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Fraud – Unauthorized Speculative Trading

Fraud – Unauthorized Speculative Trading

We were hired to prepare an expert report on the losses resulting from alleged unauthorized speculative trading, manipulation of accounting records, adjustments that hid the true profits and losses of the business and commissions made on unprofitable contracts.

Our role involved an analysis of the claimed cost of closing out the speculative position entered into by the alleged perpetrators, a review of the extent to which speculative limits had been exceeded and concealed and a comparison of the recalculated speculative position to that which was reported.  We reviewed the profitability of the affected division of the business, the profitability of claimed suspicious contracts with various counterparties, as well as the extent to which it could be supported that the losses were attributed to a single scheme of inextricably linked acts.  We also reviewed and opined on the extent to which the claimant’s claim that inflated commissions were paid and secret commissions received by the alleged perpetrators could be supported.

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