Who we are

Navesink International is the premier expert witness firm for financial markets. We help the most prominent law firms win complex cases by providing expert witnesses with the highest quality and the strongest technical knowledge.

Our team of experts provides the necessary and relevant services including analysis of the facts of the case, discovery review and suggestions, review of the arguments’ technical strengths & weaknesses, expert witness reports and depositions as well as expert witness testimonies.

What we do

We cover a wide range of topics through our in-house experts and our financial markets network of C-level industry professionals. Our depth of expertise, our experience and our resources allow us to handle the largest and most technical cases for the duration.

Our experts

Navesink International’s uniquely qualified experts are all industry veterans who can cover the most complex topics and cases in the securities industry. All our experts are selected based on peer recommendations and vetted before representing Navesink International.
We take pride in representing the highest quality expert witnesses with the strongest
technical knowledge and we do not employ consultants or junior expert witnesses.

algorithmic trading***architecture***automated trading strategies***blockchain***business***C++***commercial banking***commercial software***crypto***cryptocurrencies***cybersecurity***derivative execution***exchanges***financial***financial expertise***GARCH process***global exchanges***hedge funds***high frequency trading (HFT)***investment***latency reduction***liquidity venues***market making***market microstructure***NASDAQ Europe***regulatory***sovereignty***technology***trader***trading***

Digital assets***Equities***Exchanges & markets & listings***Technology***Trading & portf. management***

Spencer Greene

Spencer Greene is a distinguished financial authority with 30+ years in commercial software, possesses a deep grasp of trading, exchanges, and market microstructure. An early advocate of cryptocurrencies, he navigates intricate intersections of technology, business, and regulations. Greene's leadership includes spearheading NASDAQ Europe's development and advising top global exchanges. His expertise spans system architecture, low-latency solutions, distributed systems, and blockchain technology, cementing his legacy as an influential force in modern financial markets.

2008 mortgage crisis***advisory services***AML discovery team***anti-money laundering (AML)***artificial intelligence (AI) for AML/BSA compliance***audit plan reviewer***Bank Secrecy Act (BSA)***banking-as-a-service***Binance***BitLicense application***blockchain***blockchain governance***compliance and legal officer***Consumer Financial Protection Bureau (CFPB)***correspondent banking***crypto***cryptocurrencies***cryptocurrency compliance***embassy banking***Federal Reserve Board (FRB)***financial crimes compliance***FinTech***fraud***fraud detection & prevention***General Data Protection Regulation (GDPR)***Know-Your-Customer (KYC)***matters requiring attention (MRAs)***money service businesses (MSBs)***Money Transmission Laws (MTLs)***money transmitter license application (MMLA)***Mphasis***Nationwide Multistate Licensing System (NMLS)***Office of the Comptroller of the Currency (OCC)***Payment Services Directive II (PSDII)***politically exposed persons (PEPs)***remuneration guidelines***risk-based BSA/AML programs***sanctions***Suspicious Activity Reports (SARs)***training and audits***web3***

Digital assets***Fraud***Legal & regulations***Operations & cash***

Christina Rea, Esq.

Christina Rea, Esq., founder of RayCor Consulting, holds over 10 years' experience as a senior compliance manager and Chief Compliance Officer/BSA Officer. Specializing in Fintechs, cryptocurrencies, and Money Service Businesses, she offers expert witness testimony in financial cases, covering AML, fraud, and cryptocurrency. Providing fractional CCO services, advisory, training, and audits, Rea collaborates with major global cryptocurrency and payments companies, helping them obtain licenses and navigate compliance-banking partnerships. A seasoned speaker, she also serves as a content advisor for regulatory and fintech partners.

