dieselgate where I had the opportu nity to investigate allegations of illegal sourcing of raw materials from restricted and protective areas in violation of the Lacey Act. Although a unique law and nuanced circumstances, supply chain scrutiny and validating the provenance of goods is a trend that continues to take hold with the ESG movement.

How do you see your practice developing over the next five years?

I would say flexing the intellectual skills of creativity and problem solving on each case coupled with the fast pace, highprofile nature of work has personally kept me captivated for over two decades. As my hair becomes more grey, I have become more fascinated with unravelling the impact that corporate culture and an individual’s psychology and morality plays within committing fraud.

How do you effectively prepare for multi-jurisdictional fraud investigations?

As globalisation continues to unwind due to geopolitics and the world dusts itself off from the pandemic, areas of focus within the world of investigations and litiga tion over the next few years will certainly include international trade, sanctions and the use of billions of government stimulus funds. Other areas such as ESG, illicit use of crypto and cyber fraud will be priori tised by forensic firms to build expertise and qualifications to handle the increased demand for both investigation and compli ance risk mitigation services. Additionally, I expect an increased use of deferred pros ecution agreements with monitorships under the current US administration and DOJ. Meanwhile a few countries in western Europe, such as the UK, France and Switzerland, continue to define and cement their own version of corporate criminal liability and related remedial actions, including but not limited to monitorships.

What is the most complex fraud case you have worked on during your career to date?

“Eat Slow.” I heard this from my wife’s grandmother who lived a brilliant life for just short of 100 years. The advice was echoed at every family dinner and could be interpreted quite literally as don’t shovel the food in your mouth but the family under stood its deeper meaning. Be present; live, love and appreciate your life; and, last but not least, always honour your family.

Peers and clients say: “Drew has a deep knowledge of accounting schemes which enables easy identification of problems/issues”

whoswholegal.com/thought-leaders

BiographyDearmanDavid

Ankura

David Dearman is a senior managing director in Ankura’s London office specialising in international dispute advisory and expert witness services with a focus on investigaions, asset tracing, cross-border disputes and international arbitration. He has over 25 years of experience in preparing expert reports and giving oral evidence in complex international disputes (including asset expropriation, contractual, warranty disputes, damages and loss assessments, technical accounting disputes and complex valuations) and fraud, money laundering and other financial investigations.

Tel:david.dearman@ankura.comwww.ankura.comLondon+442070152378

148 Investigations | Forensic Accountants

Do you have any tips for coun sel on how to use an expert team effectively?

Jurisdiction and technology provide the greatest challenges to tracing assets. They can also provide the greatest opportunity when harnessed correctly and with knowl edge of the information which is available. Local knowledge in a global environment is critical in overcoming those challenges with a strong legal team and experienced investigators and asset tracers.

What is the best piece of advice you’ve ever received?

whoswholegal.com/thought-leaders

and collaborate effectively with the counsel team and the client.

Name one of your most mem orable cases as a forensic accountant.

We are a young practice which is growing rapidly. Our objective is to be the go-to practice for market-leading expert witnesses, investigators, asset tracers and sanctions and compliance professionals. We are off to a great start with the depth and quality of our senior hires. We are the one to watch over the next five years with more growth planned in our key markets across EMEA and APAC.

Peers and clients say: “David is able to distil complex accounting concepts for easy digestion by legal teams and tribunals”

How does your legal back ground enhance your approach and ability when handling disputes?

Early engagement is the single most important piece of advice. If quantum is an issue in a dispute or an investigation is

Be good to your people and they will be good to you and your clients. And a diverse team leads to diverse thinking and flex ible innovative solutions. People are our greatest asset. Looking after them, caring about their mental health, their hopes, plans and aspirations, with the freedom to be themselves and express themselves, creating a diverse workplace, being flexible and agile are all critical to the success of a modern team.

“He is extremely persuasive on the stand”

recently acting for MOL in its claim against Croatia in an ICSID arbitration span ning more than eight years. I acted as the accountancy expert giving evidence in the defence of Croatia’s counterclaim that MOL’s chairman and CEO bribed ex-Prime Minister Ivo Sanader to acquire MOL’s investment in Croatia. After two tribunal hearings, the tribunal roundly rejected Croatia’s allegations based, in part, on my evidence and the evidence of my co-experts.

What new types of fraud have you seen emerge recently? How are you ensuring that you and your clients are well equipped to tackle the forensic challeng es they pose?

required it is imperative that experts are engaged early, to provide clients and their counsel with robust assessments of loss and damage that will stand up to scru tiny and to secure evidence. The amount in dispute is critical to the legal team’s approach to a dispute and the develop ment of a case strategy. Also, clear instruc tions and good communication at the early stages of a dispute or investigation ensure that experts stay focused, relevant propor tionate and most of all helpful.

How would you like to develop your practice in the next five years?

As an independent expert my duties and responsibilities are to the court or tribunal I am giving evidence before. And it is impera tive that I do not stray outside my expertise, in particular into matters of law. However, in any investigation or expert witness assignment knowledge of the law, legal mechanisms of redress, the legal process and legal challenges ensure a robust anal ysis and the preservation of the evidential integrity of my work. It also maximises the opportunities for me to coordinate my work

What are the main challenges and risks when recovering assets for clients?

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There are rarely new types of fraud as such, just new mechanisms and new assets. The fraudulent schemes themselves are familiar. The covid-19 relief provided by governments around the world in the form of furlough, loans and tax reliefs, combined with reduced controls to speed up the supply of PPE, lateral flow tests and other pandemic-related products created an environment in which fraud could flourish and it is only now that the effects are emerging. Crypto and NFTs also present new asset classes, which are subject to fraudulent schemes. The culture of an organisation is key to the defence, a robust and frequently tested internal control envi ronment, internal scepticism and diligence driven by a tone from the top. Technology is also increasingly important.

What attracted you to a legal career as an expert?

“Clients love David for his knowledge and experience, and because he is so down to earth”

“He has a very easy manner and works well alongside legal teams”

An inspiring law lecturer at university introduced me to the world of forensic accounting and expert witness work, studying the Barlow Clowes affair, one of the first and biggest financial scandals in the UK, which was in court at the time. As my career developed, secondments to the Serious Fraud Office and the Department for Trade and Industry followed as well as working on landmark cases such as Barings, BCCI and Factortame cemented my passion for expert work at an early stage.

Stefano Demichelis is a managing director in Kroll’s Forensic Investigations and Intelligence practice, based in Singapore. Stefano leads the financial inves tigation team for Southeast Asia. With over 21 years of experience in fraud investigations, he advises government bodies and clients in various industries, such as manu facturing and financial services, on prevention, detection and investigation of frauds. Passionate about data analytics, Stefano has created fraud detection tests to facilitate and conduct fraud inves tigations at various organisations.

Tel:sdemichelis@kroll.comwww.kroll.comSingapore+6566454942

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Kroll

BiographyDemichelisStefano

What can up-and-coming practitioners be doing to make a name for themselves in the Singapore market?

rely on assessments made by employees that have little to no expertise on cyberrelated matters.

Covid-19, inflation and the upcoming recession will likely affect investments (VCs – PEs), banking (NPLs, distressed assets), real estate and manufacturing sectors. We will likely see a diversion of spending on more essential items, which will have a direct impact on individuals more willing to carry out fraud.

What attracted you to a career in investigations?

Assisting a client in the recovery of over 70% of the amount lost due to fraud.

There is a widespread overreliance on IT departments that are often understaffed and overburdened with day-to-day activi ties to properly assess and monitor cyber risk. Equally, it is not uncommon for IT personnel to overstate their knowledge on cyber risks and for management to blindly

Report facts, be objective and ensure that everything is supported with evidence. Peer review is critical in identifying potential gaps in the analysis.

Focus on current trends and build exper tise in the ever-growing data analytics and blockchain space.

What has been your greatest achievement to date?

In which industries do you anticipate an uptick in work due to the coronavirus pandemic?

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What recent trends have you noticed in the investigations field and how have they impact ed your practice?

“He is particularly excellent at investigations involving financial institutions”

Growing up, I saw many people getting away with embezzlement and corruption. Fraud hit home in a family business that resulted in layoffs and bankruptcy, so it seemed only fair that I dedicated my working life to try and make a small difference.

How do you effectively prepare when testifying as an expert?

Increased number of frauds arising from financial misrepresentation and poor pre-investment due diligence. A material number of “unicorns” fail because of poor oversight, overreliance on perceived exper tise and overly optimistic forecast. Also, the tech-hype of the moment is driving inves tors into areas that are poorly regulated or understood (i.e., crypto, NFTs, buy-nowpay-later, etc.).

Also, prevention is often considered an expensive exercise, and risks are perceived to be low to warrant investments. Covid-19 and working from home has further increased the risk for companies, where supervision is affected by the lack of phys ical presence on site.

What do clients look for in an effective forensic accountant?

whoswholegal.com/thought-leaders

How have you seen companies’ approaches to cybersecu rity issues and data breaches evolve over the past few years?

Peers and clients say: “Stefano is a leading individual for “Heinvestigations”isverygood for complex, large-scale investigations”

Expertise and a reasonable approach combined with the right skillset

AAA

ICC,

Alvarez & Marsal Hong Tel:tdick@alvarezandmarsal.comwww.alvarezandmarsal.comKong+85231022650 152 Investigations | Forensic Accountants

Trevor is a managing director in Alvarez & Marsal’s disputes and investigations team in Hong Kong, specialising in the provision of expert accounting testimony in contentious matters. He has delivered oral and written expert accounting testimony before the High Courts in Hong Kong and Singapore and in various inter national arbitrations under the HKIAC, UNCITRAL, SIAC, and CIETAC rules.

BiographyDickTrevor

What qualities make for an effective forensic accountant?

