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Financial Advisory Services

Our professionals possess deep knowledge and specialized expertise in forensic accounting, litigation support and valuation. Wherever you are or whatever your needs, we can put together the right team of experienced professionals to help you address your challenges and opportunities.

Insights / Capabilities / Team

David Bart
Forensic Accounting
Dispute Advisory
Valuation

Bruce Bush
Forensic Accounting
Dispute Advisory

Patrick Chylinski
Forensic Accounting
Dispute Advisory

Gregory Cowhey
Forensic Accounting
Dispute Advisory
Valuation

Joe Decilveo
Forensic Accounting
Dispute Advisory
Valuation

Mitch Hirsh
Forensic Accounting
Dispute Advisory

Kesh Iyer
Valuation

Chris LaDue
Valuation

Jay Loudermilk
Valuation

Leo Munoz
Forensic Accounting
Dispute Advisory

Greg Naviloff
Forensic Accounting
Dispute Advisory

Scott Peltz
Forensic Accounting
Dispute Advisory
Valuation

Scott Richter
Dispute Advisory
Forensic Accounting

Paul Siebrasse
Dispute Advisory
Valuation

Steve Sprenger
Valuation

Boris Steffen
Forensic Accounting
Dispute Advisory
Valuation

John Tira
Forensic Accounting
Dispute Advisory

Kevin Vannucci
Valuation


David Bart

Director

Chicago, IL
david.bart@rsmus.com

Areas of focus: Forensic AccountingDispute Advisory Valuation

Chicago, IL
david.bart@rsmus.com

David Bart, CIRA, CDBV, CFE, ASA, MBA has more than 25 years of experience assisting parties in interest and their counsel in financial consulting, bankruptcy and complex commercial litigation. He provides expert consulting and testimony in cases involving damages assessment, business operations, solvency analysis, fraudulent conveyance, business valuation, forensic accounting and financial investigation projects. David’s expertise includes financial and economic analysis, investigative accounting, statistical analysis, and business valuation. He provides his clients with consulting services that have resulted in business and financial restructuring, reduced operating costs, identification of unprofitable business segments, and successful negotiation of credit support with vendors and lenders.

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Bruce Bush

Director

Areas of focus: Forensic AccountingDispute Advisory

Dallas, TX
bruce.bush@rsmus.com

Bruce Bush, CPA, CFF, has more than twenty years of experience assisting clients with allegations of financial reporting improprieties, investigating employee fraud and misconduct, resolution of post-acquisition and contract disputes, and minimizing the risk of fraud through the development and implementation of prevention, detection and response controls.

Bruce's experience includes interfacing with regulators and reporting the facts surrounding fraud and misconduct. Bruce has served as a Court appointed Special Master related to discovery issues in an estate dispute. His areas of specialization include, financial statement, fraud and misconduct investigations; dispute advisory and litigation support; assessment of fraud and regulatory risk; regulatory and compliance audits; and continuous auditing and monitoring.

Professional insights

WHITE PAPER

Three ways to identify and combat vendor fraud

Vendor fraud can take several forms in any organization. Learn three practices to help detect and prevent fraud in your vendor management process.

INSIGHT ARTICLE

White Collar Crime

White Collar Crime follows the authors’ valuable fraud investigation and FBI forensics experience in dealing with white-collar criminals.

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Patrick Chylinski

Principal

Areas of focus: Forensic AccountingDispute Advisory

Los Angeles, CA
Patrick.chylinski@rsmus.com

Patrick Chylinski, AVA, CFE, has extensive experience managing and directing engagements relating to complex commercial litigation, business and partnership disputes, investigations of fraud and financial misconduct, and business valuations. He has also testified as an expert witness. Patrick’s litigation consulting and forensic investigation experience includes consulting with clients involved in contract and fee disputes, earn-out and post acquisition disputes, matters related to licensing and royalties, as well as assisting clients responding to SEC, DOJ, and FTC investigations.