1940 Act compliance (Form ADV)***administration***alternative asset management***capital introduction***capital raising***Chief Compliance Officer***client onboarding***compliance***compliance and legal officer***fund administration***fund management***General Counsel***governance***hedge funds***investment agreements***offering documents***operating agreements***operations risk***policies***private equity***Private Placement Memorandums (PPMs)***private placements***procedures***Reg D***regulations***regulatory landscape***regulatory requirements***risk management***Russian securities***venture capital***

Complex securities & derivatives***Investing***Legal & regulations***Operations & cash***

David Goldstein, Esq.

David Goldstein, Esq., is an authority on investment fund operations and administration best practices and related regulation, with decades of legal and compliance experience. He was general counsel for top tier administrators in the mutual fund, hedge fund, and venture capital industries and led the global legal team responsible for fund administration at SS&C Technologies. He was CEO for Citigroup’s pension servicing business and president of Monarch Funds, a money market mutual fund family.

asset types (stocks)***Bank of America (BAC) merger***Basel II compliance***bonds***Chief Credit Officer***collateral***collateralized financing executive***collateralized lending***counterparty rating system***credit committee***credit limits***credit policies and procedures***credit quality assessment***credit risk limits***credit risk management***credit risk officer***derivatives***due diligence***Federal Reserve Board (FRB)***funding transactions***FX***global risk exposure***hedge fund portfolio***hedge funds***high net worth individuals***ISDA negotiations***ISDAs and CSAs***margins***multinational banks***Office of the Comptroller of the Currency (OCC)***options***prime brokerage***risk attributes***risk integration***Securities industry***special finance committee (SFC)***stock lending & borrowing (SLB)***stock loan***stocks***swaps***

Bonds & credit***Equity finance & Prime***Risk management***Trading & portf. management***

Robert McDonough

Robert McDonough is a distinguished finance professional with an illustrious career spanning over four decades in the securities industry. With extensive experience at esteemed institutions such as Bank of America Merrill Lynch, he has honed his expertise in prime brokerage credit risk management, due diligence, credit quality assessment, margin policies, and credit lines limits. He has established a proprietary counterparty rating system for global Hedge Fund portfolios. Robert's profound insights and regulatory knowledge make him an esteemed authority in prime risk.

alternative dispute resolution***balance sheet usage***capital costs***collateral***derivatives***enforcement***equities***equity finance***financial fraud***FINRA Series 24 Principal***fixed income***funding***futures & options***inventory optimization***investigations***ISDA negotiations***ISDAs and CSAs***liquidity management***listed derivatives***litigation***margining***post-mortems***prime brokerage***regulations***repo trading***risk-weighted assets (RWA)***securities industry essentials (SIE)***stock lending & borrowing (SLB)***stock lending and borrowing***stock loan***swaps***synthetic equity***trader***trading***trading loss***white-collar crime***

Balance sheet***Bonds & credit***Equity finance & Prime***Risk management***Trading & portf. management***

John C. Nicholson

John C. Nicholson stands as an esteemed authority in risk management and bond valuation. His extensive expertise encompasses risk identification, assessment, advisory, and reporting. John's profound knowledge extends to market, credit, operational, liquidity, and interest rate risks, as well as valuation of illiquid corporate bonds and loans, structured bonds, repo, options, futures, and swaps...

21Shares***administration***Algorand***AQUIS in London***asset management***audit***Audit Committee***authorized participant (AP) agreements***balance sheet management***Bitcoin***BMR indices***Board member***board of directors***Boerse Stuttgart***broker-dealers***brokerage***BX Swiss***capital markets***capital raising***Cardano***CEC Capital***Chief Executive Officer***coaching & training***Coinsilium***compliance***corporate governance***corporate strategy***DB’s Xetra (CCP)***derivatives***Dubai exchange***Ethereum***Euronext Paris/Amsterdam***exchange-traded funds (ETFs)***exchange-traded products (ETPs)***filings***fund raising***general meetings***Global Advisors / Coinshares***GOLD***Hashdex***hiring***institutionals***interim management***internal controls***investor relations***Israel exchange***issuance***Issuance.Swiss***Lionsgold***listing***listing requirements***Litecoin***market-marking agreement***media strategy***Nasdaq Nordic***Nasdaq Stockholm***non-executive director***planning***Polkadot***press releases***prospectus***public relations***relationships***risk reporting***sales & marketing***Solana***stock exchanges***strategic decision***Tallymoney***TRAC***Tradegate***Virtune***white labeling***Wiener Boerse (Vienna Stock Exchange)***XBT Provider***XRP***