What attracted you to a career in disputes and investigations?

I acted for an international accounting firm that its former client had sued for alleged professional negligence in connection with the preparation of expert reports for use in litigation. This was the most thoroughly fascinating exercise, given that it involved considering the appropriateness of another expert’s evidence and the various stand ards to which that expert’s evidence ought to be held. I think about it every time I draft one of my reports.

I like surprises! One never knows where the next engagement will come from, each new instruction is unique, and each running matter has its twists and turns. I have always enjoyed the challenge of iden tifying solutions to novel problems, and it is invigorating to know that it is genuinely impossible to predict what I will be doing at this time tomorrow.

The principal challenge for a younger accountant is to become a successful older accountant! That has always required skills of adaptation and flexibility. The increasing pace of change might make that more challenging than in the past. For those of us that have children on the cusp of joining the workforce, it’s been observed that many of them will be working with technology that hasn’t been invented yet, solving problems that haven’t been identi fied yet. On the other hand, opportunities for acquiring knowledge and upgrading skills for those willing to invest time and effort in staying relevant have never been more available. Careers are long, and success is much more about the journey than the destination.

To an increasingly large extent. It is becoming relatively common for conten tious engagements to involve both a forensic work stream (for example, a forensic investigation to establish the facts associated with alleged breaches of contract and provide a basis for expressing their impact on quantum) and funds or asset-tracing procedures, alongside a more traditional quantum analysis and opinion.

whoswholegal.com/thought-leaders

Presenting evidence as an expert witness during a virtual hearing can be limiting without the ability to assess the tribunal’s reaction in person and “read the room”.

It’s more competitive. When I first arrived in Asia, there was a limited number of serious forensic experts in the market. That is certainly not the case now. Clients have many good options, and participants in the market need to invest significant effort in demonstrating the value of their experi ence, expertise and offerings.

“Don’t screw up our case.”

What is the best piece of advice you’ve ever received?

What are the key challenges younger forensic accountants may face in their practice and how can they overcome these?

effort required to uncover and under stand complex fact patterns. The ability to turn intricate analyses of financial and economic data into clear and compelling written reports that effectively communi cate findings to clients, instructing solici tors, judges and arbitral tribunals. An inclination to admit to and deal with the impact of errors or misunderstandings as soon as they arise. And the confidence to be a robust advocate for one’s legitimately held professional opinions.

A curious, rigorous and sceptical mindset. A willingness to expend the intellectual

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How has covid-19 affected your work and to what extent do you see these effects being long term?

Peers and clients say: “He is regarded as a strong operator among law firms and others in the accounting profession”

You do a mix of investigations and disputes work. To what extent do these two sides of your practice complement one another?

What has been your most inter esting case to date, and why?

How has the market changed since you first started practising?

the process has been ingenious, but crossexamination is better conducted in person.

“A leading practitioner in the field”

On the one hand, hardly at all, as so much of an expert’s work can be office or even home-based because we tend to get most heavily involved once formal disclosure is substantially complete. On the other hand, I miss the opportunity to travel to the locus in quo and meet individuals face to face. Building a rapport, even with adversaries, is so much more straightforward in the room rather than on a screen. Virtual hearings are a significant development and will undoubtedly stay with us to some degree even as travel restrictions begin to ease. The application of technology to

Toby Duthie is a founding partner with more than 23 years’ experi ence in financial analysis, complex financial modelling, regulatory fine and “ability to pay” calcula tions and compliance reviews. Fluent in English and German, Toby has particular expertise in multi-jurisdictional, anti-bribery and corruption investigations and fraud involving government enforcement agencies (e.g. UK, US, French, South African, Brazilian, Swiss, Dutch). He has worked on many complex finan cial frauds and bribery inves tigations including for Airbus (€3.6 billion), Rolls-Royce (£671 million), TechnipFMC ($296m) and the recent GPT (£28.1 million) and Petrofac (£77 million) guilty pleas.

BiographyDuthieToby

Tel:tduthie@forensicrisk.comwww.forensicrisk.comLondon+442072697837

154 Investigations | Forensic Accountants

Forensic Risk Alliance

I left the world of investment banking because the work of a forensic accountant is very interesting, but also because I learnt early on what an impact it can make in people’s lives. We initially set up FRA to work on two Holocaust-related resti tution matters involving the Swiss banks and German industry. The former was in respect of dormant assets, and the latter in respect of Nazi-era slave labour. I learned a huge amount from my colleagues about cross-border data management, claim quantification and met some truly inter esting and humbling people.

We’re seeing a real shift in the diversity of the challenges that clients are facing. A couple of decades ago it would be smaller financial fraud and expert testimony cases. Now, the emergence of relatively new areas such as environmental regulation, covid-19 related fraud or unprecedented economic sanctions, combined with ever increasing cooperation between the enforcement agencies (e.g. US and Brazilian), has made it imperative that forensic accountants are able to effectively tackle challenges across multiple jurisdictions. Data volumes and

data types also continue to grow exponen tially. Though this can be challenging it’s really where FRA comes into our own with our one firm approach. We can truly tailor our team to meet the client’s challenge –whether investigation, disputes or compli ance. I’m privileged to still be learning in this job from our fantastic team!

What motivated you to become a forensic accountant?

Our “ability to pay” or affordability anal ysis assisted the judge in determining the appropriate fine, which also in turn allowed the company to raise additional equity and debt capital and continue to operate.

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We leverage innovative solutions to manage access to information and organise our teams into workstreams specified to each project need and each expert, whether lawyers or regulators. Consequently, our clients, the attorneys, and regulators can engage with the same objective in mind – to conclude all matters and issues involved in an investigation at the same time. This may seem simple, but this alignment is crucial for effective resolution.

How do you coordinate on cases when working alongside experts with other areas of expertise?

including most recently the Petrofac settle ment. We were engaged by Petrofac and its external counsel to support the company’s plea discussions with the SFO. Time was of the essence for the company. We needed to set out a clear and robust approach to analysing Petrofac’s ability to pay a penalty and at what quantum range.

I enormously enjoy profit-based fine calcu lations in respect of complex cross-border regulatory matters and have been lucky enough to have worked on several of these,

As a founding partner of FRA, what are your main priorities for the firm’s development over the next five years?

Maintaining the highest quality of service and work product is and always will be our core priority. Equally, the forensic market as a whole is growing significantly as well as the need for genuinely conflict-free forensic advisers. Growth remains a key priority for us over the next five years. We opened a new office in Dubai earlier this year, which is a key location for high-value litigation, complex cross-border disputes, financial crime investigations and forensic work across key markets in the wider MEA region. Expansion into other strategic regions and also of our service offerings is something we’re continually exploring.

What is the most challenging part of your job, and why?

As a result, my co-founders and I saw – and still see – a need for a fully inde pendent forensic adviser. I believe an effec tive forensic accountant makes the effort to understand the client’s business, their challenges, and articulates findings in a clear, objective and coherent manner. The ability to do this can make a huge difference to the outcomes for the company and the fight against economic crime. I am grateful to have worked with amazingly talented lawyers and companies in this way.

WWL says: “Creative and results-oriented” Toby Duthie is “always the first choice for any forensic expert needs” compliment market commentators.

As mentioned, the level of coordination and cooperation has increased dramatically in the last decade with our projects typically spanning multiple jurisdictions. We have a one firm approach – both culturally and operationally – which means we can deploy the right expert to the matter irrespective of jurisdiction or office. We also use cutting edge IT – from AI and data analytics to linking structured and unstructured data – to get the full picture of what actually did or did not happen.

What is a recent memorable case you have been a part of?

Importantly, we understand that our successes can only be achieved because of our amazing colleagues. Diversity has been a bedrock to us founders since the beginning but the pandemic has really shifted the dial around wellbeing, allyship and inclusion. As leaders this is a central priority for us – that FRA is bringing about positive change in the communities in which we live and work.

FehonMatt AM

McGrathNicol Tel:mfehon@mcgrathnicol.comwww.mcgrathnicol.comSydney+61293382680 156 Investigations | Forensic Accountants

Biography

Matt is a highly regarded corpo rate advisory specialist and forensic expert and specialises in financial crime, corporate corrup tion and regulatory investigations. forensic accountant with more than 30 years of investigative and consulting experience, Matt has built a reputation for integrity and excellence. This is best evidenced through leading many of the largest investigations in Australia into fraud, international corrup tion, foreign interference and financial markets manipulation.

What makes McGrathNicol stand out from its competitors in the market?

What do you think will be the greatest challenges facing forensic accounting experts over the next five years and how will you ensure you are prepared to face them?

I have held the view for over a decade –the forensic accountant in the future will possess accounting, finance, investiga tive and data analytic skills. Working with data will be fundamental. Always seek out the best clients and the most interesting assignments. Be hungry and fearless but always maintain quality, excellence and integrity. While we often work on the events that clients wish they did not have to encounter, practitioners should focus their client on the risks of not approaching an investigation or asset tracing exercise with an approach that will meet the expec tations of civil and criminal proceedings.

Sources have noted an increas ing number of foreign interfer ence investigations in recent years. How are you handling the challenges that accompany this trend?

How do you effectively coordi nate on cases when working alongside experts with other areas of expertise?

McGrathNicol has built a team that is recognised as a leader in foreign interfer ence investigations with a specialised team that works with governments and clients across the globe. The challenge remains that there is a lack of awareness of the threats and hence the response to events is often poor.

As long as we have the financial data, we trace the money. Finding the funds and assets is critical.

Collaboration is important as there are multiple stakeholders and expertise required. We combine with the client, legal advisers and other specialists to identify and obtain relevant financial records and data. This extends to working with industry experts, asset recovery agencies, finan cial crime teams, private investigators and forensic technology specialists.