In addition to his experience in professional services, Patrick has industry experience in financial services and commercial real estate. He has worked as a Vice President of Strategic Planning and a Vice President of Financial Planning and Analysis for what was one of the largest mortgage banking and financial services firms in the country. He also worked for a commercial real estate investment firm in a finance and acquisition analysis role. Lastly, Patrick also has experience in the securities industry, at one time holding NASD Series 7 and 63 licenses.

Professional Insights

WHITE PAPER

Steps to help prevent and mitigate occupational fraud

Learn four quick steps you can take in an effort to reduce and mitigate occupational fraud in your organization.

  • Patrick Chylinski
  • |
  • November 19, 2014

WHITE PAPER

Post-closing disputes: Key issues and how to avoid them

Learn how to avoid post-closing disputes that can derail promising transactions and result in increased costs, strained relationships and litigation.

  • Patrick Chylinski, John Tira
  • |
  • July 08, 2014

INSIGHT ARTICLE

White Collar Crime

White Collar Crime follows the authors’ valuable fraud investigation and FBI forensics experience in dealing with white-collar criminals.

  • Bruce Bush, Patrick Chylinski
  • |
  • October 04, 2012

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Gregory Cowhey

Principal

Areas of focus: Forensic AccountingDispute AdvisoryBusiness Valuation

Philadelphia, PA
gregory.cowhey@rsmus.com

Gregory Cowhey, ASA, CVA, has more than 25 years of experience providing forensic accounting, fraud investigation, business valuation and litigation support services for individuals, closely held companies, medium to large public and private corporations, government agencies, banks, attorneys and accounting firms. He is regularly retained to provide professional advisory services for a variety of engagement needs including economic damages analysis, financial and fraud investigations and expert testimony.

Gregory has provided expert testimony in trials in U.S. Federal Court, U.S. Bankruptcy Court, and state courts. In addition, he has frequently been appointed by Special Masters and judges to serve as the “court’s expert” in business and intangible asset valuation disputes in New Jersey, New York and Pennsylvania. He is also retained to serve as an arbitrator in disputes involving valuation, economic damages, purchase accounting and other areas of financial specialization.

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Joseph Decilveo

Financial Advisory Services Partner

Areas of focus: Forensic AccountingDispute AdvisoryValuation

New York, NY
joe.decilveo@rsmus.com

Joe Decilveo, CPA, has more than 25 years of professional experience providing financial consulting services to some of the largest companies in the United States, Europe, Latin America, and Asia. He assists clients in high profile commercial disputes, forensic accounting investigations, fraud and white collar defense matters and has worked with many well-known law firms in the U.S.

Specifically, Joe has consulted with clients responding to whistleblower allegations relating to financial statement fraud, SEC, DOJ and state AG investigations, post-acquisition purchase price disputes, royalty matters, unauthorized and illegal foreign and domestic disbursements, and court orders resulting from regulatory investigations.

Professional Insights

INSIGHT ARTICLE

2016 Global Corruption Law Compliance Survey

RSM recently gathered feedback from leading middle-market executives as part of its 2016 Global Corruption Law Compliance Survey.

  • Joseph Decilveo
  • |
  • June 20, 2016

RECORDED WEBCAST

Detecting fraud in consumer products companies

This webcast covers what consumer products organizations should do to prevent, detect and respond to fraud, waste and abuse.

  • Carol Lapidus, Joseph Decilveo, Scott Richter
  • |
  • January 22, 2014

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Mitch Hirsh

Partner

Areas of focus: Forensic AccountingDispute Advisory

Chicago, IL
mitchell.hirsh@rsmus.com

Mitchell Hirsh, CPA, CIRA, CDBV, CFF, has more than 25 years of experience providing complex litigation consulting, bankruptcy and insolvency services, and conducting fraud and forensic accounting investigations. He has served as financial advisor, forensic accountant, litigation consultant and as an expert witness to bankruptcy trustees, official committees of unsecured creditors, corporations, lenders, shareholders and other parties in interest. Mitchell has provided support in matters including the analysis of business operations, feasibility, financial restructuring, fraud, whistleblower investigations, corporate acquisition disputes, preferential and fraudulent transfer actions, business valuation, contract disputes, business damage analysis, cash flow modeling, and forecasting. Mitchell has testified as an expert witness in a number of litigation matters in federal court, state court and in alternative dispute resolution settings.

