Thornapple provides expert witness services without predisposition toward either Claimant/Plaintiff or Respondent/Defendant. Any reservations as to the merits of a Client’s case are always conveyed to the Client and/or Counsel as a basis of evaluating both the advisability and basis of proceeding with trial or arbitration, and/or as a basis for determining potentially acceptable terms for mediation or settlement of the dispute.

Clientele:

  • Securities and Exchange Commission (S.E.C.)

  • Internal Revenue Service (I.R.S.)

  • State Banking/Insurance/Securities Commissioners & Attorney General

  • Bankruptcy Trustees

  • Individual investors: foreign and U.S.

  • Broker-dealer firms

  • Corporations & LLC’s: both foreign and U.S.

  • Trusts and Estates

  • Beneficiaries, Heirs, Successor Trustees

  • Banks and Savings & Loans

  • Insurance companies: foreign and U.S.

  • Municipal Retirement Funds

  • ERISA pension & profit-sharing plans

  • Investment Advisors and Hedge Funds

  • Exchange Market-makers

  • Religious & charitable organizations

Investment Instruments Covered:

  • Exchange-listed options on stocks and stock indices

  • Options on financial futures and foreign currencies

  • Exchange-listed & over-the-counter (OTC) stocks

  • Preferred stocks – fixed, adjustable, variable, auction – U.S. and foreign

  • Stock subject to Rule 144 and/or lock-up agreements

  • Warrants, ISO’s and Unregistered Options

  • OTC “designer” options : digital (binary), kick-out (ratchet, knock-out)

  • Convertible Securities – bonds and preferred stock

  • Foreign Currencies: future, options and forward contracts, ISDA Swap agreements

  • Corporate and Government Bonds

  • Municipal Bonds and municipal bond arbitrage

  • Auction and remarketed Debt and Preferred Securities

  • Futures/Forward contracts – to include inter-bank forward currency contracts

  • OTC Collars, “Liquidity” Contracts, Prepaid Cash Forward Contracts

  • Limited Partnerships

  • Collateralized Mortgage Obligations (CMOs), CDOs

  • Commodities futures and options

Issues in Dispute:

  • Suitability

  • Churning

  • Misrepresentations

  • Adequacy of risk disclosure

  • Unauthorized trading

  • Prime broker and other clearing arrangements

  • Failure to supervise

  • Abuse of discretion: formal and de facto

  • Fiduciary obligations of investment advisors/broker-dealers

  • Fiduciary matters involving trusts and estates

  • Portfolio management – including tax considerations

  • Trading out of approved strategies/guidelines

  • Options trading, strategies, “programs” and abuse

  • Reg. T, maintenance and porfolio margin

  • Reg. 9, account opening documents, annual review documents

  • Risk-arbitrage

  • Fixed income arbitrage – municipal and corporate

  • Market manipulation

  • Trade allocation and Ponzi schemes – stock, options & futures

  • Futures hedge/speculative margin determination

  • Broker-dealer operations and supervision

  • Derivative securities valuation

  • Failure to execute

Testimonial Forums:

  • FINRA Arbitration

  • New York Stock Exchange Arbitration

  • American Stock Exchange Arbitration

  • Chicago Board Options Exchange Arbitration

  • National Association of Securities Dealers (NASD) Arbitration

  • American Arbitration Association (AAA)

  • JAMS (Judicial Arbitration and Mediation Services)

  • National Futures Association

  • New York Mercantile Exchange (NYMEX)

  • United States Federal Court

  • United States Federal Bankruptcy Court

  • United States Tax Court

  • State Courts

  • S.E.C. Administrative Proceedings

  • NASD Disciplinary Hearing

  • New York Stock Exchange Disciplinary Hearing

  • Canadian Provincial Court