Frank T. Mascari



  • Chicago


Frank Mascari has more than twenty-five years of experience providing financial and accounting consulting services in commercial litigation and fraud investigation matters. He has worked on a variety of issues arising in alleged Ponzi schemes and forensic investigations, post-acquisition disputes, accounting malpractice, and economic damages. Mr. Mascari is a certified fraud examiner.

Mr. Mascari’s clients have included both public and private companies in banking, professional services, manufacturing, real estate, healthcare, and technology. In investigation-related matters, he has analyzed allegations related to Ponzi schemes, asset misappropriation, financial reporting fraud, and other forms of corporate misconduct.

Forensic investigations

Mr. Mascari has experience with issues involving allegations of asset misappropriation and Ponzi schemes, improper use of investor funds, and improper banking activity as well as earnings management. His representative casework includes:

  • Analyzing bank account activity to identify patterns consistent with a Ponzi scheme
  • Reviewing large databases of financial and banking records to investigate alleged financial frauds related to several high-profile Ponzi schemes
  • Tracing investor money through investment funds to determine whether money was used for purposes outside the funds’ stated purposes
  • Conducting investigations for audit committees of publicly traded companies to assist with Securities and Exchange Commission (SEC) filings and pending SEC and Department of Justice investigations
  • Investigating and identifying millions of dollars in kickbacks, thefts, and improper use of company assets
Commercial litigation

Mr. Mascari’s breach of contract and general damages expertise covers disputes across multiple industries:

  • Assessing damages, lost profits, breach of contract, and bankruptcy claims in commercial disputes
  • Evaluating potential damages in accounting malpractice disputes
  • Evaluating timing and causation issues related to alleged damages suffered by investors in several Ponzi scheme matters
  • Analyzing due diligence processes, marketing practices, pricing policies, financial statements, budgets, operating performance, and financial forecasts in the context of alleged damages in post-acquisition disputes
Accounting and auditing

Mr. Mascari has evaluated audit and review procedures for compliance with auditing standards across a range of litigation and regulatory matters involving auditor liability. His experience includes:

  • Addressing issues of auditor independence related to the provision and reporting of certain non-audit services
  • Assessing damages, liability, and causation claims related to financial reporting fraud and accounting restatements, including in Aéropostale Inc. et al.
  • Analyzing issues related to revenue recognition, alleged improper capitalization of expenses, acquisition accounting and reserves, falsified assets, impairments, earnings management, operating accruals, and prior-period adjustments
  • Evaluating timing and causes of potential damages in an accounting malpractice dispute
Community engagement

Mr. Mascari is on the board of directors and the finance and audit committee of the Center for Disability and Elder Law, which provides pro bono legal services to low-income seniors and adults with disabilities in Chicago. He has also served as the organization’s board treasurer, secretary, and vice president.

Previously, he was a director in Navigant Consulting’s Disputes & Investigations practice.


Accounting Class Action Filings and Settlements


Accounting Class Action Filings and Settlements—2023 Review and Analysis

Press Release

Number of Accounting-Related Securities Class Action Filings Rose in 2023 Despite Increase in Filing Lag to 10-Year High


Accounting Class Action Filings and Settlements—2022 Review and Analysis

Press Release

Total Value of Settlements in Accounting-Related Securities Class Actions Rises in 2022


Accounting Cases Involving SPACs

Press Release

Accounting-Related Allegations in Securities Class Actions Decreased Sharply in 2021


Accounting Class Action Filings and Settlements—2021 Review and Analysis

  • “Confusion Reigns: Applying the Multiplied Damages Exception in Representations and Warranties Insurance Policies,” Bloomberg BNA, 2016