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Executing Internal Investigations for Compliance Programs
LIVE Webcast
Jordan A. Thomas
Assistant Chief Litigation Counsel, Division of Enforcement--Trial Unit
U.S. Securities and Exchange Commission
JORDAN THOMAS joined the SEC’s Home Office in 2003 as a staff attorney and was subsequently promoted to Assistant Chief Litigation Counsel in the Enforcement Division. He has litigated a wide range of high-profile matters including: financial fraud, offering fraud, broker-dealer violations, insider trading, and market manipulation cases. As a special adjunct duty, he serves as the national coordinator for the Commission’s new cooperation program.
Prior to joining the SEC, Jordan specialized in large, complex, financial services litigation involving the FDIC and OTS as a Trial Attorney at the Department of Justice. Since 1995, he has also served in a series of full-and part-time litigation positions as a reserve Judge Advocate with the United States Navy. During college, he worked as a stockbroker.
Walter G. Ricciardi
Partner, Litigation Department, New York Office
Paul, Weiss, Rifkind, Wharton & Garrison LLP
A partner in the Securities Litigation and Enforcement Group at Paul, Weiss, Walter Ricciardi has extensive experience defending a broad variety of investigations conducted by the U.S. Securities and Exchange Commission and other regulatory authorities. Additionally, he has extensive experience conducting internal investigations for public companies and directors, including investigations related to allegations of accounting and financial fraud and compliance with the Foreign Corrupt Practices Act.
Prior to joining Paul, Weiss in June 2008, Mr. Ricciardi was the Deputy Director of the SEC’s Division of Enforcement, where he supervised many of the Commission’s most significant investigations related to financial fraud, FCPA, insider trading and broker-dealer and mutual fund compliance issues.
Prior to joining the SEC, Mr. Ricciardi spent 20 years with PricewaterhouseCoopers and it predecessor, Coopers & Lybrand, where he was in charge of defending the firm’s litigation and regulatory matters. While at PwC, he was elected by his partners to serve on the firm’s board and on the Global Oversight Board of the PwC global organization.
Since joining Paul, Weiss, Mr. Ricciardi has served as lead counsel on the following matters:
- Representation of a global financial institution and its investment management company in connection with investigations by the SEC and Massachusetts Securities Division into the pricing by a mutual fund of mortgage-backed securities.
- Representation of a global financial institution in connection with an investigation by the SEC into collateralized debt obligation marketing practices.
- Representation of the Audit Committee of the Board of Directors of a US-listed company located in Beijing, China in connection with an internal investigation into alleged accounting improprieties.
- Representation of several companies in various industries in connection with internal investigations into potential improper payments under the FCPA.
- Representation of a hedge fund in connection with an investigation by the SEC of “pay to play” issues.
Mr. Ricciardi lectures and writes extensively on securities litigation and regulatory issues. As an Adjunct Professor at New York University School of Law, he teaches a seminar on issues in SEC enforcement
Kristin Rivera
Partner
PricewaterhouseCoopers
Kristin Rivera is a partner in the PricewaterhouseCoopers’ Advisory practice, and is resident in the San Francisco office. She has sixteen years of experience in forensic accounting, fraud examination and financial statement analysis, litigation consulting and other dispute resolution. She specializes in forensic investigations and complex disputes involving accounting issues.
Ms. Rivera has significant experience performing forensic investigations in matters involving revenue manipulation, fraudulent financial reporting, and other fraud schemes. Ms. Rivera specializes in conducting independent investigations and in assisting PricewaterhouseCoopers audit teams whose clients are undergoing investigations or other regulatory inquiries as a result of alleged fraud or misconduct. In addition, Ms. Rivera has prepared quantitative analyses, business interruption claims, damage calculations, financial models and prepared expert reports in numerous disputes involving tax and other business issues. Ms. Rivera’s industry-specific experience includes high technology, software, entertainment, financial services, professional services, manufacturing/distribution, and engineering/construction. She has also planned, performed and supervised financial statement audits.
Some specific examples of Ms. Rivera’s experience include:
- Ms. Rivera led approximately fifty engagements with PricewaterhouseCoopers' audit clients faced with investigations into allegations of fraud or misconduct. Ms. Rivera recently authored thought leadership regarding PricewaterhouseCoopers' approach to fraud and investigations at audit clients.
