bean About Us
Corporate History

The genesis of Capital Forensics, Inc. (CFI) dates back to the Capital Control Group, Ltd, founded in 1986, to provide retail brokerage and pension evaluation services to the financial industry. CFI was incorporated in 1993 to provide litigation consulting and expert testimony.

Today, CFI provides a comprehensive suite of products and services to include: data analytics, compliance and regulatory consulting, forensic accounting, litigation support and expert testimony. Our team of analysts and experts pride themselves on continually developing new and more efficient methodologies to achieve client goals.

As CFI's roster of clients has grown, so has its geographical footprint to include a presence in New York, Florida and California.


Our Leadership

Capital Forensics, Inc.'s (CFI) team is a dynamic group of experienced professionals with broad industry experience and deep subject-matter expertise. When you work with CFI, our staff becomes part of your team, and is focused on delivering a successful outcome.

picture
Vadim Khavinson
Chairman and CEO

Vadim Khavinson is focused on continuing CFI's successful track record in case and issue resolution for the securities industry. Mr. Khavinson works closely with clients, providing litigation strategy and expert testimony for a wide range of industry segments. He also spearheads CFI's commitment to leveraging technology to uncover new and innovative approaches to analyze data and more effectively represent clients' interests.

picture
Jay Rosen
Director, Chairman Emeritus

Jay Rosen, founder of CFI, provides analysis and expert testimony regarding suitability, supervision and ERISA-related matters. He has been retained in over 300 litigation proceedings. Mr. Rosen has more than 40 years of experience in the securities industry as the president and founder of The Capital Control Group, Ltd., a pension and asset consulting firm, and in management positions for leading financial firms, as well as the trustee of a large pension fund.

picture
Robert Valker
Managing Director

Bob Valker has extensive experience in management of regulatory and litigation matters, and is recognized for his quantitative expertise as an expert witness in arbitration proceedings. He joined Capital Forensics, Inc. (CFI) in 2007, and currently serves as a Managing Director. At CFI, in addition to direct client counseling, Bob supports the firm's team of analysts, and works to ensure successful case management, from inception through resolution. He is a Certified Fraud Examiner (CFE), and is also designated by FINRA as a Certified Regulatory and Compliance Professional (CRCP).

picture
Kamran Fotouhi
Managing Director, Executive Vice President

Kamran brings more than 20 years of financial industry experience focusing primarily on compliance related matters. He began his professional career as a financial consultant but soon demonstrated a proficiency in successfully navigating through an ever-changing and complex regulatory environment for broker dealers, investment advisors and regulatory agencies. Prior to CFI, he was a Surveillance Director at FINRA, where he identified and addressed current and emerging risk, while monitoring member firms' compliance with applicable rules and regulations. He provides invaluable insight to our clients and strengthens CFI's already formidable resources.

picture
Eric Siber
Managing Director

Eric brings more than 30 years of financial services experience. He began his career as a financial analyst with Drexel Burnham Lambert and then moved into Retail Sales Management. He has a significant amount of brokerage firm and bank broker-dealer experience, with expertise in supervision, transactional and fee-based platforms, Branch and Complex management, and compliance. Eric's expertise in the fixed income arena results from his running the largest single branch complex at RBC Wealth Management, (successor to J.B. Hanauer & Co., LLC, a fixed income boutique) where Eric was the Director of the Private Client Group. Eric has held other senior roles at NatWest Investor Services, Gruntal & Co, and Ryan Beck. Eric holds the Series 7, 9, 10, 24, 63 and 65 securities industry licenses, along with the New Jersey life insurance license.

picture
Eric Hagler, J.D.
Managing Director, Western Region

Eric brings more than 26 years of legal, regulatory, business and HR leadership roles. His career began with selling municipal bonds while attending law school. Later Eric became a state prosecutor and then opened an eponymous law firm, a multi-state litigation practice. He has extensive judicial experience that includes serving as Magistrate Judge and Special Associate Justice of the Arkansas Supreme Court. Eric also held executive, general counsel and partner positions at large broker-dealers, self-clearing NYSE member firms and independent BD/RIA firms providing legal advice on matters such as mergers/acquisitions of broker-dealers, SEC, FINRA, and state regulations. Currently holds the Series 7, 24, 66 and 79 licenses, and previously held the Series 99 license.