Complex securities & derivatives***Digital assets***Exchanges & markets & listings***Investing***

Laurent Kssis

Laurent Kssis is a prominent figure in the European ETF and crypto ETP landscape, with 20 years of extensive experience. As the founder of CEC Capital in London since 2013, he specializes in guiding issuers through the process of listing innovative crypto-related vehicles on European stock exchanges. Notably, he facilitated the successful listing of numerous ETPs, including Virtune's 4 innovative crypto ETPs on Nasdaq Stockholm in 2023.

algorithmic trading***alternative asset management***asset controls***asset verification***atomic swap***automated market making (AMM)***bitcoin (BTC)***blockchain governance***bridge risk***Byzantine Generals’ Problem***cipher***coin mixer***cold storage***cold wallet***compliance***composability risk***conflicts of interest***consensus***controls***cross-chain***crypto***crypto exchanges***crypto investment advisory***crypto risk modeling***crypto trading***cryptocurrencies***cryptocurrency derivatives***cryptocurrency market analysis***cryptocurrency taxonomy***Cryptographic Hash Function***custody***DDoS attack***Decentralized Autonomous Organizations (DAO)***decentralized exchanges***Decentralized Finance (DeFi)***DeFi protocols***derivatives***digital asset management***Distributed Ledger Technology (DLT)***enterprise risk management (ERM)***ERC (token standard)***escrow***gas***governance***governance model***governance token***hack***hash function***high frequency trading (HFT)***Howey Test***impermanent loss (IL)***incentive mechanism***interconnectedness***Layer 1***Layer 2***liquidity pools***margin calls***market making***model risk***model validation***Money Transmitter License***OffLedger***operational due diligence (ODD)***operational risk***oracle risk***Perpetual futures (Perps)***Ponzi scheme***portfolio management***private key***pseudonymity***pump and dump***quantitative models***Race Attack***regulatory agenda***regulatory compliance***risk appetite***risk appetite framework***risk appetite metrics***risk assessment***risk framework***risk management***risk reporting***rug pull***seed phrase***short squeeze***Simple Agreement for Future Tokens (SAFT)***smart contract audits***Soft Fork***stablecoins***Sybil Attack***synthetic assets***systemic risk***technology risk***tokenization***tokenomics***trader***trading***trading bots***utility token***Vampire Attack***Vaporware***wallets***wash trades***Wrench attack***Zero Knowledge Proof***

Digital assets***Fixed Income***Governance***Risk management***Surveillance & investigation***

Emmanuel D. Chesnais

Emmanuel Chesnais, a seasoned risk executive with 25+ years in industry and consulting, excels in navigating complex trading environments. Specializing in the buy-side, he possesses diverse skills in risk management, analytics, controls, and governance. His expertise spans model risk, enterprise risk, and portfolio risk. Emmanuel has successfully developed, built, and managed risk frameworks for various financial entities, including hedge funds, asset managers, crypto firms, and banks, demonstrating a deep commitment to addressing strategic opportunities in dynamic markets.

asset services***Broadridge BPO***cost reduction***domestic settlements***equity operations***fixed income operations***international settlement***municipal bond settlement***offshore entity transition***offsite integration***operations entry processing***options***options arbitrage***Powercage***reconciliation***settlement***stock loan***vendor supervisory group (VSG)***