Professional Insights

INSIGHT ARTICLE

How to make the best use of financial experts in your litigation cases

By effectively understanding a financial expert’s role in litigation, you can best leverage their contribution to your case.

  • Mitch Hirsh
  • |
  • May 03, 2016

WHITE PAPER

Preventing fraud in governmental entities

How governmental entities can protect the public trust with strong ethics and compliance programs

  • Patrick Hagan, Mitch Hirsh
  • |
  • February 26, 2014

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Kesh Iyer

Principal

Areas of focus: Valuation

Washington, DC
kesh.iyer@rsmus.com

Kesh Iyer, ASA, CM&AA, has over 20 years of experience leading, managing and performing valuation consulting engagements for a variety of purposes including financial reporting, tax reporting, sales and acquisitions, shareholder disputes, marital dissolution, ESOP, stock option pricing, and S-corporation elections. He is a senior valuation consultant skilled in estimating the value of equity ownership interests (common and preferred securities), intangible assets and fixed income instruments of private and public companies of varying sizes and complexity. He is also a qualified expert witness with testimonial experience related to valuation matters in deposition, arbitration and trial environments.

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Christopher LaDue

Principal

Areas of focus: Valuation

Boston, MA
christopher.ladue@rsmus.com

Chris LaDue has more than 25 years of experience providing valuation and financial advisory services to clients in the high technology and life sciences industries, working with companies from venture-funded start-ups through mature public companies, and is a leading member of RSM’s technology and life sciences industry practices. Chris has performed valuations of businesses, business interests, financial instruments and derivative securities, and intangible assets and intellectual property for a variety of purposes, including: financial and tax reporting; corporate tax planning and restructuring; mergers, acquisitions and recapitalizations; bankruptcy; gift and estate tax planning; intellectual property transfers and licensing; and litigation support and dispute resolution. He has prepared fairness and solvency opinions, and conducted financial due diligence for certain leveraged buyout transactions, and has advised early stage companies on business plan preparation, private placement funding initiatives, acquisitions, and initial public offerings (IPOs).

Professional Insights

Valuations and the unicorn phenomenon

VIDEO

Valuations and the unicorn phenomenon

Learn about the impact of the unicorn phenomenon on private equity valuations.

  • Christopher LaDue
Valuation needs in the life sciences industry are anything but generic

CASE STUDY

Valuation needs in the life sciences industry are anything but generic

This case study focuses on the importance of a deep understanding in life sciences company valuations. Learn more.

  • Christopher LaDue, Michael Taglieri, Ron Nahaas
  • |
  • March 09, 2017

VIDEO

Valuation trends in private equity

In this video series, industry professionals explore valuation policies, methodologies and fundamentals for private equity.

  • Kevin Vannucci, Christopher LaDue
  • |
  • October 14, 2016

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Jay Loudermilk

Partner

Areas of focus: Valuation

Indianapolis, IN
jay.loudermilk@rsmus.com

Jay Loudermilk, CPA, has been advising companies on valuation and finance-related issues for more than 20 years.  Jay primarily consults for financial reporting, management planning, and tax planning and reporting purposes.  He brings significant experience valuing intellectual property, intangible assets and liabilities.  In addition, he also values business enterprises and securities such as equities, debt, preferred stock, and options and derivatives.  Representative samples of his experience include:

  • A purchase price allocation under ASC805 – Business Combinations for a multi-billion dollar acquisition in the medical devices industry.  The analysis included (1) assistance with preparing the pre-announcement estimate of EPS; (2) valuations of intellectual property and other intangible assets; and (3) a “push down” of equity and asset values to dozens of legal entities globally.
  • Valuing the equity investments owned by a U.S. subsidiary in compliance with their parent company’s fair value requirements under IFRS 9.

