A bank was defrauded of US$150 million as a result of fraudulent transactions entered by an internal team of traders.
Having confirmed the trades through which the funds were misappropriated, the proceeds of the fraud were forensically traced using a combination of disclosure mechanisms (including Norwich Pharmacal orders, Section 1782 orders, and requests of overseas prosecutors), open-source research, and human intelligence sources. The proceeds had been laundered through structures and assets – including diamonds, Ferraris, and real estate – spread around the world including Azerbaijan, the Bahamas, Georgia, Israel, Latvia, Lithuania, Russia, Seychelles, Spain, Switzerland, UK, Ukraine, and the U.S. The tracing exercise enabled external legal counsel to obtain freezing orders and, ultimately, the repatriation of value.
The client recovered significant funds and the findings from the investigation contributed to two of the fraudsters receiving custodial sentences.
Secretariat Secures No. 1 Spot on Lexology Index’s Arbitration 2025 Report
We are proud to announce that Secretariat has earned the position of No. 1, top-ranked Consulting Expert Firm in the Lexology Index Arbitration 2025 report. The report features firms and experts who have distinguished themselves as industry leaders based on their independence, sharp testifying skills, clear communications, and meticulous analytical insights.
Eric Poer, CPA, a globally recognized securities, accounting, valuation, and regulatory enforcement expert, was retained by Orrick, Herrington, and Sutcliffe LLP to provide expert and summary witness testimony in defense of Apple Inc., CEO Timothy Cook, and CFO Luca Maestri in a high-stakes securities class action dispute.
Neil Gaudion provided an expert report and testimony on behalf of Five Star Resort Owner, LLC, in construction dispute litigation surrounding a $2 billion Ritz-Carlton Hotel development. The jury awarded $2 million, plus interest, an amount determined from Mr. Gaudion’s testimony.