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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.

Visit Willie's profile here, or by clicking above.

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ROUNDTABLE NEWS - SER's Practice Management Committee (PMC) hosted the first event in the 2026 series of webcasts designed to assist members with running the business  side of being an expert witness. "Professional Strategies for Cultivating Relationships with Retaining Counsel”, developed from member survey feedback, provided practical strategies to enhance communication, professionalism, and trust wth counsel throughout the engagement process. Panelists emphasized the importance of clarifying communications and ground rules early, ensuring both parties understand expectations across different venues such as court and arbitration. The session also highlighted how engagement letters serve as a critical first impression, emphasizing transparency, candor, and clear deadlines. Additional discussion points included adapting to diverse attorney working styles and fostering post-engagement relationships through reciprocal feedback. PMC Chair Colleen Diles moderated the panel of SER members including Alan Bensoff, Jeff Holik, and Rob Jones. SER members can access the recording in our Library. Keep abreast of upcoming events by visiting Our Upcoming Events calendar!

MEMBER HIGHLIGHT - SER member Lisa James was recently highlighted as one of the professional mentors supporting the University of Maryland’s Justice for Fraud Victims (JFV) program in its new partnership with the Frederick County State’s Attorney’s Office. In this role, she helps guide student investigators as they conduct forensic accounting analyses for complex financial‑crime cases, ensuring their work meets the standards required for prosecution. Her expertise strengthens JFV’s ability to deliver high‑quality fraud examinations for nonprofits, small businesses, and law enforcement—while also shaping the next generation of forensic accounting professionals. This collaboration is a powerful example of how experienced practitioners like Ms. James strengthen both community outcomes and the future of our field. As a Certified Fraud Examiner (CFE), Certified Financial Crime Specialist (CFCS), Digital Assets Compliance Specialist (DACS), and Open-Source Certified (OSC). Ms. James is well-versed in fraud detection, fraud prevention, financial crime prevention, AML procedures, social engineering, due diligence, TPRM, OSINT techniques, SAR writing, Crypto, Digital Assets and regulatory compliance. Read the full article on UMD Robert H. Smith School of Business website.

MEMBER NEWS, by Rick Ryder SER/SAC - Our friend and colleague George H. Friedman died on November 22, after an 18 year battle with Multiple Sclerosis. SER Members may remember George, both as the author of the arbitration column in the Roundtable’s The Expert Examiner and as a speaker, alongside FINRA Dispute Resolution’s (FINRA-DR) Rick Berry, at the group’s annual conferences. George was amply equipped for both roles, as well as his expert pursuits, following upon a career-long dedication to the practice and improvement of the dispute resolution process. George came to us from outside the securities business, after serving in numerous roles at the New York headquarters of the American Arbitration Association, when recruited by NASD Regulation for the EVP position of Arbitration Director. He consulted me then, as a former Director, and later told me that, on his train ride to Washington to interview — before being offered or having accepted the position — he "blue-penciled" the existing Code of Arbitration to be more reader-friendly and chronologically structured.

I shall remember George fondly as a great story-teller with a persuasive, confident air and a quick wit. He was also, to me, a supportive partner in editing and producing the various publications of the Securities Arbitration Commentator, Inc (“SAC”) from 2013 through 2019.  From 2019 until 2024, after which his illness became too grave, he became Editor-in-Chief and publisher of the weekly email, Securities Arbitration Alert. He departed FINRA-DR, after a remarkable 16-year stint, during which NASD became FINRA, the Arbitration Code was transformed into three separate Codes and the text re-organized, (as George had envisaged), and claim volume for customers soared on losses stemming from the "Schlock House” frauds (think Leonardo DiCaprio), the Tech Crash, and the Financial Collapse. He was a towering figure in arbitration, a student of the practice, a visionary of online DR, an advocate for fairness, and, in a long-standing role as a Fordham Law Professor, a teacher and scholar on the subject. He was tireless, enjoyable, faithful, intellectual, funny and creative. He loved this organization and recognized, both when he was Director and beyond, its special character as a neutral, yet positive force.

In recent days, while George was in hospice, many friends and colleagues submitted tributes and goodbyes. Read to him by his wife, Ellen, these messages brought joy to George; they also comforted and enlightened his family, friends and community to his influence in the DR field and the high regard in which he was held. His family sends thanks to those SER Members who sent such messages for their thoughfulness.

MEMBER HIGHLIGHT - SER member Dr. Pavithra Kumar, PhD, CFA speaks with cryptocurrency expert Professor Gerald P Dwyer of Clemson University and the Bitcoin Policy Institute on a new podcast titled "Are We in a Bitcoin Bubble."  The session, part 1 of a 2-part series on Cryptocurrency, discusses "some of the most crucial and challenging questions arising in the cryptocurrency space, including the key drivers of the value of cryptocurrency, whether we are in a Bitcoin bubble, and whether cryptocurrency should be classified as a currency or a security."  Dr. Kumar is a principal at Advanced Analytical Consulting Group (AACG), which provides economic, statistical, and computing consulting for business decisions and litigation. The podcast can be accessed on AACG's website here.

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