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Leo Munoz

Director

Areas of focus: Forensic AccountingDispute Advisory

San Antonio, TX
leo.munoz@rsmus.com

Leo Munoz, CPA/CFF, CFE, has more than 25 years of experience in corporate finance and accounting, IPO/SEC reporting, merger and acquisitions and auditing in addition to his work in forensic accounting and litigation support. Leo has served as both a testifying and consulting expert in litigation matters (civil and criminal). Leo’s experience includes conducting investigations relating to corporate embezzlement schemes, misappropriation of assets, financial statement and accounting fraud, trust and estate disputes, hidden assets, breaches of contract and regulatory actions. In litigation matters, Leo has issued numerous expert reports pertaining to lost profits, financial/economic damage calculations and finance/accounting matters (initial and rebuttal reports). Additionally, Leo and his team have been involved in bankruptcy proceedings assisting corporate debtors with bankruptcy financial reporting requirements and claims reconciliations.

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Greg Naviloff

Director

Areas of focus: Forensic AccountingDispute Advisory

Boston, MA
Greg.naviloff@rsmus.com

Greg Naviloff, CPA, CFF,CFE, ABV, has extensive experience assisting clients with management and testing of compliance programs, responses to whistleblower and regulatory inquiries and analysis of complex business disputes. Greg provides corporate forensic investigation services, anti-bribery and anti-corruption compliance, fraud risk management services, third party due diligence/audits, financial restatement services, controls improvement projects and dispute and litigation support services to law firms, private equity firms, non-profit and multi-national organizations in a broad range of industries (with significant experience in life sciences and health care). Greg has experience preparing expert reports related to forensic accounting and economic damages and routinely manages computer forensic, business intelligence, electronic discovery, advanced data analytic, forensic accounting and valuation resources to assist clients in the timely resolution of sensitive and urgent issues located in the United States and abroad.


 

Scott Peltz

Partner

Areas of focus: Forensic AccountingDispute AdvisoryValuation

Chicago, IL
scott.peltz@rsmus.com

Scott Peltz, CPA, CFF, ABV, is the national leader of the Financial Advisory Services practice. He has more than 32 years of experience as a financial advisor and expert witness in dispute resolution. Scott has served as trustee, interim chief financial and restructuring officer, and Arbitrator for entities as well serving as a consulting and testifying expert in commercial litigation for both private and publicly held entities.

He has served as both a consulting and testifying expert in fraudulent transfer, fraud, contract disputes, and contested confirmation for both federal and state case matters, as well as alternative dispute resolution proceedings. He has been a frequently quoted expert for numerous media providers including CNBC, The Wall Street Journal, Reuters, The Washington Post, CNN, Bloomberg News, Financial Times and Bankruptcy Insider.

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Scott Richter

Director

Areas of focus: Dispute AdvisoryForensic Accounting

New York, NY
scott.richter@rsmus.com

Scott Richter, CPA, CFE, CFF, has more than 20 years of experience in corporate finance, consulting and auditing in addition to his work in forensic accounting and litigation consulting. He provides his clients with a unique perspective into matters regarding U.S. GAAP and SEC reporting, as well as assessments of internal accounting practices and controls. Scott’s experience includes conducting investigations relating to financial statement fraud, embezzlement, CPA malpractice, restatement of financial statements, breaches of contract and regulatory actions. Scott has also served as a neutral accountant and arbitrator in post-acquisition disputes. His clients have included public and private companies in industries such as manufacturing, media, retail, professional and financial services, and investment banking.

Professional Insights

RECORDED WEBCAST

Detecting fraud in consumer products companies

This webcast covers what consumer products organizations should do to prevent, detect and respond to fraud, waste and abuse.