Operations & cash***

James Happaney

James Happaney, with 40+ years in the securities industry, excelled in Operations processing. Notably, at Nomura Securities, he implemented the Powercage settlement system, managed offshore transitions, and led the successful adoption of the Broadridge BPS system, reducing costs by $13MM. Serving as Executive Director of Operations, he oversaw diverse aspects, from settlements to asset services. Happaney retired from Nomura Securities in 2018, leaving a legacy of efficiency and strategic contributions.

asset allocation***bankruptcy***catalysts***client presentations***convertible bonds***corporate and capital structures***corporate debt***corporate documents***corporate meetings***credit-related trades***deep value***distressed assets***distressed/reorganizations***equities***event-driven arbitrage***Financial modeling***FINRA Series 24 Principal***fundamental investing***global investment***hedging***hostile transactions***idea sourcing***industry consultations***industry dynamics***liquidity management***merger arbitrage***options***order execution***portfolio construction***pre-deal situations***risk management***risk/reward assessment***spinoffs***strategic reviews***trade structuring***turnarounds***valuations***volatility trading***

Fundamental analysis***Investing***Trading & portf. management***

William Kavaler

Mr. Kavaler is a leading distressed and event-driven investor, portfolio manager and analyst. He is responsible for sourcing, researching and modelling a broad range of investments across multiple asset classes. Actively participating in distressed restructurings, refinancings and activist campaigns, he combines a deep fundamental value with catalyst-driven investing.

alternative risk premia***asset allocation***business development***capital introduction***capital raising***Commodities Trading Advisor (CTA)***Commodity Pool Operator (CPO)***due diligence***family office consulting***FINRA regulations***fund-of-funds***futures clearing***global macro***head of research***hedge fund investments***institutional investors***listed derivatives***NFA/CFTC***portfolio management***prime brokerage***risk premias***securities industry essentials (SIE)***separately managed accounts (SMA)***strategic advisory***systematic strategies***team leadership***venture capital***

Equity finance & Prime***Investing***Quantitative strategies***Trading & portf. management***

Thomas A. Ducrot

Thomas Ducrot is an authority in alternative investments and prime brokerage, brings profound expertise to the financial landscape. As the Co-Founder and CEO of Fides + Ratio LLC and Ratio Indices LLC, he has orchestrated high-profile hedge fund transactions, M&A advisory, and strategic investment selections. Ducrot's dynamic career spans roles at prestigious institutions like Morgan Stanley and Newedge, where he focused on hedge funds covering listed derivatives and systematic strategies. With a transnational background and an acumen in futures clearing, Ducrot is a pivotal figure in financial expertise.

basis***benchmark manipulation***Black-Scholes***collateral***Commodities Trading Advisor (CTA)***complex securities***convertible bonds***credit default swap (CDS)***crosscurrency swaps***cum/cum***cum/ex***delta***derivatives***due diligence***equities***equity derivatives***equity finance***equity swaps***Equity-Linked Swap (ELS)***exchange-traded derivatives***exchange-traded funds (ETFs)***exchange-traded notes (ETNs)***exotics***forwards***fund-of-funds***fundamentals***futures***gamma***Greeks***hedge funds***hedging***hiring & firing***indexing***indices***interest rate curves***inventory optimization***investigations***leverage***listed derivatives***options***over-the-counter (OTC) derivatives***portfolio construction***post-mortems***proprietary trading***put-call parity***quantitative investments***relative value***repo***risk premias***risks***selection***separately managed accounts (SMA)***spot***stock lending & borrowing (SLB)***stocks***strategy review***structured products***structuring***swaps***synthetic equity***tax trading***total return swap (TRS)***trading loss***VIX***volatility***warrants***yield enhancement***

Complex securities & derivatives***Equities***Equity finance & Prime***Quantitative strategies***Trading & portf. management***

Gontran de Quillacq

Gontran de Quillacq boasts a distinguished 25+ year career, excelling in trading, portfolio management, and investment research. Renowned for his expertise in equity derivatives, options, and structured products, he has held pivotal roles at premier banks in London and NYC. With a robust academic foundation from institutions like HEC Paris, UC Berkeley, and École Normale Supérieure de Lyon, de Quillacq is an exceptional communicator, who elucidates complex financial concepts with clarity and authority.

