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.

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Vadim Khavinson
Chairman and CEO

Vadim Khavinson became Chairman and CEO in 2017, and is focused on continuing CFI's successful track record in case and issue resolution for the securities industry and Fortune 500 related matters. Vadim 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. Vadim started his career at CFI in 2002, first as a data and litigation analyst, and then supervising assigned cases. He is a quantitative expert and assists in determining damages. He has testified in FINRA disputes, HR related cases and worked on regulatory projects and investigations. Vadim has an MBA from The Kellogg School of Management, Northwestern University.

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Jay Rosen
Director, Chairman Emeritus

Jay Rosen founded CFI in 1993. Mr. Rosen provides expert analysis and testimony in securities and ERISA related matters. His expertise includes suitability, supervision, fiduciary duties in Trust Management, determination of churning, annuities and insurance, market manipulation, options, industry standards, broker conduct and damages. Mr. Rosen has more than 40 years of industry experience, including Financial Advisor, Branch Manager and Regional Manager roles. Prior to Capital Forensics, Mr. Rosen was President and Founder of The Capital Control Group, Ltd., a pension and asset management consulting firm. He has testified in both damages and industry related issues more than 350 times in his career. Mr. Rosen was previously with Merrill Lynch, Oppenheimer, Drexel Burnham and CCG. He previously held the Series 3,4,7,8,12,24,63 and 66 securities industry licenses.

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Robert Valker
Managing Director, CFE, CRCP

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).

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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. Kamran held the Series 7, 24, 63 and 65 securities industry licenses, and is a Chartered Financial Analyst (CFA).

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Eric Siber
Managing Director

Eric brings more than 30 years of financial services industry 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.

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Christine Cornejo
Managing Director

Christine brings more than 30 years of financial services experience, specializing in reducing regulatory risk associated with operational workflow processing and data analysis. Having managed various business lines as a senior manager, she provides end-to-end problem analyses and solutions that meet each client's regulatory and business needs. Most recently, Christine was Director, Compliance and Regulatory at Thomson Reuters, managing the firm's Wealth Management Compliance department, while providing several of the nation's largest broker-dealers with guidance for regulatory reporting and books and records requirements. Additionally, Christine has managed compliance departments for Washington Mutual and Wachovia Securities. Christine held the Series 3, 4, 7, 8, 14, 24, 27, 30, 63 and 65 securities industry licenses.

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Jennifer Cunningham
Managing Director

Jennifer brings over two decades of financial services industry experience, including branch office compliance supervisory experience, specializing in identifying and mitigating risk, and ensuring adherence to firm and regulatory policies. Prior to CFI, Jennifer was a Complex Administrative Manager for UBS in NYC, responsible for managing over 50 direct reports. Prior to UBS, Jennifer was a VP Administrative Manager at Merrill Lynch's 5th Avenue office in NYC, supervising nearly 200 Financial Advisors. There, some of her supervisory duties included monitoring various customer account activities, reporting and responding to customer complaints, assisting Counsel with preparing for mediations and arbitrations, heightened supervision plans, internal investigations and testifying as Corporate Representative in FINRA disputes. Jennifer holds the Series 7, 9, 10, 63, & 65.

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Stephen Strombelline
Managing Director

Stephen brings more than 35 Years of compliance and regulatory expertise, along with enterprise risk management experience within the securities and banking industries. Most recently, he was Head of Corporate Compliance for Charles Schwab Corp. He began his career at the NASD (FINRA), where he became the Associate Director of the NY District office. He later served as Chief Compliance Officer in the US for Barclays Capital and BNP Paribas. He was responsible for the development and operation of a comprehensive compliance program for all bank and broker-dealer businesses. Steve has served as Chairman of the Nat'l. Society of Compliance Professionals (NSCP) and the Institute of Int'l. Bankers' Compliance Committee, and was an Executive Committee Member of SIFMA's Compliance & Legal Society. Stephen holds the Series 4, 7, 8, 14 & 24 securities licenses.

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Alexander Mats
Managing Director, CPA, CFE

Alex brings more than 10 years of experience to Capital Forensics. Alex became the head of CFI's Forensic Accounting Group in January, 2017, where he supervises a staff of CPAs who utilize their accounting, auditing and investigative skills to resolve issues. For the previous 4 years, Alex has served as an expert in litigation support and investigations, quantifying damages sustained by parties in litigation, and determining whether criminal matters, including employee theft, securities, insurance or tax fraud have occurred. In prior roles, Alex served as the Finance and Accounting Manager and as an Auditor for financial institutions and public corporations. Alex also held supervisory accounting roles at a commercial real estate services and investment management firm. Alex holds an M.S. in Accounting Forensics, and a B.S. in Accounting and Finance.

