Securities and Exchange Commission v. Nadel et al
Filing
1192
Declaration of M. Yip by Burton W. Wiand re 1190 MOTION for miscellaneous relief, specifically Motion to Overrule Objections to Claims 403, 404, 405, 406, 407, 408, and 477 Notice of Filing Declaration of Maria Yip (Attachments: # 1 Exhibit M. Yip Declaration, # 2 Exhibit Ex. 1 to M. Yip Declaration, # 3 Exhibit Ex. 2 to M. Yip Declaration, # 4 Exhibit Ex. 3 to M. Yip Declaration, # 5 Exhibit Ex. 4 to M. Yip Declaration, # 6 Exhibit Ex. 5 to M. Yip Declaration, # 7 Exhibit Ex. 6 to M. Yip Declaration, # 8 Exhibit Ex. 7 to M. Yip Declaration, # 9 Exhibit Ex. 8 to M. Yip Declaration, # 10 Exhibit Ex. 9 to M. Yip Declaration, # 11 Exhibit Ex. 10-1 to M. Yip Declaration, # 12 Exhibit Ex. 10-2 to M. Yip Declaration, # 13 Exhibit Ex. 11 to M. Yip Declaration, # 14 Exhibit Ex. 12 to M. Yip Declaration, # 15 Exhibit Ex. 13 to M. Yip Declaration, # 16 Exhibit Ex. 14 to M. Yip Declaration, # 17 Exhibit Ex. 15 to M. Yip Declaration, # 18 Exhibit Ex. 16 to M. Yip Declaration, # 19 Exhibit Ex. 17 to M. Yip Declaration, # 20 Exhibit Ex. 18 to M. Yip Declaration, # 21 Exhibit Ex. 19 to M. Yip Declaration, # 22 Exhibit Ex. 20 to M. Yip Declaration, # 23 Exhibit Ex. 21 to M. Yip Declaration, # 24 Exhibit Ex. 22 to M. Yip Declaration, # 25 Exhibit Ex. 23 to M. Yip Declaration, # 26 Exhibit Ex. 24 to M. Yip Declaration, # 27 Exhibit Ex. 25 to M. Yip Declaration, # 28 Exhibit Ex. 26 to M. Yip Declaration, # 29 Exhibit Ex. 27 to M. Yip Declaration, # 30 Exhibit Ex. 28 to M. Yip Declaration, # 31 Exhibit Ex. 29 to M. Yip Declaration, # 32 Exhibit Ex. 30 to M. Yip Declaration, # 33 Exhibit Ex. 31 to M. Yip Declaration, # 34 Exhibit Ex. 32 to M. Yip Declaration, # 35 Exhibit Ex. 33 to M. Yip Declaration, # 36 Exhibit Ex. 34 to M. Yip Declaration, # 37 Exhibit Ex. 35 to M. Yip Declaration, # 38 Exhibit Ex. 36 to M. Yip Declaration, # 39 Exhibit Ex. 37 to M. Yip Declaration, # 40 Exhibit Ex. 38 to M. Yip Declaration, # 41 Exhibit Ex. 39 to M. Yip Declaration, # 42 Exhibit Ex. 40 to M. Yip Declaration, # 43 Exhibit Ex. 41 to M. Yip Declaration, # 44 Exhibit Ex. 42 to M. Yip Declaration, # 45 Exhibit Ex. 43 to M. Yip Declaration, # 46 Exhibit Ex. 44 to M. Yip Declaration, # 47 Exhibit Ex. 45 to M. Yip Declaration, # 48 Exhibit Ex. 46 to M. Yip Declaration, # 49 Exhibit Ex. 47 to M. Yip Declaration, # 50 Exhibit Ex. 48 to M. Yip Declaration, # 51 Exhibit Ex. 49 to M. Yip Declaration, # 52 Exhibit Ex. 50 to M. Yip Declaration, # 53 Exhibit Ex. 51 to M. Yip Declaration, # 54 Exhibit Ex. 52 to M. Yip Declaration, # 55 Exhibit Ex. 53 to M. Yip Declaration, # 56 Exhibit Ex. 54 to M. Yip Declaration, # 57 Exhibit Ex. 55 to M. Yip Declaration, # 58 Exhibit Ex. 56 to M. Yip Declaration, # 59 Exhibit Ex. 57 to M. Yip Declaration, # 60 Exhibit Ex. 58 to M. Yip Declaration, # 61 Exhibit Ex. 59 to M. Yip Declaration, # 62 Exhibit Ex. 60 to M. Yip Declaration, # 63 Exhibit Ex. 61 to M. Yip Declaration)(Morello, Gianluca) Modified on 8/12/2015 (KMM).
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EXHIBIT 1
Maria M. Yip, CPA, CFE, CIRA, CFF
Ms. Yip is co-founder of Yip and Levi, LLC, a firm specializing in forensic accounting, financial
investigations, bankruptcy, business valuations and the handling of tax controversies serving
clients in the United States and abroad. Ms. Yip worked for Price Waterhouse, Arthur Andersen,
and as a partner at Grant Thornton led the forensic accounting practice for Florida.
Ms. Yip is a Florida certified public accountant (CPA), certified fraud examiner (CFE), certified
insolvency and restructuring advisor (CIRA) and is certified in financial forensics (CFF) by the
American Institute of Certified Public Accountants. She has more than 19 years of experience
serving as a consultant and expert witness in commercial disputes, litigation, and arbitration.
Clients include attorneys, receivers, and trustees representing individuals, corporations, board of
directors (audit committees) and governmental agencies in need of expertise in litigation support,
financial investigations, receiverships and insolvency matters.