What impact will AI and other technological innovations have on forensic practice over the next five years?

There has been no significant impact on getting the job done. We have had a signifi cant increase in matters. These have been insolvency and fraud investigation-related.

The breadth of corporate investigations has seen other professions expand their offer ings. I see the challenge for clients being

What advice would you give to younger practitioners hoping to one day be in your position?

the risk they are sold consulting and legal services rather than investigation exper tise. The former often take a document review approach before investigating. My experience is that this approach side-steps the opportunity of early fact finding when speaking to people.

I am fortunate enough to have had a diverse career, which has provided me with rare experiences and high-profile assignments. Combining law enforcement, major crime investigations, banking, derivative trading and forensic accounting has proved to be a unique and valuable skillset to assist clients.

Describe your career to date.

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Lawyers and corporate clients enjoy having the continuity of our services as we do not encounter audit and other conflicts that other firms experience. Our firm enjoys being fiercely independent and having a market leading position in our chosen service offerings of restructuring and forensic services.

Our firm develops specialists in select fields and does not seek to expand for the sake of growth. We seek to differentiate ourselves from competitors through the recruitment of complementary specialists working in our team.

To what extent has covid-19 had an impact on asset and fund tracing investigations?

Our profession has been adapting quickly to technological advancements for the past two decades. Clients systems and open source data are large volumes of poten tial evidence. AI is a significant capability to complement the detailed approach of a Forensic practitioner.

WWL says: Matt Fehon is well regarded among peers for his prolific forensic work across a range of sectors and jurisdictions.

158 Investigations | Forensic Accountants

Jean-Michel Ferat is a senior managing director at Ankura with over 25 years of experience in the specialised fields of forensic accounting, fraud detection and data analytics. He has applied his skills in a variety of cases involving corruption, kickbacks, collusive bidding rings, money laundering, embezzlement, asset misappro priation, terrorist financing and financial statement fraud. He participated in reactive investiga tions and proactive compliance engagements, including Foreign Corrupt Practices Act monitor ships, across the United States and in over 25 countries around the world.

Ankura Washington Tel:jean-michel.ferat@ankura.comwww.ankura.comDC+12025275529

BiographyFeratMichelJean-

What are the greatest challeng es inherent in leading teams reviewing global anti-corrup tion compliance programmes of large multinationals?

During the pandemic, we largely lost the ability to effectively ask “gotcha” ques tions during on-site investigations. While desktop reviews always form part of most of our projects, those are typically followed-up with in-person visits during which critical information or documen tation can be solicited live and often in an ad-hoc manner. Gauging on the fly responses and collecting contemporane ously maintained documentation has been more difficult from afar.

You have enjoyed a very dis tinguished career so far. What would you like to achieve that you have not yet accomplished?

What do you enjoy most about working in the white-collar crime space as an expert?

How has the role of forensic accountant changed since you started your career?

How has the coronavirus pan demic impacted investigatory work for experts?

A top-down review of the organisation is really critical before jumping into the weeds. Understanding how the organisa tion is structured both functionally and geographically and how it is governed are good places to start. Also understanding a company’s ERP landscape and the results of its internal risk assessment processes can help the team get up to speed on key issues quickly.

What do clients like the World Bank, SEC and Fortune 100 companies look for in forensic experts?

We have been hearing about AI for years and increasingly about how it can be applied to the regulatory compliance envi ronment. More interesting (and likely more critical) is how we ensure that the ongoing development of AI is done with the right guardrails in place and that AI development itself is subjected to the proper oversight and compliance mechanisms.

What are the most exciting developments in data analyt ics that practitioners should be aware of?

The greatest challenge in undertaking large cross-border reviews is ensuring that you have a cohesive and collabora tive team across the globe. Consistency in approach and execution is critical in iden tifying trends, themes or one-off red flags in specific locations.

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I spent four years as the forensic accounting expert on the audit committee of the Global Fund to fight Aids, TB and Malaria, which was an incredibly rewarding experience. I have also been focused for the last several years working on govern ance, compliance and operations projects for large development finance institutions, corporates and PE firms focused on devel opmental impact, mainly in the developing world. I would like to continue to give back to worthy organisations and apply my skills in ways that can help drive efficiencies and impact.

I think that most clients appreciate three key traits in an expert: (1) know your stuff, (2) get your hands dirty and (3) communi cate effectively.

How do you prepare for largescale and high-profile forensic investigations?

When I began this career in the mid-90s, forensic accountants were in fact accred ited accountants. Nowadays, many profes sionals that identify with this professional category are not accountants at all but include “reformed lawyers”, compli ance professionals, technologists, risk managers etc. This evolution is reflective of the fact that our line of work is not just about debits and credits anymore.

Peers and clients say: “Jean-Michel is methodical and deeply immersed in the work”

whoswholegal.com/thought-leaders

My career has allowed me to travel the world from Santiago to Nouakchott to Stellenbosch to Tokyo and many places in between. I have met many wonderful people along the way that have enriched me both personally and professionally.

“He has integrity, honesty and deep knowledge”

“He is able to make complex accounting issues simple”

BiographyHopkinsGwynn

Gwynn is regularly appointed by various courts to act as liquidator or receiver of distressed compa nies; he also acts as an expert witness, submitting affidavits and expert reports for use in court or arbitration proceedings. Gwynn also takes roles such as acting as a consultant or an appointed director or trustee to assist distressed entities. Having led teams for many years as a partner in the Caribbean and Hong Kong, Gwynn has a thorough under standing of both the onshore and offshore aspects of appointments.

Perun Consultants Hong Tel:ghopkins@perunconsultants.comwww.perunconsultants.comKong+85228878020 160 Investigations | Forensic Accountants

As managing director of Perun Consultants, what are your main priorities for the firm’s development over the next five years?

What are the advantages and disadvantages of having a glob al practice?

Name one of your most memorable cases during the pandemic.

As Perun’s presence has grown in Southeast Asia, balancing the advantages and disadvantages of increasing inter national operations is something that’s constantly under review.

Some practitioners hold the view that Hong Kong is a shal low market scant of expert wit nesses in arbitrations and that a shortage can be expected. To what extent do you agree with such a view?

either via receivership appointments or liquidation applications. In addition, given the increasing distress faced across all markets, there has been a notice able increase in insolvency proceedings commenced on the basis of the allegation of fraudulent conduct.

The question of whether Hong Kong is short of expert witnesses for arbitration proceedings is tied to the underlying nature of the disputes as well as the volume of engagements needing to be addressed. Since arbitration proceedings are private, there are no publicly available details on the disputes to gauge whether there is a shortfall in experts. On a higher level, in 2021 WWL listed 235 forensic accountant consulting experts worldwide. Of that, 20 were based in Hong Kong, 51 in the USA, seven in Singapore and 23 in Australia. As there are more practitioners than just the leading ones who achieve an entry with WWL, Hong Kong seems to hold its own.

I trained at a UK boutique accounting firm that had a strong forensic accounting expert as its senior partner. Even while working as a junior auditor, I got involved in numerous forensic accounting matters covering valuation, asset tracing and account reconstruction disputes. The cases were always interesting and required strong analytical and investigative skills that I enjoyed developing. I continued my career with forensic accounting, which has led to me also becoming an insolvency and restructuring practitioner, working in multiple offshore jurisdictions to undertake challenging assignments.

Technical expertise, aptitude, drive and integrity are essential qualities of a forensic accountant. Their work should masterfully blend analytical and investigative skills and be able to clearly explain to non-account ants the work undertaken. If the outcome of the work can’t be understood by the end user, it’s of no value.

What inspired you to pur sue a career as a forensic accountant?

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and are less impacted by changes in an individual jurisdiction. With that often comes greater brand awareness that can attract staff and clients. The disadvantage is that the greater scale adds problems with conflict clearance processes, compli ance with different (and sometimes contra dictory) laws, and maintaining coherence and consistency between jurisdictions for quality control, management processes and implementation of technology.

Peers and clients say: “Gwynn possesses a great analytical mind and grasp of the details” “He has extensive experience of a wide range of novel matters involving many of the most challenging “Mrjurisdictions”Hopkinsis a very good person to have on your side”

We have seen an extensive array of restructuring matters involving compa nies seeking to avoid or delay looming insolvency proceedings. In a similar vein we have seen a significant increase, in comparison with 2020/21, of debt holders deciding to proactively enforce their rights

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What qualities make for an effective forensic accountant in today’s climate?

While virtual meetings, testimony and discovery have gained significant traction since 2020, they will continue to remain popular post-pandemic. Before covid-19, video meetings were considered inferior to in-person ones, but the cost savings from reduced travel will remain a negotiation point with clients as travel restrictions ease. That we were able to successfully execute the transaction and sell the under lying investee company to a large private equity fund was a testament to our ability to work in such challenging environments.

Global practices have the obvious advan tage of a wider range of markets to access

Bringing up the next generation of appoint ment takers is an important goal. We have several staff at various stages of their career, who I hope to see gaining their own WWL entries in the years ahead. We will also be expanding in the region as well as investing in staff and systems to ensure that we continue to thrive in the face of the rapid emergence of new technologies and unstable political and economic land scapes in numerous jurisdictions.

We recently concluded a two-year project spanning six jurisdictions. It involved multiple court and arbitration proceedings, a high-value acquisition and numerous complex and interlinked competing interest groups (the members of which were not always on the same side). While we were conducting in-person meetings with our legal teams, all our interactions moved online during the pandemic.

How is technology assisting in your ability to make strategic decisions?

Improvements in data analysis software, and the emergence of AI based technolo gies, help to more rapidly highlight trends, areas for concern needing rectification, and opportunities to develop the firm and better serve our clients. That makes it easier to quickly reach an informed deci sion on issues such as whether to enter a new market, or to expand a particular service line.

