Frank T. Mascari

Frank Mascari has more than twenty-five years of experience consulting on forensic accounting and fraud-related matters, often in the context of alleged Ponzi schemes and asset misappropriation.

Mr. Mascari’s expertise includes investigating complex fraud and concealment schemes on behalf of financial institutions and other corporate clients. He consults with clients and supports experts to assess banking industry best practices, particularly those related to alleged fraud schemes and anti-money laundering (AML). Mr. Mascari also conducts financial analyses to address class certification, economic damages, and loss causation issues. He is a certified fraud examiner.

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.