Our Experts
picture
Jeffrey Schubert
More than 40 years of securities industry experience.
President and CEO of Round Hill Securities, Inc.
Senior vice-president, customer segment marketing for PaineWebber
Executive vice-president, director of retail, director and executive committee member for Principal Financial Securities, Inc.
Regional Manager of the public finance office for Rauscher Pierce Refsnes, Inc.
Chief operating officer and director for Raybank, Inc.
Assistant vice-president, institutional fixed income at Merrill Lynch
Held the Series 7, 8, 24, 3, 63 and 65 securities industry licenses
picture
William Bradish
Principal of Bradish Associates Ltd., for more than 20 years offering life insurance, employee benefits, property and casualty products to closely held corporations
Partner for 10 years at Woodfield Insurance Agency with focus on life, property and casualty, health and disability insurance and fixed annuities
Agent, Field Office Sales Manager, Mid-America Regional Marketing Assistant Vice President and Field Training Manager at Prudential Insurance Company
Held the Series 7 and 63 securities industry licenses. Currently a Licensed insurance agent and Chartered Life Underwriter
picture
Steve Urcia
Over 40 years of experience in the financial services industry.
Compliance officer and managing director for Bear Stearns NY branch
Bear Stearns senior registered options principal
Member of Bear Stearns compliance committee
Coordinated compliance technology initiatives to upgrade systems for Bear Stearns
Supervisor of PCS branch trading surveillance of Bear Stearns
Options margin supervisor and analyst for Walston & Co, CBWL Hayden Stone, Loeb Rhodes and LEWCO Securities
Held the Series 4, 5, 7, 12, 14, 15, 24, 53, 63, and 65 securities industry licenses
picture
AnnDrea M. Benson, Esq.
More than 30 years of professional experience in the financial services industry.
General Counsel and managing director for Piper Jaffray Inc.
Executive director to Majority Caucus for Minnesota House of Representatives
Counsel to rules committee for Minnesota House of Representatives
Arbitrator and mediator for FINRA and AAA.
Piper Trust Company board of directors
Pro-bono attorney for a local human relations commission
Held the Series 7, 8 and 63 securities industry licenses, and was a member of the Minnesota State Bar and is a member Pennsylvania State Bar
picture
Scott Hirsch, CFA
Associate in capital markets, corporate strategy and investor relations for Citigroup/ACC Capital Holdings
Asset-backed associate, associate bank analyst and associate analyst for UBS and PaineWebber
Traded ABS, CMBS and REITs for $1.8 billion portfolio at CGA Investment Management
Invested for $1 billion event-driven hedge fund for Epsilon Investment Management
Securities analyst for Value Line Investment Survey
BS from The Wharton School, MBA from the University of Chicago and Chartered Financial Analyst
picture
Dennis Mooradian
Former Managing Director of Wealth Markets at Union Bank, Chairman of UnionBanc Investment Services and Chairman, President and CEO of HighMark Capital Management. Responsible for personal trust, asset management, brokerage and insurance, and private banking.
Executive Vice President of Wealth and Institutional Management at Comerica Bank. Led private banking, institutional and personal trust, 401(k) services and Comerica securities. Chairman and President of Comerica Bank & Trust, N.A., World Asset Management and CEO of Munder Capital Management.
Chairman and CEO of Wells Fargo Investments Financial Consultant Advisory Group and Private Client Services.
COO of Global Private Client Services for Lehman Brothers, leading global high net worth and middle market institutional sales force.
MBA from Michigan State University, law degree from Michigan State University, Detroit College of Law.
Held the series 4, 5, 7, 24, 53 and 63 securities licenses.
picture
Paul Bodor
More than 35 years of experience within the financial services industry. Expertise in business, clearing and the regulatory aspects of the capital markets. He is an accomplished compliance and risk management leader in private, public and international sectors
First Vice President - Global Head of GMI Compliance, Global Markets and Investment Banking, Merrill Lynch
Co-Chairman and Chief Executive Officer, Jefferies Execution Services, Inc.
Director of Compliance and Risk Management, Jefferies & Company, Inc.
Chief Administrative Officer, Jefferies International Ltd., London, England
Chief Operating Officer, Great Western Financial Securities
Senior Financial Analyst, Division of Enforcement, SEC
Began career at a Hedge Fund, followed by positions as an institutional equity trader