What trends are you currently seeing in the restructuring and insolvency field?

Ben Johnson leads the forensic investigation team for BRG in EMEA. He has over 20 years’ expe rience as a forensic accountant, focusing on fraud, accounting malpractice and anti-bribery and corruption issues. In the course of his career Ben has worked on some of the largest and mostcomplex investigations and disputes globally. He is an expe rienced testifying expert having provided expert evidence in crim inal proceedings and international arbitration in relation to fraud and corruption issues.

BiographyJohnsonBen

Also a Thought Leader in Asset Recovery | Experts 162 Investigations | Forensic Accountants

Berkeley Research Group

Tel:ben.johnson@thinkbrg.comwww.thinkbrg.comLondon+442038084758

requirements and promotes standards through publications such as the model expert’s declaration, engagement terms and expert report template. Further, the academy vets all members through refer ences and via work product.

The risk of cyber fraud has increased significantly in recent years as fraudsters and criminals have developed increasingly sophisticated techniques to defraud indi viduals and companies. Often, the vulner ability in company systems that enables cyber fraud is down to old fashioned human fallibility. Properly targeted and up-to-date training for staff across an organisation is vital to maintaining strong cybersecurity and minimising risk.

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To what extent have you noticed an uptick in fraud and corrup tion investigations following the coronavirus pandemic?

“He is very easy to get on with”

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As deputy chairman of the Academy of Experts, what steps do you and the organisation take to actively promote objec tive standards among expert witnesses?

The coronavirus pandemic has meant that practitioners have had to think creatively in carrying out international investigations.

The exponential increase in the volume of data in disputes and investigations has also been a huge change. When I started out, most review was still done by flicking through lever arch files, which is a world away from the technological solutions we employ today!

systems with home working. Push payment frauds may be more successful in remote working environments where colleagues are not together to easily question poten tially suspicious requests. The home working model can create opportunities for employees to carry out more traditional frauds like fake supplier fraud due to weak nesses in internal controls as a result of distributed systems.

Cryptocurrency is an increasingly impor tant factor in all areas of forensic work. Fraudsters and criminals enjoy the bene fits of lax standards of client identifica tion checks in the cyber realm. As some currencies become more established, I expect to see further activity in this space until proper regulation is possible.

There has been a noticeable increase in certain types of consumer-targeted fraud in the pandemic. For example, the increase in home working and use of delivery services has seen a huge increase in phishing scams purporting to be from delivery companies. More seriously, fraud sters have looked to take advantage of security gaps created by more distributed

What challenges is cyber fraud posing to your clients and what are the best ways of minimising frequently encountered areas of risk?

This is a real challenge, getting a testifying role when you have not actually testified before can be something of a catch-22 situation. Firms must ensure staff build the skills necessary to perform a testi fying role and look for opportunities for less experienced staff to act as experts in their own name. One way to do this, which requires investment from firms and buy-in from clients, is for budding experts to take on an expert mandate for a smaller and less complex matter, supported by a senior expert.

Peers and clients say: “Ben is a very efficient project planner”

“He delivers comprehensive reports which add value to his practice”

The Academy provides training for experts and guidance on topical issues to ensure members are up to date with the latest

What advantages accompany employee diversity initiatives, and what steps can expert firms take to improve recruitment and retention in this area?

How has forensic accountan cy changed since you started practising?

What are the most significant challenges forensic account ants currently face in interna tional investigations?

As the forensic accounting market has expanded and matured it has become more specialised. When I started in the late 90s, it was common for forensic account ants to do a bit of everything; valuations, quantum and damages, fraud and inves tigations. Now senior professionals are more focused in their areas of specialism.

This is an important issues for all busi nesses, both recruiting a diverse spec trum of individuals and ensuring all have the right environment to progress their careers, with real diversity ensuring a broad spectrum of thinking and approach to problem solving delivering the best end work product. At BRG we are working on improving diversity by ensuring our recruit ment processes covers a wide variety of backgrounds and by ensuring that all staff feel they have a strong and supported career path.

In your opinion, how might younger experts move into a testifying role?

On-site investigations have often not been possible, meaning remote collection and review has been required that must be properly thought through to ensure results are not Beyondcompromised.that,efficiently dealing with the ever-increasing volumes of data is a chal lenge and from an international perspec tive, making sure data privacy legislation is complied with throughout the investigation.

To what extent are you seeing cryptocurrency fraud already becoming a core part of your practice?

Julian Jones is a managing director with the Alvarez & Marsal (A&M) global disputes and inves tigations practice in London. He brings over 25 years of expe rience in forensic accounting engagements, advising clients in complex investigations in the white-collar, cross-border and regulatory arenas, and provides expert witness services on accounting and quantum-related issues. Jones is a member of A&M’s European Executive committee on forensic disputes and investigations. Marsal

Alvarez &

BiographyJonesJulian

Tel:jjones@alvarezandmarsal.comwww.alvarezandmarsal.comLondon+442070723237 164 Investigations | Forensic Accountants

What are the main challenges for enforcement agencies in your jurisdiction?

Lastly, a series of American professional services companies with a wider focus than just forensic (such as A&M) entered the forensic markets to complement their wider focus.

There are so many challenges that the enforcement agencies face. To my mind the main challenges are linked to the resource and financial constraints that they operate under. Adversaries often engage sophisti cated legal teams to represent them, and as such each case will be subject to chal lenge (procedural and factual) throughout

How do you ensure you are equipped to face the challenges posed by handling large vol umes of data in investigations?

How has the market changed since you first started practising?

the duration. This inevitably means that cases will be long-running, with multiple aspects, and be so costly and timeconsuming. As such the agencies need to be funded and resourced against this real istic assessment of what the cases involve.

Having an in-house capability to provide a combination of sophisticated forensic technology, complex data analytics, cybersecurity and data privacy expertise is now an essential feature required within many investigations. This is linked to the requirement to handle large volumes of data, and whatever type of information that data might include. Our resources in these areas have expanded significantly over the past 12 months, and will continue to expand over the coming 12 months.

You have been involved in a number of high-profile cases. Which cases stick most in your mind and why?

from the manner in which it collapsed and its division into separate competing estates across the globe and an “unconscionable waste of value”.

In which direction would you like to steer your practice in the next five years?

Peers and clients say: “Julian is excellent in all that he does” “He is outstanding at managing some of the largest fraud investigations taking place”

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Describe your career to date.

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Working closely with ambitious, intelligent and hard-working people while debating high-level strategic issues to help steer the business is the most enjoyable part of the role on the executive committee.

Two cases stick out for me. They are the Parmalat and Lehman Brothers matters, each of which absorbed four years of my working life. Parmalat stands out for the audacity and scale of the fraud, and the methodologies they adopted. It was also my first experience of the US deposi tion process, with one notable deposition having three interpreters: one for us, one for the person being deposed and one neutral interpreter in case of disputes. It was a very long deposition. Lehman Brothers stands out for the scale and complexity of what was hopefully a oncein-a-lifetime event in the financial services sector. I feel lucky to have been with A&M over that time, and in a position that gave me great insights into the internal work ings of a major investment bank, as well as the complexities and challenges that arose

The market has evolved significantly over those 25 years. Firstly, the Big Six firms became the Big Four firms, reducing the number of large firms with forensic prac tices. Unsurprisingly, more and more niche players, often backed by private equity, have been entering the market over that time and increasingly so more recently.

Initially, I started out as a mechanical engi neer, but switched to accounting shortly after graduating to train and qualify as an auditor with Coopers & Lybrand. Linked to an audit, I uncovered a fraud, and moved into the forensic accounting world some 25 years ago. Initially, I remained with this Big Six firm (there were six at the time) conducting forensic work, before working in leadership roles at two boutique niche forensic accounting firms. I then joined A&M, and for the past 10 years have led the European forensic team, which has grown to over 100 professionals across six countries. Recently, I stepped back from the European leadership role to focus fully on client work, and have been very busy on such work ever since.

What do you enjoy most about your role as a member of the firm’s executive committee of disputes and investigations?

Steering the practice, and the direction of the wider A&M firm, to be seamless in the execution and delivery of multifaceted solutions to meet the clients’ needs is one overriding objective. There are so many crossovers between the different A&M practices (turnaround, transaction advi sory, restructuring, insolvency and regula tory) that ensuring forensic is at the heart of these complementary solutions is the direction of travel.

How is technology currently revolutionising the nature of corporate investigations?

To my mind, technology is not so much revolutionising the nature of corporate investigations, more changing the meth odologies and processes used to conduct such corporate investigations. The nature of what people do is largely the same, with some added complexity around digital techniques, digital footprints and digital evidence – but at the end of the day, what still stands are the same basic questions in one form or another. Where did the money go? Who did what? When did they do it? Why did they do it?

Frances McLeod is a co-founder and US head of Forensic Risk Alliance (FRA). A former invest ment banker with 25-plus years of experience, Frances advises clients on sanctions, anti-corrup tion, fraud, internal controls, asset tracing, money laundering, and data governance issues. Frances has been deeply involved in FRA’s compliance monitorship work, including having recently completed her mandate as the compliance monitor for a European engineering company pursuant to a DOJ settlement in connection with a “Dieselgate” related matter. She speaks English, German, French and Mandarin, and holds an MA from Oxford University.

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BiographyMcLeodFrances

Forensic Risk Alliance Washington, Tel:fmcleod@forensicrisk.comwww.forensicrisk.comDC+12026276580

How have you ensured FRA distinguishes itself among the competition?

What is it about forensic accountancy that you enjoy most?

are agile in the face of complex compliance requirements?

What strengths do you bring to your role?