  • Carol Lapidus, Joseph Decilveo, Scott Richter
  • |
  • January 22, 2014

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Paul Siebrasse

Principal

Areas of focus: Dispute AdvisoryValuation

Minneapolis, MN
paul.siebrasse@rsmus.com

Paul Siebrasse, ASA, directs the development of project damage calculations and business valuations for litigation and when necessary, he provides expert testimony. He has worked primarily with organizations in the healthcare, agriculture and insurance industries providing services in commercial and civil law. Within commercial law, he focuses on breach of contract damage calculations, intellectual property and intangible asset valuations, business valuation for disputed claims (shareholder and transactional), business interruption damage assessment, business valuation for mergers and acquisitions, and business valuation for insurance purposes. Within civil law, Paul focuses on wrongful death damage assessment and lost wages, wrongful discharge damage assessment and lost wages, personal injury assessment and lost wages, discovery and lost profits, and disputed claim discovery and valuations.

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Steve Sprenger

Principal

Areas of focus: Valuation

Denver, CO
steve.sprenger@rsmus.com

Steve Sprenger has more than 20 years of experience providing valuation and financial advisory services to energy and mining companies. Steve has significant experience in energy and mining valuation matters and has performed numerous analyses for acquisition, divestiture, financial reporting, financing, litigation, restructuring and tax purposes. His experience includes:

  • Valuing numerous multimillion/billion dollar investments and operations, including oil and gas reserves; pipeline assets; refining, marketing, and transportation assets; chemical plants; power generation and distribution assets (thermal, hydro, nuclear, biomass, wind and solar); as well as coal, precious metals, base metals and aggregates mining operations located throughout the world.
  • Performing crucial SEC valuations on behalf of a senior international gold mining company.
  • Developing and defended complex tax valuations on behalf of a major integrated oil company and a major multinational coal company.

Professional Insights

VIDEO

Oil, gas and the US middle market

RSM’s industry insiders discuss the varied outlook for oil producers and the big opportunity this spells for US middle market businesses.

  • Joe Brusuelas, Steve Sprenger
  • |
  • May 11, 2017

INSIGHT ARTICLE

OPEC's waning power and the production standoff

OPEC’s loss of pricing power will likely result in a more stable energy environment for middle market producers.

  • Steve Sprenger
  • |
  • April 20, 2017
5 energy trends to watch in 2017

INSIGHT ARTICLE

5 energy trends to watch in 2017

Oil and gas prices appear to be stabilizing, which may allow for growth; power and utility will continue with cleaner-burning resources.

  • Steve Sprenger
  • |
  • January 10, 2017

RECORDED WEBCAST

How can private equity find value in a difficult energy market?

Volatility is changing energy valuations for portfolio companies.

  • Steve Sprenger
  • |
  • March 10, 2016

WHITE PAPER

Risks and Rewards for PE in LNG Exports

After the ban was lifted on oil and natural gas exports from the U.S., private equity started looking for opportunities amid global challenges

  • Steve Sprenger

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Boris Steffen

Director

Areas of focus: Forensic AccountingDispute AdvisoryValuation

Washington, D.C.
boris.steffen@rsmus.com

Boris J. Steffen, CPA, ASA, ABV, CDBV, CGMA, is Director and Southeast leader of Financial Investigations and Dispute Advisory Services at RSM US LLP. An expert in accounting, finance and valuation, his experience includes testifying as to the fair value of BMC Software, Inc.'s equity in Delaware Chancery Court, merger efficiencies in the Sirius XM Satellite Radio merger litigation and proposed Exelon Corp/PSEG merger, and merger efficiencies, pricing and profitability in FTC v. Staples/Office Depot. Boris also advised on damages in the Vulcan Materials/Martin Marietta hostile takeover battle, Enron bankruptcy and Vitamins and AMD/Intel antitrust cases, fair value in the Xerox/ACS merger and bankruptcies of Exide Technologies and Energy Future Holdings; and solvency in the Namco Capital, Frank Parsons and Circuit City fraudulent transfer and preference actions.

Professional Insights

ARTICLE

When is the sale price not equal to fair value?

Learn why transaction price is not conclusive evidence of fair value viewed on a stand-alone basis or the equivalent of fair market value.

  • Boris Steffen
  • |
  • February 21, 2017

ARTICLE

Addressing environmental liabilities during bankruptcy

Environmental liabilities can be a significant contingent liability in a bankruptcy proceeding. Learn the sources of these liabilities.