Held the series 3, 4, 7, 8, 14, 27 and 63 securities licenses
picture
Jose Arvizu
More than 25 years of experience within the financial services industry, spanning operations, project management, risk management, service quality design and delivery expertise
Held positions of Vice President of Risk Management and Vice President of Compliance & Operations for Wells Fargo
Senior Vice President and Director of Operations for First Securities Corporation
Vice President of Business Development & Major Projects Management for Dover International
Compliance Officer and Director of the Client Services Group for Great Western Financial Corporation
Held the Series 3, 4, 7, 12, 24, 53, 63, and 65 securities industry licenses
picture
Jim Carmack
More than 30 years of institutional trading and senior executive level expertise
Managing Director; Head of Equity & Sales & Trading, Imperial Capital
Executive Committee Member, Jefferies & Company, Inc.
Head of U.S. Equity Sales, Jefferies & Company, Inc.
West Coast Regional Manager/ Los Angeles Regional Manager with equity business focus, Jefferies & Company, Inc.
Equity Sales Trader, Jefferies & Company, Inc. and Shearson/American Express
Holds the Series 4, 7, 24 and 63 securities industry licenses
picture
Michael Lynch
More than 40 years of experience within the financial services industry. He has held roles as a banker, trader, mortgage banker, and financial advisor, director in a large wire house, and consultant to the Registered Investment Advisor industry (RIAs). Michael has served as an NASD/FINRA Arbitrator since 2001.
Twenty-seven years were at Merrill Lynch. He held management and director-level positions. He has experience with all facets of registered representative activities supervising more than 100 financial advisors in multi office complex locations throughout the United States as well as overseeing compliance and operational personnel.
He also served on the Merrill Lynch Wealth Management Advisory board and as a Governor of the Florida Securities Dealers Association.
Held the Series 3, 5, 7, 8, 15, 24, 63, and 65 securities industry licenses as well as the Florida mortgage broker license.
picture
Michael S. Kelly
Over 30 years of experience in the securities industry.
Prior experience includes:
Management training and development department manager for Merrill Lynch
Regional marketing manager, southeast region of Merrill Lynch
Branch manager and managing director for Merrill Lynch
Held the Series 4, 7, 8, 24 and 65 securities industry licenses
picture
Jerry Wade
More than 40 years of financial services industry experience as a full-time lawyer, with involvement in all aspects of legal, compliance and regulatory practices, including the compliance/regulatory training of brokers
Held positions of Vice President & General Counsel for Southwest Securities, and Director of Regulatory Matters for AG Edwards
Member of the Missouri Bar, Texas Bar, U.S. District Court, U.S. Court of Appeals 8th Circuit, U.S. Tax Court and U.S. Supreme Court
Texas Business Law Board Member (1993-2003)
Texas Stock & Bond Dealers Association - Firm Representative (1993-2005)
Bar Association of Metropolitan St. Louis (1975-1992)
The American Bar (Past Member: Section on Corporation, Banking and Business Law)
Past instructor for the Commodities Educational Institute
Held the Series 3, 7, 24, and 63 securities industry licenses
picture
Arlene Wilson
More than 30 years in the financial services industry spanning compliance, operations and broker-dealer financial reporting requirements associated with SEA Rule 15c3-1 and SEA Rule 15c3-3
Significant amount of brokerage firm experience, most recently as Chief Compliance Officer at D.A. Davidson & Co. Also Chief Financial Officer and Director of Compliance twice prior to that at a clearing and executing services subsidiary of Oppenheimer Funds, Inc., as well as, a full service and clearing brokerage firm
Early on was a Senior Examiner for NASD (now known as FINRA) and began as a CPA with a public accounting firm
Member of SIA/SIFMA C&L for more than 20 years; served on their Society Executive, Annual Seminar Planning, Day Chair, and Regional Firms committees. With FINRA, she served on Financial Responsibility, Self-Compliance & Services, and chaired District 3, as well as, NAC Western Region and District 3 Nominating committees. Arlene often presented at SIFMA, FINRA, NASD and NRS conferences
Held the Series 4, 7, 24, 27, and 63 securities industry licenses, and a CPA license
CFI Logo
3850 N Wilke Road
Suite 333
Arlington Heights, IL 60004
P: 847-392-0900
T: 888-970-1700
F: 847-392-2990
info@capitalforensics.com