Peers and clients say: “Frances is a top-notch, creative and practical expert”

What do clients look for in an effective forensic accountant?

whoswholegal.com/thought-leaders

massive opportunities for fraud and are the stated target of enforcement actions. This is an area we are increasingly focusing on – not only to decode and mitigate the asso ciated risks, but also from an investigations perspective.ESG,particularly environmental reporting and fraud continues to emerge as a key area for our clients across all sectors and jurisdictions. Climate change is now at the forefront of public life, and what busi nesses say about themselves must stand up to scrutiny. This is a complex area –we’re seeing environmental reporting standards align across some jurisdictions but there are real areas of divergence of approach. We’re working with clients to develop compliance programs that level up to the highest standards relevant for them, and ensure they’re rigorously tested. Consistent and accurate reporting to investors, leadership and their clients is imperative. We’re starting to see more investigations announced from a variety of authorities in many regions, not just the US. This pace will only increase.

“An excellent leader, abreast of industry trends”

I love the incredible variety of work. No project, no client, no issue is the same and they all present their own nuances and challenges. I particularly enjoy the dynamic of successful, collaborative relationships where the value add is measurable – even when there have been tensions in getting to the right result. I am looking forward to addressing some of the new compliance challenges that new technologies and instruments will present – crypto being one. Finally, as a founding partner, it has been incredibly rewarding to see the onefirm collaborative culture, which was one of our most important tenets when we founded the firm, continue to be embraced across our global team. I am also very proud to have built a firm that is nearly half women, with many strong women leaders.

A successful compliance program should be fit for purpose, right-sized and sustain able. Recognise that the program cannot and should not be static and focus on fostering a company-wide mindset that embraces ethical conduct and is sensitised to risk. Companies often spend enormous resources creating overly prescriptive, onerous programs or over-engineering systems that are ineffective, and ultimately lead to fatigue and circumvention. A wellconsidered, collaborative, risk-based approach is key to avoiding silos and things slipping through the cracks – that means being sensitive to the biggest regulatory and compliance risks, being vigilant about where new risks might emerge and where fail ures might be occurring, and then bringing together the business people, compliance professionals, systems owners and other stakeholders to calibrate the compliance program and training program to mitigate that risk. Ongoing testing and monitoring – and effective reporting of the results –allows for a window into what is working and what is not. Having a robust culture of ethics, openness and challenge is the most critical step of all. Employees and leaders must have good moral barometers.

What are some steps that com panies can take to ensure they

“It doesn’t get better than her”

What new types of fraud have you seen emerge recently?

Experience, intuition, cultural and commer cial awareness, combined with a collabo rative and open mindset. Having lived and worked in Asia, North America and Europe, and having spent significant amounts of time in other continents, I understand how to effectively yet sensitively navigate many different jurisdictions. I understand where potential conflicts lie and do my best to set the team up to manage these successfully without compromising the independence and excellence of our analysis. I also have strengths in triaging information to distil the key facts and patterns and in presenting these clearly to a variety of audiences. The independent evaluation of compliance systems and working to enhance them to mitigate a wide variety of risks has become a particular area of expertise (and passion) as is demonstrated by my monitorship work.

The opacity that digital payment platforms and cryptocurrencies offer clearly present

Good judgement and an integrated, collab orative legal and forensics team can be very powerful. Being able to seamlessly partner with both in-house and outside counsel, and become part of the team developing and executing a successful strategy is key. It is also important to be nimble and able to embrace the changing nature of the inves tigative process – priorities shift, new fact patterns are identified – and to re-prioritise and scale the forensic accounting work. It is part of our job to decode the financials, but it is equally important to be able to clearly and compellingly explain one’s analysis to the legal team and to investigators. A good forensic accountant is a numbers person who can write clearly and compellingly. Finally, the ability to give robust opinions and analyses – taking into consideration the appropriate context and providing the relevant support, and to stand by them, is of great value to our clients.

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A commitment to excellence and a commit ment to evolution. We have seen a number of enforcement waves and compliance challenges emerge over the past 23 years and we have been able to pivot to address them on behalf of our clients. We are trusted advisers to our clients, and people who they actually enjoy working with. Many of our clients have worked with us for two decades and over that time we have built strong client relationships acting as a partner, valued adviser and thought leader. We have consistently fostered a culture of openness and inclusion, which translates into people being able to be their genuine selves at work. I believe that allows our people to be better consultants.

FRP Advisory

BiographyOsborneChristopher

Chris leads FRP’s forensic services practice. He has over 20 years’ experience of fraud, bribery and corruption investigations, regulatory inquiries, disputes and compliance and risk advisory assignments, including second ments to the Serious Fraud Office and Financial Services Authority. He has acted as a party-appointed expert, single joint expert, and expert determiner. He has opined on matters including loss of profits, misappropriation of funds, and warranty claims. Chris has given oral evidence in the High Court and international arbitra tion proceedings.

Tel:chris.osborne@frpadvisory.comwww.frpadvisory.comLondon07983593259

Also a Thought Leader in Asset Recovery | Experts 168 Investigations | Forensic Accountants

What steps do you take to establish a detailed under standing of your client’s needs in order to practice effectively?

How do you see forensic accounting evolving over 2022–2023? How are you adapting your practice accordingly?

The volume of investigation, litigation and arbitration work has grown considerably over the last decade or so, not just in the number of assignments. Most white-collar crime lawyers, litigators, in house counsel and compliance professionals have seen the benefits that forensic accountants (and forensic technologists) can bring to their investigations and disputes where, increasingly, we are being brought in at the start/near the commencement of an assignment.

We work on many cases where a multidisciplinary team is required. In fraud investigations, forensic accounting and technology skills are key. In contentious insolvency cases we deploy forensic accounting, technology and insolvency expertise sometimes supplemented by an independent expert from another firm. Similarly, our disputes work can involve working alongside non-accounting experts and may involve the reliance on their find ings as inputs to our work.

Why do you think there has been noticeable growth in demand for forensic accountants?

Resourcing! There is significant demand for forensic accountants and a very competitive environment for talent, which I anticipate will continue for some time. In my view this has been driven by a number of factors including increased demand for forensic accountants, and less supply coming into the UK from countries such as Australia due to the impact of covid19-related travel restrictions etc.

Akin to any project, continual commu nication is key, especially in fast moving investigations. Everyone understanding their role, and how they fit into wider assignments is also essential.

I anticipate there will be an uptick in investigation work as we come out of the pandemic. We have been busy with investigations, however, we have not seen many covid-19-related assignments as yet. Litigation and arbitration work has been busy for us (increasingly so since autumn 2021) and I envisage that investigations will follow suit this year.

Stop stressing, no one has died! The life of a forensic accountant can be a stressful one (especially in the lead up to trial and when being cross-examined) but try to put things in perspective.

Peers and clients say: “Chris is an excellent leader and renowned expert witness in his field” “Chris is an absolute joy to work with and always values opinions we may have regarding the work “Onesupplied”major strength of his is that he is a well-respected expert witness”

Forensic accounting ticked a number of boxes for me when I was considering career options, such as; the variety of work, including investigations, utilising my law degree, being able to travel internationally and training to be a chartered accountant.

Cryptocurrency is becoming more preva lent in investigations and we have had to upskill in this area very quickly. We have had exposure to numerous cases involving cryptocurrency already and anticipate there will be much more investigation work/asset recovery assignments involving crypto in fraud investigation and conten tious insolvency cases.

The other piece of advice I received early in my career is that you will learn some thing from every assignment that you undertake, even if it is not the most exciting piece of work you will do in your career!

What is the best piece of advice that you have ever received?

What motivated you to become a forensic accountant?

In my opinion, it is important to meet clients in person (if possible) as it assists in building rapport. However, over the pandemic we worked with a number of new clients and lawyers on major projects, some of whom we have never met in person!

How is cryptocurrency affecting your role and the needs of your clients more broadly?

All of these factors motivated me to become a forensic accountant and have been borne out in the last 20 years or so.

We are growing our forensic services practice across both investigations and litigation/arbitration but there is very little supply in the forensic accounting market at present.

It is imperative to be interested in a client’s business, understand their requirements and how they wish us to deliver. Being inquisitive and listening to their response is also key.

Hybrid working is an evolving issue and an ongoing challenge across professional services, and it will be interesting to see, in a year’s time or so, where we are as an industry once this transition period is over. We offer a flexible approach which works well in certain situations but in my opinion, there are particular aspects of our work that are better undertaken in person.

How do you coordinate on cases when working alongside experts with other areas of expertise?

What is the most challenging part of your job, and why?

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Ankura Hong Tel:neill.poole@ankura.comwww.ankura.comKong+85222332533 Also a Thought Leader in Asset Recovery | Experts 170 Investigations | Forensic Accountants

Neill Poole is a senior managing director based in Hong Kong and has worked in Asia for over 20 years. He has accumulated exten sive regional experience in dispute services, forensic accounting and financial investigations. Prior to relocating to Asia from the United Kingdom, Neill trained as a char tered accountant on the audit team of a Big Four accountancy practice and, soon after qualifying in 1988, specialised in forensic accounting.

BiographyPooleNeill

“He is extremely responsive and provides in-depth analysis”

As a result, one of the key challenges was having to learn quickly how to apply expe rience and skills in a way that was helpful and understandable to clients and their legal advisers. Inevitably, given the relative novelty of the service at the time, we also had to “educate” those who might benefit from forensic accounting services as to how our input could be of assistance.

whoswholegal.com/thought-leaders

Looking back over your career, what is the most interesting case you have been a part of?

I would say the key thing is variety. No two cases are the same because of the fact base of a particular matter and how the fact base interacts with relevant law. In addition, we get exposure to a wide variety of clients and industries in our work, not to mention the benefit of working with a variety of legal teams from around the globe. Of course, in Asia, we also have the

What are the key skills required for advising clients involved in regulatory issues and disputes?