  • Boris Steffen
  • |
  • December 15, 2016

INSIGHT ARTICLE

The art of normalization in business valuation

Boris Steffen outlines the considerations involved in identifying “normally” recurring earnings and in valuing an ownership interest.

  • Boris Steffen
  • |
  • April 25, 2016

ARTICLE

Delaware State Bar Association releases proposed amendments

Recent commentary regarding whether the conduct of appraisal arbitrage is consistent with the intent of the appraisal statute spurs changes.

  • Boris Steffen

ARTICLE

Panacea or double-edged sword?

Amendments to Section 262 of the Delaware General Corporation Law, appraisal rights, have affected shareholder appraisal actions and awards.

  • Boris Steffen

ARTICLE

Reorganization value: What it is and isn’t

Understand how to determine the value of a firm, including insights into enterprise value, reorganization value and comparing FCFF and FCFE.

  • Boris Steffen

INSIGHT ARTICLE

What is the cost of reputational harm?

Calculating the cost of reputational harm can be challenging, explore ways to quantify damages for insurance, legal and other purposes.

  • Boris Steffen

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John Tira

Director

Areas of focus: Forensic AccountingDispute Advisory

San Francisco, CA/San Jose, CA
john.tira@rsmus.com

John Tira, CPA, CFE, CFF, has significant experience in matters involving commercial disputes, forensic accounting investigations, bankruptcy litigation and business valuation matters. John provides strategy and support for complex litigation and forensic accounting matters. He regularly advise counsel, corporations and individuals in a variety of high-stakes matters requiring demanding accounting, economic and financial analyses.

Additionally, John is often requested by clients to investigate and evaluate complicated accounting and financial issues, applying a variety of advisory techniques including forensic investigative procedures, damages assessment and quantification, financial modeling and scenario analysis. He specialize in identifying and evaluating the salient issues in complex matters, developing sophisticated, yet straightforward financial analyses and preparing detailed reports.

Professional Insights

INSIGHT ARTICLE

The complexities of handling international fraud investigations

Learn why companies with international operations must have a baseline understanding of how to detect fraud and minimize risk.

  • Greg Naviloff , John Tira
  • |
  • June 01, 2017

WHITE PAPER

Post-closing disputes: Key issues and how to avoid them

Learn how to avoid post-closing disputes that can derail promising transactions and result in increased costs, strained relationships and litigation.

  • Patrick Chylinski, John Tira
  • |
  • July 08, 2014

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Kevin Vannucci

Partner

Areas of focus: Valuation

New York, NY
kevin.vannucci@rsmus.com

Kevin Vannucci, ASA/IA, ABV/CPA, has prepared over 1,300 business valuation reports for clients in many different industries including manufacturing, distribution, technology, construction, consumer products, food and beverage and professional services.

He has performed engagements regarding estate and gift issues of equity interests, built-in gain analysis, fair value for financial reporting purposes, warrant/ option valuations, financial planning and strategic advisory services, purchase price allocations, and valuation of intangible assets such as patents, trademarks, technology, in-process research and development, and non-compete agreements. He also provides litigation support and has been engaged to quantify lost profits and monetary damages, including breach of contract and product liability cases. Kevin has testified in federal, state and local courts and was recently awarded the American Society of Appraisers’ Intangible Asset designation.

Professional Insights

VIDEO

Valuation trends in private equity

In this video series, industry professionals explore valuation policies, methodologies and fundamentals for private equity.

  • Kevin Vannucci, Christopher LaDue
  • |
  • October 14, 2016
The use of calibration in valuations

VIDEO

The use of calibration in valuations

Learn about the concept of calibration and its growing importance in private equity valuations.

  • Kevin Vannucci
  • |
  • October 14, 2016
How detailed should your valuation policy be?

VIDEO

How detailed should your valuation policy be?

Learn about the various approaches to forming and following valuation policies in private equity.

  • Kevin Vannucci
  • |
  • October 14, 2016

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