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MEMBER HIGHLIGHT - SER member Gontran de Quillacq recently shared an article titled “Prediction Markets and the New Insider Trading Problem: Event Contracts, CFTC Jurisdiction, and Emerging Case Law.” He examines how prediction markets have evolved into regulated event-contract markets under the Commodity Exchange Act, bringing with them many of the same legal and market-abuse concerns seen in traditional financial litigation, including insider trading, manipulation, and the misuse of nonpublic information. He outlines the regulatory history, the CFTC’s March 2026 rulemaking initiative, and the developing case law, including ongoing disputes over whether federal law preempts state gambling restrictions. He concludes that as prediction markets grow, the resulting litigation will require the same kind of rigorous expert analysis seen in complex securities matters, including instrument analysis, market microstructure evidence, and close attention to information asymmetries. Gontran is the Managing Partner of Navesink International. You can read the full article on his website along with other insights on his blog.

ROUNDTABLE NEWS - The latest issue of The Expert’s Examiner is out, covering key regulatory developments, member achievements, and upcoming events shaping the securities expert community. If you work in securities litigation, arbitration, or financial dispute resolution, this quarter’s insights are especially timely. This issue, and past issues, are available on our Newsletter page. Forward an issue to a colleague!

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MEMBER HIGHLIGHT - SER member Gontran de Quillacq authored an article titled “Two Tweets, $2.6 Billion Damages.” He looks at the recent securities verdict arising from Elon Musk’s 2022 tweets about his pending acquisition of Twitter and explains how those statements became the basis for what plaintiffs’ counsel described as the largest securities jury verdict in U.S. history. He describes how Musk’s public comments disrupted the merger-arbitrage spread, contributed to a sharp decline in Twitter’s share price, and ultimately supported a finding that the tweets were materially false or misleading under Rule 10b-5. He also explains how damages were calculated across the class period using event-study methodology and why the case is significant for market participants, litigators, and compliance professionals. More broadly, he argues that the verdict underscores the legal and financial consequences of executive social media posts in live transactions, particularly when market-moving statements go beyond what the available evidence supports. Gontran is the Managing Partner of Navesink International. You can read the full article on his website along with other insights on his blog.

MEMBER HIGHLIGHT - SER member Gontran de Quillacq recently published an article titled "Zero-Day Options, Retail Trading, and the New Risk and Litigation Frontier." He explains how the speed, volatility, and complexity of zero-day options, combined with increased participation from retail brokers, have heightened risk and made losses more frequent. He argues that supervisors and regulators are not equipped to fully understand or effectively monitor these brokers, and that litigation will become the primary path for accountability. The issue is further complicated by asymmetries in knowledge, technology, and data access, which make it difficult both to understand losses and to substantiate claims. This creates a “chicken-and-egg” problem: discovery is needed to establish the facts, yet those same facts are required to justify litigation. He concludes that cases will become more numerous and more difficult to litigate, and that expert involvement will be critical from the outset, as both traders and attorneys struggle to assess fast-moving, data-heavy trading activity without specialized derivatives expertise. Gontran is the Managing Partner of Navisink International. You can read the full article on his website along with other insights on his blog.

MEMBER HIGHLIGHT - SER member Catherine Mustico co-authored an article titled "Banks Pay the Price When They Miss the Signs of Fraud" in a March 2nd post of Fraud Magazine. The article examines how increasingly sophisticated impersonation scams collide with banks’ inconsistent fraud‑response practices, often leaving victims wrongly blamed for losses. Through a detailed case study and recent lawsuits and regulatory actions, the article shows how institutions frequently overlook red flags, misapply “customer authorization,” and fail to meet their independent obligations under the BSA, EFTA, and identity‑theft regulations. The piece calls on fraud examiners to lead a shift toward evidence‑driven reviews, stronger controls, and more accountable institutional responses. Catherine holds CFE, CAMS, CAMS-FCI accreditations. She co-authored the piece with Mary Scott, Director of Operations at her firm Fundamental Compliance Consulting. You can access a pdf version of the article here or online here if you have a Fraud Magazine subscription. A copy has also been added to SER Library for members.

MEMBER HIGHLIGHT - SER member Andrew Auslander authored a recent article, “Credit Spreads Are Tight, Liquidity Is Not,” examining why corporate credit spreads remain historically tight in early 2026 even as underlying liquidity risks continue to build. He highlights the tension between strong technical demand in investment‑grade credit and warning signals from Treasuries, AI‑driven long‑duration issuance, Basel III incentive distortions, and structural vulnerabilities in private credit markets. The piece argues that today’s compressed valuations mask interconnected liquidity fragilities that could reprice abruptly — a dynamic with meaningful implications for investors, regulators, and expert witnesses. Andrew, a CFA and FRM, is Managing Principal of Agile Financial LLC and a finance expert in areas including complex derivatives and illiquid securities valuation, asset‑based lending, repo trading, and product management. His full article is available on Navesink International’s website and has been added to SER’s Library for members. 

ROUNDTABLE NEWS - SER's Practice Management Committee (PMC) hosted the second installment of the 2026 series of PMC webcasts. "Defining the Scope of the Engagement" featured SER members Paul Carroll (Moderator) and panel speakers Keith Loveland, Hollie Mason, and Jeffery Schaff. The session explored establishing a reputation as a true professional by mastering a disciplined process when working with retaining counsel, beginning with the initial interaction. Panelists covered essential preliminary footwork, such as listening to counsel’s assessment of the case and reviewing key legal documents and discovery dates to ensure a proper fit before suggesting potential opinions. The discussion included insight on how to execute a professional follow-up, clearly stating engagement letter terms and conditions and demonstrating a command of the issues by explicitly defining the scope of the engagement. By maintaining transparency regarding limitations and offering referrals for topics outside an area of expertise, experts can cement a role as a valuable, much-needed part of the legal team for future engagement. SER members can access the recording in our Library. Keep abreast of upcoming events by visiting Our Upcoming Events calendar!

MEMBER HIGHLIGHT - SER members Alan Besnoff and Rob Jones were recently invited to speak with students at Northwestern University’s Pritzker School of Law as part of the curriculum on securities law. Alan provided an in‑depth look at the role of an expert witness before and during litigation proceedings. Rob’s session focused on analyzing investment account performance and presenting Damages in litigation. Both experts noted the students’ strong engagement and thoughtful questions, and were honored to contribute to the hands‑on learning environment. Professor J. Samuel Tenenbaum, Clinical Professor of Law and Director of the Complex Civil Litigation and Investor Protection Center, reported that the sessions were highly successful and expressed interest in hosting future presentations.

SER encourages member pro bono participation in Securities Arbitration Clinics (several of which have a law school affiliation) through teaching, consulting, and expert testimonial services. SER members who would like to participate in future class sessions or assist with securities law clinic arbitrations are encouraged to submit their names using this link.

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