What can younger practitioners do to increase their chances of being appointed as experts in international arbitrations? Is there a role for experienced experts here?

What is it about your role as a forensic accountant and financial investigator that you enjoy most?

benefit (and challenges) of working with a variety of cultures. The importance of cultural differences cannot be understated in this line of work.

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It is difficult to label a single case as the most interesting. I have been fortunate to have been involved in many cases over the course of my career that have proved inter esting or challenging in various ways. They include an investigation into a collapse of a private bank in North America that turned out to be a major systematic fraud and sophisticated money laundering operation by senior management, an investigation/ receivership case in China that involved part of the team being held hostage by “employees”, several post-acquisition disputes which have involved interesting technical accounting issues as well as a number of joint venture disputes that involved allegations of malfeasance.

How does Ankura distinguish itself from the competition in the region?

One of Ankura’s key strengths is its collaborative culture. Many firms say they have a collaborative culture, but few do in reality. This allows us to draw on the strong

What are the most important trends in forensic accounting that readers should be aware of?

One of the most important trends, in my view, is the impact of conflicts of interest. It is not a new challenge to the accounting/consulting profession in the context of forensic accounting, but it is a recurring one. As consulting firms grow larger and more diverse in their service offerings, it inevitably becomes more difficult to satisfy actual and perceived independence requirements, particularly in an environment where there is already mistrust between parties in dispute. This will continue to push forensic accounting practitioners away from large audit-based accounting practices into niche consulting firms and we will continue to see new specialist start-ups or “bolt-ons” to firms that have previously not offered forensic accounting services.

What did you find most chal lenging about entering practice as a forensic accountant?

“A very strong and constructive forensic expert”

I became involved in forensic accounting almost by accident at a time when it was little known as a specialisation and just as some of the large accounting firms (which subsequently became the “Big Four”) started to form specialists teams.

In my view, so far as damages experts are concerned, the differences between arbitration institutions and national court systems (particularly those with common law systems) are far less relevant than they are to, say, lawyers. In any forum, the expert needs to be able to think and communicate incisively so that the client, legal advisers and, ultimately, the tribunal can quickly grasp and evaluate the rele vance of an expert’s opinion to the case.

There is definitely an ongoing role for expe rienced experts in international arbitra tions. In addition to honing their technical skills, I would advise younger practitioners to broaden their experience as much as possible and not to restrict themselves purely to forensic accounting. Depending on the context and issues in dispute, an expert’s ability to draw on experiences from involvement in other types of work (such as insolvency cases, M&A advisory, financial due diligence) can be very helpful when analysing a case and forming an opinion. Never stop learning! I would also recom mend that younger practitioners develop their network of law firm contacts in their peer group at an early stage. This will not only get them known to decision makers of the future but will often give them insights as to the practical issues with experts being faced by lawyers.

To use a medical analogy – a good bedside manner. There is a huge range of sophis tication in the clients we work with, from global financial institutions and corporates to first-time litigant individuals. Being able to match communication of issues and opinions with the experience and knowledge of the client is essential. It is also impor tant to balance empathy with independence, clarity of thought and realism. In the heat of a dispute, clients may not always like or agree with your opinion, but they will usually come around to accepting it.

expertise and resources of the firm globally far more easily and speedily than most of our competitors. Coupled with the fact that we rarely have conflict of interest issues, Ankura is typically able to respond more quickly with the right solution for the client and its legal advisers.

Peers and clients say: “Neill has deep industry expertise and experience giving expert evidence”

What is needed from practition ers in order for them to flour ish as experts under a variety of arbitration institutions and national court systems?

172 Investigations | Forensic Accountants

Kris serves as the practice leader for CRA’s award-winning forensic services practice. He is particularly sought after to lead complex independent investiga tions – requiring deep industry knowledge, multiple technical competencies, thorny jurisdic tional and ethical issues, and chal lenging reporting and disclosure obligations – and to testify on both economic damages and liability. From a geographic perspective, his assignments have extended to Africa, Asia, Australia, Europe, the Middle East, and North and South America.

Charles River Associates Chicago, Tel:kswanson@crai.comwww.crai.comIL+13126193313

BiographySwansonKristofer

needs around the scope, execution and findings of the independent investigation in order to be willing to sign off on the audit without undue delay.

It is important for everyone to understand how their work fits into and supports the larger legal strategy in order to avoid dupli cating efforts and to prevent mission-crit ical action items from being accidentally overlooked.

“He is diligent and highly responsive to clients”

What do you enjoy most about your role?

How has your previous experi ence as head of PwC’s Midwest forensics practice enhanced your current work as a forensic accountant?

What motivated you to pursue a career in forensic accounting?

Clients confirm that we deliver deeper insights more quickly as a result of our commitment to deploying cross-trained teams of experienced forensic profes sionals. We are excited about our ability to instantly and seamlessly tap into other CRA colleagues worldwide if we need specific additional language, technical or industry knowledge to round out the team.

To stay relevant to the market, it is essen tial to always be looking for opportuni ties to develop technical skills, industry knowledge, consulting expertise, and the “soft” skills to be able to gather, assess, and communicate important findings with empathy, nuance, and care.

One of my responsibilities when serving as PwC’s forensic services midwest market leader was to conduct “shadow investiga tions” for audit clients. In this capacity, I gained particular insight into how the Big Four assess and respond to allegations of fraud and misconduct arising at audit clients. I developed significant experience ensuring that the audit partner gets the transparency and comfort that he or she

Peers and clients say: “Kris is a tremendous intellect, exceptionally personable and easy to work with”

How do you effectively coordi nate on cases when working alongside experts with other areas of expertise?

I am so proud to see my colleagues grow and flourish, supported by a firm with a uniquely partnerial culture. We are excited to be building a team that is very special, and while we are excited about what we have done so far – including growing over the past six years to become the second largest practice in the firm worldwide – we know that our best days lie ahead!

Investigations can often be quite unpre dictable in terms of where the investiga tion leads and what the ultimate findings will be. Accordingly, clients are often best served by selecting a seasoned forensics expert who has the proven ability to trian gulate and analyse multiple sources of data

A career in forensics provides a unique and critically important opportunity to help clients reaffirm their commitment to integrity and to exquisite corporate governance. When we conclude that trou bling allegations are substantiated, our findings enable the board to take timely and defensible actions. When we conclude that allegations arose through a misunder standing, our findings allow for resolution and reconciliation. When we conclude that allegations were falsely and maliciously made, our work is typically the only effec tive way for a company or executive to get their reputations back.

and information – including information from within the four walls of a company and information from public sources – and who has the experience and judgment to quickly identify and effectively communicate the critical implications of his or her findings to multiple stakeholders and from multiple perspectives, including financial reporting, legal, and ethical.

How does Charles River Asso ciates distinguish itself from the competition?

What advice would you give to someone starting out in the field?

“Kris is a leader in his field – very knowledgeable, well-respected, credible and with impeccable integrity”

whoswholegal.com/thought-leaders

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Looking back over your career, what has been the most memo rable case you have been a part of?

The first forensic investigation I ever led was personally and professionally trans formative, as it allowed me to integrate and leverage a range of skills that I had devel oped as of that point in time – in my capacity as a former auditor, CFO, and expert witness – to help multiple stakeholders get to truth in a moment of organisational crisis. We were shivering away during the winter months in the poorly heated offices of a public company’s Canadian subsidiary, where we made new and troubling discov eries every few days, including identifying indicia of fraud involving improper and fictitious sales transactions, sale and buyback transactions, improper vendor rebate transactions, and other accounting improprieties. The public company parent had to restate its financials, and two of its c-suite executives were separated shortly thereafter. This was the single most chal lenging and rewarding assignment that I had experienced as of that point in my career, and what made it even better was that I turned out to be really good at it!

What do clients look for when selecting a forensic accountant?

Alvarez & Marsal

Juan BiographyMartosValderasJ

Tel:jjvalderas@alvarezandmarsal.comwww.alvarezandmarsal.comMadrid+34677927003 174 Investigations | Forensic Accountants

Juan Valderas is the leader of A&M’s disputes and investiga tions practice in Spain. Trained as a lawyer, accountant, qualified auditor and a CFE, Juan brings more than 28 years of accounting experience, and more than 23 years of specialist experience in financial investigations and disputes. He serves in both advi sory and expert witness-related roles before both national and international courts and interna tional arbitration bodies in more than 200 cases, mostly across Europe and Latin America.

extent, failing) to deliver amazing surveil lance and fraud detection capabilities for more than a decade now. Nevertheless, I think these promises may be getting much closer to reality now. Having said that, I keep believing that proper, reliable and powerfully implemented channels of communication to gather intelligence from within an organisation’s own ranks is by far the richest untapped resource, and that technology has a key role in shaping those channels in a way that gains the trust needed for them to work effectively and to produce substantial intelligence.

I was then a key part of the team setting up the first forensic practice in Spain. In 2003, I joined Deloitte in Spain, where I built and led the forensic department for twelve years. During this time, I was also appointed as Deloitte’s forensic leader for Europe, the Middle East and Africa and played an active role in numerous inter national investigations. Between 2015 and 2018, I led FTI’s forensic practice in Spain.

“He has an incredible ability to overcome crisis situations”

AI (or, truly, statistics “on steroids”) has been promising (and to a significant

What have you learned from working with clients in a wide range of industries and jurisdictions?

Our priorities in Spain include (i) contin uing to expand our local forensic tech nology capabilities, (ii) playing a leading role in the ongoing changes among both companies and state entities associated with the implementation of the EU Directive on whistle-blower channels, and (iii) deep ening our focus on construction-related expertise.

Peers and clients say: “Juan brings reliability, resilience and technical expertise”

I began my professional career spending five years in auditing at KPMG before joining KPMG’s London forensic department.