- Investigated allegations of financial fraud at a software company under examination by the Securities and Exchange Commission and the U.S. Attorney General. The investigation team determined that revenue was overstated by more than $200 million over a three-year period and uncovered a number of schemes, including fictitious assets, designed to conceal the inflated revenue. The former CFO recently pleaded guilty to charges of conspiracy and securities fraud.
- Performed administrative review of procurement at a national nuclear laboratory. Appeared before a congressional subcommittee to address allegations of procurement fraud and management cover-up.
- Testified as damage expert in an international contract dispute. Analyzed plaintiff’s compliance with contract provisions and rebutted claim for damages in the form of forecasted future profits.
- Assessed a major accounting firm’s compliance with professional standards and performance requirements with respect to an engagement that resulted in the issuance of compiled financial statements.
Ms. Rivera graduated with honors from Scripps College with a BA in Economics and Accounting. Ms. Rivera is a Certified Public Accountant (CPA) in the states of California and Colorado. She is a Certified Fraud Examiner and is holds the Certified in Financial Forensics credential from the AICPA.
Debra Baker
Principal, Forensic & Dispute Services
Deloitte Financial Services LLP
Debra is a Forensic and Dispute Services Principal with Deloitte Financial Advisory Services LLP (Deloitte FAS) in Silicon Valley. Debra has experience in the technology, media and entertainment industries and specializes in performing corporate investigations involving alleged financial statement fraud . Debra recently returned to the United States from India where, over the period of two years, she helped develop and led the Forensic and Dispute Services practice to support Deloitte FAS in the U.S. While in India, Debra managed over 120 engagements for Deloitte FAS.
Debra has experience in finance, auditing and special investigations. Prior to joining Deloitte FAS, Debra worked for a Fortune 500 global media and entertainment company and held several roles within their consumer products and home entertainment divisions. Previously, Debra was a manager at another Big Four organization in their Litigation Consulting Practice. Debra has held finance positions within a start-up e-commerce company as well as another Fortune 500 Retail company.
Representative engagements:
- Managed a forensic investigation on behalf of one of Global 500 multi-national clients who was under investigation for alleged tax fraud at one of their locations in India.
- Performed internal investigation on behalf of a technology company involving an allegation of revenue recognition issues.
- Conducted investigation on behalf of a financial institution’s special committee of the audit committee regarding allegations of improper classification of risk ratings of loans.
- Performed royalty inspections on behalf of major Studios to determine whether their distributors were properly calculating and paying for use of the Studios’ intellectual property. Also performed high level assessment of controls protecting intellectual property.
- Conducted an analysis to determine if a Studio’s business partner was adhering to the Most Favored Nation’s clause of its contract in Asia.
- Performed international contract investigations on behalf of licensor of telecommunications handsets, infrastructure and software technology. Analyzed licensing agreements, interviewed key personnel and performed targeted transaction testing and analysis to help identify and calculate unpaid royalties.
- Analyzed the damages to a carbon clutch manufacturer caused by a patent infringement. Created a financial model to assist the manufacturer in quantifying lost profits, performed market research, and helped the manufacturer estimate the value of future earnings to create a damage model.
- Conducted an investigation to obtain data to help calculate a major financial institution’s potential liability from an acquisition. Analyzed financial records and created financial models to help calculate the amount of the potential liability including interest.
- Provided counsel with litigation support in a real estate fraud case. Analyzed documents and financial records to assist counsel in identifying evidence to support their client’s position.
- Performed a forensic investigation of a property management company that was inappropriately moving funds out of accounts they managed and helped estimate the amounts taken.
- Provided consulting services to a film production company to assist the company in its efforts to restate its financial statements for the prior two years.
- Certified Public Accountant in Illinois
- Bachelor of Business Administration — The University of Michigan School of Business Administration & College of Literature, Science, and the Arts (currently the Ross School of Business). Graduated with honors.
Executing Internal Investigations for Compliance Programs
Speaker Firms and Agency:
U.S. Securities and Exchange Commission
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