Our Experts
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Arlene Wilson
Arlene has 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.
Arlene has significant brokerage firm experience, most recently as Chief Compliance Officer at D.A. Davidson & Co. Also, CFO and Director of Compliance both at a clearing and executing services subsidiary of Oppenheimer Funds, Inc., as well as a full service and clearing brokerage firm.
Early in her career, Arlene 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, Arlene 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 and NRS conferences.
Arlene held Series 7,24,27 and 63 securities industry licenses, and is a CPA.
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Michael S. Kelly
Michael has over 30 years of experience in the securities industry.
His 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.
Michael held the Series 4, 7, 8, 24 and 65 securities industry licenses.
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Paul Bodor
Paul has more than 35 years of experience within the financial services industry. His expertise is 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
He was 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 as an institutional equities trader.
Paul held the Series 3, 4, 7, 8, 14, 27 and 63 securities industry licenses.
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Jerry Wade
Jerry has 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.
He 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) and The American Bar (Past Member: Section on Corporation, Banking and Business Law).
Past instructor for the Commodities Educational Institute.
Jerry held the Series 3, 7, 24, and 63 securities industry licenses.
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Jim Carmack
Jim has more than 30 years of institutional trading and senior executive level expertise.
He was 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.
Jim held the Series 4, 7, 24 and 63 securities industry licenses.
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Jose Arvizu
Jose has more than 25 years of experience within the financial services industry, spanning operations, project management, risk management, service quality design and delivery expertise.
He 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.
Jose held the Series 3, 4, 7, 12, 24, 53, 63, and 65 securities industry licenses.
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Steve Urcia
Steve has over 40 years of experience in the financial services industry.
He was the Compliance officer and managing director for Bear Stearns' NY branch.
Bear Stearns' Senior Registered Options Principal (SROP).
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.
Steve held the Series 4, 5, 7, 12, 14, 15, 24, 53, 63, and 65 securities industry licenses.
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William Bradish
William was Principal of Bradish Associates Ltd., for more than 20 years, offering life insurance, employee benefits, and 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.
William held the Series 7 and 63 securities industry licenses, and is currently a Licensed insurance Agent and Chartered Life Underwriter.
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Henry Ferguson
Henry has more than 40 years of financial services experience both as a highly-respected consultant and in senior management positions at a number of firms.
Prior to joining Capital Forensics, Henry was Founder and President of Florida-based H.R. Ferguson Financial Consultants LLC. Henry has testified and consulted as an expert in various state, regulatory and professional forums on a broad range of subjects, including suitability, churning, margin, anti-money laundering (AML) and account supervision, among others.
At Oppenheimer & Co., Henry managed the options and futures trading desk and supervised the trading staff. Henry also created Options strategies for the firm during this time.
He held senior Sales and Marketing roles at Dean Witter & Co, Sutro & Co., and the New York Futures Exchange.
Henry currently serves as an arbitrator for the Financial Industry Regulatory Authority (FINRA) and the National Futures Association (NFA).
Henry held the Series 3, 7, 8, 24, and 63 securities industry licenses, an Interest Rate Options License and registration as an Options Principal Floor Trader.
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Scott Hirsch, CFA
Scott was an 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.
Scott has a BS from The Wharton School, an MBA from the University of Chicago and is a Chartered Financial Analyst.
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AnnDrea M. Benson, Esq.
AnnDrea has 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.
AnnDrea 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.
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Michael Lynch
Michael has 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.
He held management and director-level positions over the twenty-seven years at Merrill Lynch. 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.
Michael held the Series 3, 5, 7, 8, 15, 24, 63, and 65 securities industry licenses as well as the Florida mortgage broker license.
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Dennis Mooradian
Dennis is the former Managing Director of Wealth Markets at Union Bank, Chairman of UnionBanc Investment Services and Chairman, President and CEO of HighMark Capital Management. He was 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.
Dennis earned an MBA from Michigan State University, and his law degree from Michigan State University, Detroit College of Law. Dennis held the Series 4, 5, 7, 24, 53 and 63 securities industry licenses.
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Michael Sain
Michael has more than 30 years of fixed income institutional sales experience, including sales recruitment, sales supervision, account assignment, account management and establishment of protocol procedures between interrelated departments.
He was Managing Director of Fixed Income Institutional Sales for Raymond James Financial, Morgan Keegan, and First Southwest Advisors.
Vice President/Senior Vice President of Fixed Income Institutional Sales for Goldman Sachs.
NASD arbitrator from 1990-1995.
Michael held the Series 3, 7, and 63 securities industry licenses.
CFI Logo
1530 E Dundee Road
Suite 333
Palatine, IL 60074
P: 847-392-0900
T: 888-970-1700
F: 847-392-2990
info@capitalforensics.com