My practice, in a very summarised manner, could be described as focused on analysing and producing numbers in a legal context, where the recipients and “users” of my work are mostly lawyers. My training as a lawyer has helped me to better understand and adapt my delivery to what is needed and what works in this context.

Globally integrated companies, with centralised management and controls can work just fine in a normal environment, but in times of commotion or disruption (as the ones we are living in today) they often fail to detect that something may be wrong in a distant subsidiary, especially when local management is involved. In my experience, one of the most effective means to prevent this is to implement tools (such as whistleblower channels) that enable communica tion from mid-level employees to the top.

As leader of the Alvarez & Marsal’s disputes and investi gations practice in Spain, what are your main priorities for the practice group’s development over 2022–2023?

What is the best piece of advice you have received throughout your career?

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whoswholegal.com/thought-leaders

“He has fantastic communication skills”

First, listen carefully.

What new types of fraud have you seen emerge recently? How are you ensuring that you and your clients are well-equipped to tackle the forensic challeng es they pose?

My investigative experience includes fraud, corruption, accounting manipula tion, money laundering and other regu latory investigations (around sanctions, competition, etc.) as well as fraud detec tion and prevention (compliance, ESG). I also bring extensive experience handling and reviewing large volumes of electronic data, using advanced forensic computing and data analysis techniques.

Investigations across industries and coun tries are often similar in many ways, but also different. To be effective you always need to include local or industry-specific knowledge in the investigative team, other wise there is a good chance of missing critical information.

How is technological innovation revolutionising the practice area at the moment and how will this impact the practice area over the next five years?

How has your degree in law and economics enhanced your practice as an expert?

Describe your career to date.

Martin Wilczynski is a senior managing director at Ankura based in Washington, DC. Martin has 40 years of professional expe rience in accounting, internal, and forensic investigations. In addition to his nearly 25 years of consulting experience, Martin’s background includes 10 years of auditing experience at an inter national accounting firm and six years on the staff of the United States Securities and Exchange Commission, where he served for five years within the enforcement division. Ankura Washington, Tel:martin.wilczynski@ankura.comwww.ankura.comDC+12024811326

176 Investigations | Forensic Accountants

Martin BiographyWilczynskiS

“Martin has extensive experience working on complex investigations”

What do clients look for in an effective forensic accountant?

What new types of fraud have you seen emerge recently? How are you ensuring that you and your clients are well-equipped to tackle the forensic chal lenges they pose?

What advice would you give to someone starting out in foren sic accountancy?

Deep and practical experience in this area will be a tremendous additive benefit to a well-rounded forensic resume.

Fraud “types” don’t change much, the basic schemes just continue to recycle themselves and take on new forms. While certain issues like crypto present novel challenges and complexities due to their underlying structure, most fraud schemes have been around forever. The best defences continue to be a pristine tone at the top, well-constructed internal controls, organisational scepticism and vigilance.

Ankura was founded based on the premise that “collaboration drives results”, and that mindset has continued to this day. More than any firm I’ve ever been associated with, Ankura lives its core values and there is a genuine cross-practice desire on every project to strategically involve the best and most relevant resources – wherever they reside within Ankura. This mindset creates more strategic teams and greater efficien cies for the benefit of our clients.

Supplement your technical accounting and auditing training with a thorough grounding in the additional areas that differentiate and define the practice of forensic accounting. Examples include fraud examination and legal theory, interviewing and expert witness techniques, regulatory practice, criminology, business ethics, and internal control structure and remediation. Build a network, develop a speciality and learn from those you work with every day.

After 10 years as a Big 4 auditor, I discov ered accounting investigations when I joined the SEC’s Enforcement Division. It was easily the best career change of my life. Gathering evidence, taking testimony, fairly and objectively considering the big picture, and interacting with tremendous colleagues and seasoned defence attor neys made it the best job I ever had. I never knew accounting could be so much fun.

An important element of Ankura’s current focus is to continue to extend our global

whoswholegal.com/thought-leaders

What challenges has the shift to remote working presented from a forensic accounting standpoint?

From my experience, the future of forensic accounting lies with both the increased opportunities generated by technology and big data, as well as the risks. Information management, web and internal system access, hacking exposure, and data sensi tivity have all combined to present huge additional issues that will continue to make technology the single largest area of intersection with forensic accounting.

What attracted you to a career in forensic accounting and investigations?

As a senior managing director at Ankura, what are your main priorities for the firm’s develop ment in the next couple of years?

capabilities while adding relevant offer ings in emerging areas. As a firm that employed fewer than 50 people in early 2016, the fact that we are now approaching a cohesive worldwide firm of 2,000 is remarkable.

How does Ankura distinguish itself from the competition in the market?

177

Somewhat surprisingly to me, the shift to remote work revealed how resourceful our profession, team members, counsel, clients and regulators could be, and how much work successfully continued to get done notwithstanding the pandemic. That said, there is no replacement for day-today, in-person interaction and communi cation - it will always provide substantial benefits both for the nuanced quality of work product and for the professional development and mentoring of our teams.

Peers and clients say: “He is a highly regarded forensic accountant”

Where, in your opinion, does the future of forensic account ancy lie?

“He has worked on many complex and high-profile matters”

In my experience, clients look for someone who will listen carefully to them, so that a well-tailored plan can be pursued to obtain and evaluate all relevant facts –both good and bad. Only then can the best recommendations and advice be reliably communicated for the benefit of the client. Credibility and experience count.

Act) and regulatory issues, asset

(including cryptocurrency), and litigation

Alvarez

and expert witness services for disputes. Alvarez & Marsal Hong Kong, Shanghai, Tel:kwilliamson@alvarezandmarsal.comwww.alvarezandmarsal.comLondon+447778130738 178 Investigations | Forensic Accountants

team in Hong

He has

(U.S.

Keith Williamson is a managing director based in London with & Marsal and leads the disputes and investigations Kong and China. more than 25 years of forensic and investigative accounting expe rience 12 years in Asia), specialising in investigations of corruption FCPA U.K. Bribery tracing recovery support

and

(including

fraud,

BiographyWilliamsonKeith

firm’s

179

“Keith has a very practical approach to each engagement”

What do clients look for in an effective forensic accountant?

The biggest changes have resulted from the developments in technology over the period I have been practising. Some early investigation and dispute projects required the identification, review and copying (for evidential purposes) of huge volumes of

What makes Alvarez & Marsal stand out from its competitors in the market?

Through varying combinations of these traits in particular circumstances, I think clients are looking for a forensic accountant that ultimately makes them look, to their own clients, bosses, peers and other stake holders, like they made a good decision in hiring the forensic accountant in the first place.

Peers and clients say: “He is a clear communicator who stays focused on the central issues”

“He always brings the right level of resources, knowledge and experience to every matter”

What inspired you to pur sue a career as a forensic accountant?

I think it differs from client-to-client and situation-to-situation, but common traits include strong hands-on leadership, concise and timely verbal and written communication skills, the ability to meet deadlines, working collaboratively, the ability to provide advice and solutions rather than just identifying problems, and the ability to stick to a budget (and/or communicate early and fully about neces sary expansions of scope and budget).

the firm is truly a meritocracy – promo tions and compensation are earned from achievements, how we serve our clients and how we develop our people, not from time served and not restricted by any bias other than our ability to perform in accord ance with our core values for our clients and team. It requires individuals to take responsibility for their work and in turn their careers, and rewards those that are self-starters, self-motivated, have integrity and take ownership and pride in everything they do. Another common thread running through the team is that while everyone is different and has different interests and pastimes outside work, everyone is down to earth and does have a life outside work, which the firm looks to ensure is protected and enjoyed. This all contributes to the firm’s founders’ guiding principle for the firm of “like what you do, and love who you do it with”, which in turn hopefully comes across to our clients who return to us not only because of the quality and results of our work, but because of the people they enjoyed working with.

Don’t look to specialise in a particular area until you are sure this is your area of strength and the one that you most enjoy – explore as many different types of work and project as are available to give yourself the best opportunity of having options and making the right decision if the time comes to specialise.Identifyand engage with mentors that you respect and who you can learn the right and wrong ways to do things from through observation and interaction.

How has the role of a forensic accountant changed since you first started practising?

whoswholegal.com/thought-leaders

The newest frauds to emerge in the past couple of years have involved investments in cryptocurrencies or individuals being defrauded of assets that include or are converted into cryptocurrency assets. This has required us to climb a relatively steep learning curve to ensure we completely understand how such assets are created, transacted, concealed and converted to and from fiat currency, and the technology that is available to assist us in identifying and tracing such assets. Having done this and successfully performed investigations and asset tracing exercises, it has been important to educate more of the lawyers that we work with about what is achiev able on these matters so that they in turn can advise their clients and manage their expectations.

What advice would you give to someone starting out in foren sic accountancy?

I studied law as my degree and enjoyed it without ever thinking I would go on to be a lawyer as I always wanted to work in business. When I was then training as a chartered accountant performing statu tory audits for Deloitte’s clients and had to spend 10 weeks in another department as part of my training, I discovered that forensic accounting existed. This seemed like a perfect mix of law and accountancy. The first investigation I performed imme diately had me hooked and I pursued a career as a forensic accountant from that day onwards.

hard-copy documentation, even including manual accounting ledgers for some very old issues. Much of the identification and copying work is no longer performed by forensic accountants, and instead specialist teams of forensic technolo gists identify, process, key word search, risk profile and host electronic data for our review. This means that the work is not as labour intensive as it once was, and increased value is now placed on the ability to intelligently design and execute scopes of work and methodologies that leverage technology to achieve desired outcomes in a focused and effective manner.