1934 Act compliance***1940 Act compliance (Form ADV)***AML/BSA risk management***asset liability Management (ALM)***Bank Secrecy Act (BSA)***banking***Basel - liquidity coverage ratio***Basel III***best execution***broker dealer***capital markets***Chief Risk Officer (CRO)***close out of trading account***commodities***commodity derivatives***controls***convertible bonds***corporate bonds***corporate loans***cost of carry***credit analysis***credit committee***credit default derivatives***credit default swap (CDS)***credit risk***cum/cum***cum/ex***damages***debt markets***delta***derivative valuation***derivatives***digital and barrier options***duty of care***Eastern European bonds***Federal Reserve Board (FRB)***FINRA Series 24 Principal***fixed income***fixed income trading consulting***Fund Transfer Pricing (FTP)***futures & options***FX***FX forwards***FX options***gamma***Greeks***hedge fund management***interest rate risk***ISDAs and CSAs***Know-Your-Customer (KYC)***Latin America (LatAm)***liquidity risk***listed derivatives***margin calls***market risk***mortgage-backed securities (MBS)***Net Stable Funding Ratio (NSFR)***operational risk***option valuation***OTC derivatives***over-the-counter (OTC) derivatives***policies***portfolio margin***procedures***Reg 144A***Reg BI***Reg S***reg T***repo trading***risk management***risk management policies***SEC/US federal reserve & FINRA examinations***securities lending***stress testing***structured bonds***suitability***trader***trading***US liquidity stress tests (SR 10-6)***value-at-risk models***

Complex securities & derivatives***Equity finance & Prime***Fixed Income***Foreign Exchange (FX)***Risk management***Trading & portf. management***

Andrew Auslander, CFA, FRM

Andrew Auslander, CFA, FRM, stands as an esteemed authority in risk management and bond valuation. His extensive expertise encompasses risk identification, assessment, advisory, and reporting, with a strong focus on policies, procedures, and governance. With decades in Finance and Risk Management within global financial institutions, he has held senior risk management positions, including Chief Risk Officer. Mr. Auslander's profound knowledge extends to market, credit, operational, liquidity, and interest rate risks, as well as valuation of illiquid corporate bonds and loans, structured bonds, repo, options, futures, and swaps.

Case examples

Defense

We recalculated the value of an option portfolio continuously in a fast market, proving that an account was closed while positive.

Plaintiff

We explained the errors in the international settlement of a warrant trade, demonstrating which party was responsible for the failed exercise.

Legal Consulting

We explained the strategy, risks and responsibilities of a multi-strategy multi-asset exotics portfolio manager embroiled in an employment dispute.

Defense

We explained how a combination of trades constituted an exotic Formosa structure, correctly reducing a corporation‘s income tax.

Plaintiff

We explained how a prime broker used the wrong risk methodology and ignored industry standards when monitoring a hedge fund, demonstrating that the fund was unduly closed.

Legal Consulting

We explained the option trades of a rogue broker affecting a large number of client accounts, facilitating a FINRA investigation.

Plaintiff

We explained linguo and communication standards between traders in a contractual dispute.

Defense

We explained how an ETF arbitrager failed to properly re-hedge his portfolio during an index composition change.

Plaintiff

We reverse-engineered a bond convertible into warrants, calculated its ex-ante and realized rates of return, proving that the loan was usury.

Home of the best experts

Top litigators reach out to Navesink International for their most challenging financial markets topics

Navesink Wins Prestigious Expert Witness Award!

Who we are

What we do

Our experts

Spencer Greene

David Goldstein, Esq.

Robert McDonough

John C. Nicholson

Laurent Kssis

Emmanuel D. Chesnais

James Happaney

Thomas A. Ducrot

Gontran de Quillacq

Andrew Auslander, CFA, FRM

Case examples

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