Financial Firm is Accused of Mismanaging 401(k) Funds


Financial Expert WitnessThis case involves allegations against a large financial and banking firm in relation to the management of several 401k plans. It was alleged that the defendant caused plan participants to pay excessive fees for administrative services that were not actually rendered. Additionally, the firm was accused of mismanagement of invested capital, with portfolios that resulted in significant losses for plan participants.

Question(s) For Expert Witness

  • 1. Please describe your background advising and/or consulting fiduciaries to retirement plans and/or general retirement related investment accounts.
  • 2. What experience do you have advising fiduciaries to large retirement plans?

Expert Witness Response E-137077

I have 25 years consulting as an expert in the retirement investment space. I have been a Chief Investment Officer and Director of Research for several investment firms. In those capacities, I have designed, structured, constructed, and managed retirement plans. I have also acted as a consultant with similar responsibilities. Additionally, I built algorithms that mapped traditional 401k plans to asset classes in an effort to ensure proper investment characteristics existed for the individual investor. Most recently, I consulted small investment boutiques on how to construct proper investment alternatives for client retirement plans. I have worked on similar matters in a consulting capacity. Over the years, I have consulted on several existing plans.

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