I think there are important aspects that make Alvarez & Marsal stand out as an employer that in turn help us stand out from our competitors in the market. Firstly,

Enjoy the thrill and embrace the chal lenge of the extremely busy and demanding periods, but equally remember to relax, reflect and appreciate your achievements during the quieter periods.

What new types of fraud have you seen emerge recently? How are you ensuring that you and your clients are well-equipped to tackle the forensic challeng es they pose?

Bernard F BiographyWoolfley

Ankura Washington, Tel:bernard.woolfley@ankura.comwww.ankura.comDC+12029734543

Bernard Woolfley is a senior managing director at Ankura with over 25 years of experience as a forensic accountant. He investi gates various types of fraud and accounting improprieties for both public and private companies across multiple business sectors. Over the years, Bernard has led numerous consulting engage ments focused on accounting and white-collar issues related to fraud, financial irregulari ties, violations of anti-corruption statutes, money laundering, selfdealing, and securities.

180 Investigations | Forensic Accountants

What attracted you to a career in forensic accounting and investigations?

And, in many cases, they’re also looking for an accountant who can explain how the business works (from an accounting perspective) and how to adjust the compa ny’s processes or controls so that past problems won’t repeat themselves.

What do clients look for in an effective forensic accountant?

While you obviously have to have the requi site technical skills, I really think that the folks who do well in this field are those who bring a high level of intellectual curi osity to their work. Having that trait helps forensic accountants learn how compa nies (and their accounting groups) work and how those who commit fraud operate. I also think that having an interest in the law and its processes can help, as much of our work takes place within a litigation environment.

Peers and clients say: “He is incredibly smart”

181

“Bernard is excellent at what he does”

As a senior managing director at Ankura, what are your main priorities for the firm’s devel opment in the next couple of years?

One of the phrases that anchor many of our marketing documents is “Collaboration Drives Results”. While all firms talk about collaboration and working across practice lines, I believe that Ankura has really found a way to create an environment where this actually happens on a daily basis. This approach allows us to create teams that better serve our clients’ needs and to present a single “one firm” concept that we think adds value for our clients and increases the efficiency of the projects that we work on.

What advice would you give to someone starting out in foren sic accountancy?

they are keeping up with or staying ahead of the technological tools used by fraudsters.

Like many forensic accountants, I started my career as an auditor. While I enjoyed that work, I learned over time that my real interests were more in performing investigations surrounding things that went wrong within a company’s opera tions. This type of work involved a more inquisitive mindset and provided me with the chance to really expand my thinking, as every case was unique and required me to know not only the client’s business but also the larger business environment through which financial transactions were conducted. Over 25 years later, I still enjoy learning about new industries and investi gating new and unique frauds.

Clients want someone who can help them distil large amounts of accounting data into something that is useful and provides them with the evidence needed to advance their investigation. They also want someone who will listen to them and who can develop a set of procedures that can seamlessly merge into the overall work plan in a way that adds the most value for the end client.

“He can communicate technical issues in an understandable manner - that is worth its weight in gold”

The amount of business and accounting data available to investigators continues to increase every year. To be effective, forensic accountants will need to harness that ever-growing pool of data in a way that allows them to quickly distil the infor mation into reports or analyses that add value to the investigative efforts. They’ll also need to help companies improve their controls and processes to make sure that

What new types of fraud have you seen emerge recently? How are you ensuring that you and your clients are well equipped to tackle the forensic challeng es they pose?

Like a lot of professionals, forensic accounting professionals have had to adjust our practices and processes to account for the various challenges that are inherent to remote investigations. While we always had to be organised in our work,

What challenges has the shift to remote working presented from a forensic accounting standpoint?

One of the challenges in this type of work is that while the end goal of most fraudsters is the same, the manner and means for achieving those goals have become more complex over time. Advancements in tech nology have given those who commit fraud a lot more ways to conceal their activity and to hide their ill-gotten gains. To effec tively investigate these frauds, forensic accountants at my firm have had to learn more about these technologies and, as our clients often look to us to help stop these frauds from happening again, we have had to develop new processes and procedures to detect and prevent these frauds.

While we have a strong global base of prac titioners, we are always looking to expand our capabilities, both here in the US and internationally. We’ve made good invest ments in the last few years, but are still looking for additional personnel in targeted locations.

whoswholegal.com/thought-leaders

How does Ankura distinguish itself from the competition in the market?

Where, in your opinion, does the future of forensic account ancy lie?

that trait becomes even more important in a virtual setting. We also have to be more flexible in a remote working environment and know how to address different issues in multiple ways and, perhaps, without all the documents or resources that we would normally have had if we were on-site. While I’ve been excited with what we’ve been able to do remotely, there are still times when being face-to-face is necessary, and a good forensic accountant will know how to balance these needs.

Peter McFarlane , Kroll

James Helme , Grant Thornton UK LLP

Drew Costello , Forensic Risk Alliance • Q&A

Kevin Hellard , Grant Thornton UK LLP

Germany

Jean-Michel Ferat , Ankura • Q&A Joseph T Gardemal III , Alvarez & Marsal

Matt Fehon AM , McGrathNicol • Q&A

Veit Buetterlin , AlixPartners GmbH Günter Degitz , AlixPartners GmbH

Tony Samuel , Sapere Forensic David Van Homrigh , KordaMentha Dawna Wright , FTI Consulting Canada

David Dearman , Ankura • Q&A

Ben Johnson , Berkeley Research Group

Illinois

Shashank Karnad , Mahajan & Aibara Netherlands

Ross Hamilton , Cohen Hamilton Steger & Co Inc

Hong Kong

Will Davies , Grant Thornton UK LLP

Gerrie Lenting , Deloitte Financial Advisory B.V. Andreas Mikkers , PwC

Kevin Shergold , Grant Thornton UK LLP

Juan J Valderas , Alvarez & Marsal • Q&A

Joseph Floyd , Floyd Advisory Brian Loughman , Floyd Advisory Brian C Ong , FTI Consulting

Richard Indge , Ankura

Trevor Dick , Alvarez & Marsal • Q&A Gwynn Hopkins, Perun Consultants • Q&A

Kathryn Britten , AlixPartners UK LLP

Alex Plavsic , KPMG LLP

David Alexander , Evelyn Partners

Arnold Y Castillo , J.S. Held

USA California

Florida

• Q&A

Singapore

India

Jean-Luc Guitera , KPMG SA

Daniel Barton , Alvarez & Marsal • Q&A

Jonathan Middup , EY

Paul Pu , KPMG Advisory (China) Limited

England

Jennie M Chan , PwC LLP

Matthew Bialecki, Alvarez & Marsal • Q&A Kevin Kreb , PwC Kristofer Swanson , Charles River Associates • Q&A Massachusetts Tony Jordan , EY

Pennsylvania

Christopher Osborne , FRP Advisory Trading Limited • Q&A

Frances McLeod , Forensic Risk Alliance • Q&A Jay Spinella , FTI Consulting Martin Wilczynski , Ankura • Q&A Bernard F Woolfley , Ankura • Q&A

William Abington, Alvarez & Marsal • Q&A Washington Lindi Jarvis , FTI Consulting

District of Columbia

Jean Chow-Callam , J.S. Held LLC

Keith Williamson, Alvarez & Marsal • Q&A France

Bruno Arboit , Kroll

Julian Jones , Alvarez & Marsal • Q&A Gervase MacGregor , BDO LLP • Q&A

Cosimo Borrelli , Kroll • Q&A

Texas

Greg Meredith , KPMG

Steve Holt , Grant Thornton UK LLP

Jarrod Baker , Deloitte Stefano Demichelis , Kroll • Q&A Owen Hawkes , KPMG

New York

China

Toby Duthie , Forensic Risk Alliance • Q&A

Jocelyn Chi , Kroll • Q&A

Ontario

182 Directory | Investigations –Forensic Accountants

Colum Bancroft , AlixPartners

Andrew Durant , FTI Consulting

Spain

Australia

Gavin Williamson , AlixPartners UK LLP

Neill Poole , Ankura • Q&A

Thought Leaders in Investigations 2022 | Forensic Accountants

Jon Rowell , FTI Consulting

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Articles inside

Bernard F Woolfley

Keith Williamson

Martin S Wilczynski

Neill Poole

Kristofer Swanson

Juan J Valderas Martos

Christopher Osborne

Frances McLeod

Ben Johnson

Julian Jones

Toby Duthie

Matt Fehon AM

Trevor Dick

Jean-Michel Ferat

Gwynn Hopkins

Stefano Demichelis

David Dearman

Drew Costello

Cosimo Borrelli

Jocelyn Chi

Daniel Barton

Matthew Bialecki

William Abington

Trevor Wiles

Davin Teo

Daniel Tay

Robert DeCicco

Tanya Gross

Amit Jaju

Peggy Daley

Joel Bowers

Phil Beckett

Eric Stupp

Diego Sierra

Gary Naftalis

Andreas Länzlinger

Sean Hecker

Sandrine Giroud

Simone Nadelhofer

Daniel Tunik

Betty Santangelo

Roberto Pisano

Jean-Marc Carnicé

Felix Ng

Sherbir Panag

Jonathan Midgley

John J Kenney

Han Jahae

Kiril Bougartchev

Geoff Varga

Zoë Newman

Hitesh Patel

Jacqui Record

Daniel Nardello

Barbara Miranda

Gervase MacGregor

Steve Cornmell

Angela Barkhouse

Daniel Tunik

Nick Ractliff

Tomislav Šunjka

Alejandro Pignataro

Alexander Troller

Kate McMahon

Danny Ong

Antenor Madruga

Arnoldo B Lacayo

Sandrine Giroud

Matthias Gstoehl

Aurélie Conrad Hari

Edward H Davis Jr

Yves Klein

Ben Davies

Ilias Anagnostopoulos

Anne Valérie Julen Berthod