Ms. Yip serves as an expert witness in Federal and State court, international litigation and
arbitration matters. She also serves as a United States Bankruptcy Trustee in the Southern
District of Florida. She has previously served in fiduciary roles as a court-appointed examiner and
custodian. Ms. Yip has served as accountant and financial advisor to receivers appointed in
numerous SEC, CFTC and FTC matters.
Ms. Yip has extensive experience in the tracing of funds and the reconstruction of financial
business records in civil and criminal matters. Ms. Yip has experience calculating economic
damages in breach of contract and other commercial disputes. She has experience in the
preparation of financial affidavits and conducting financial investigations in marital disputes. Ms.
Yip assists counsel with a detailed review and analysis of business records, assistance with
discovery, and preparation of analyses, written reports, demonstrative exhibits and testimony. Ms.
Yip presents the facts, the methodology employed and the conclusion of her analyses in a clear
and concise manner.
Ms. Yip has significant experience conducting internal and external financial investigations of
alleged business frauds including white-collar investigations, embezzlement and asset
misappropriation, financial reporting and securities fraud. She conducts interviews, performs
detailed analysis of financial and operational information to determine the facts, identifies the
scheme(s) employed and the person(s) involved, traces misappropriated funds, identifies
potential sources of recovery, determines the impact on financial statements and assists with
evaluating reliance by third parties. Ms. Yip has significant experience with investigations in Latin
America and is fluent in Spanish.
Ms. Yip has effectively provided consulting and expert witness services to attorneys in connection
with Latin American and Caribbean matters as a result of her experience in complex matters
combined with her language capabilities and cultural understanding.
Ms. Yip holds a Bachelor of Accounting degree from Florida International University. She is a
member of the American Institute of Certified Public Accountants (AICPA), Florida Institute of
Certified Public Accountants (FICPA), Association of Certified Fraud Examiners (ACFE),
Association of Insolvency and Restructuring Advisors (AIRA) and on the Florida International
University School of Accounting Advisory Board.
EXHIBIT 1
FORENSIC ACCOUNTING & FINANCIAL INVESTIGATION
REPRESENTATIVE DOMESTIC ENGAGEMENTS
Forensic accounting and litigation support to counsel representing a global manufacturing
company in a tortious interference case. The scope of the services included the preparation
of a detailed analysis of the economic damages suffered by the company.
Forensic accounting and litigation support to counsel representing an insurance carrier
defending a legal malpractice cases. The scope of the services included an analysis of the
damages claimed and assisting counsel with the discovery process (documents and
deposition) and the preparation of exhibits for mediation.
Forensic accounting and litigation support for counsel representing a real estate joint venture
partner. The scope of the services included reconstruction of the books and records which
had been comingled and calculating the amounts due to each partner. Evidence was
presented in the form of a report and testimony at trial.
Forensic accounting and litigation support for counsel representing an insurance company.
The scope of the services includes determining whether one of the executives had
misappropriated assets and was engaged in self-dealing.
Forensic accounting and litigation support for counsel representing a real estate joint venture
partner. The scope of services included the preparation of a detailed analysis of the sources
and uses of funds to determine whether there was a misappropriation of assets.
Served as forensic accountant for a mezzanine lender and its counsel. Our scope of services
included an investigation of a national merchandising company to which it had loaned funds,
and analyzing evidence to assist in the identification of potential causes of action.
Forensic accounting and litigation support to counsel with the State of Florida Attorney
General’s Office - Statewide Prosecution. Our scope of services included the calculation of
damages suffered by the victims of a fraudulent investment scheme.
Forensic accounting and litigation support to counsel in matters in which they represented
clients in complex marital disputes. Our scope of services included a detailed analysis of the
sources and uses of funds at the corporate and individual level.
Forensic accounting and investigative services to counsel representing a national secured
lender of an affordable housing developer in the Midwest.
Forensic accounting and investigative services for a distributor of perfumes and cosmetics.
Forensic accounting and investigative services to counsel for the audit committee of a global
employee-owned company in the construction industry.
Forensic accounting and investigative services to counsel representing one of the largest
U.S. glazing contractors.
Forensic accounting and investigative services for a leading firm in heating, air conditioning,
plumbing and ventilation industry in the Northeast.
Forensic accounting and investigative services for company specializing in heavy
maintenance on various types of commercial and governmental aircraft.
Forensic accounting and investigative services for a premier manufacturer and distributor of
hair and personal grooming products.
EXHIBIT 1
REPRESENTATIVE INTERNATIONAL ENGAGEMENTS
Forensic accounting and litigation support to counsel representing a reinsurance company
incorporated in Bermuda. The scope of services included determining whether the funds
utilized by related parties to pay premiums emanated from funds recorded on the companies’
books and records, determining whether there was evidence of a parent/subsidiary
relationship among the companies, and analyzing the dividends declared and paid. The vast
majority of the documents in this case are in Spanish.
Forensic accounting and litigation support services to counsel representing a Mexican citizen
that is alleged to have siphoned corporate funds for a personal investment in the U.S. The
scope of services includes performing a detailed analysis of the ultimate source of the
investments made over numerous years. The vast majority of the documents in this case are
in Spanish.
Forensic accounting and litigation support services to the external counsel representing the
Central Bank of Ecuador in connection with litigation against the owners of a failed
Ecuadorian bank. The scope of services included the identification, review and detailed
analysis of volumes of transactions and documentation reflecting the flow of funds from the
Ecuadorian bank to hundreds of entities owned wholly or in part by the owners of the
Ecuadorian bank.
Forensic accounting services provided to counsel representing a U.S. joint venture partner in
the utilities industry by leading an internal investigation in Colombia of its Colombian joint
venture partner in connection with a review in progress being conducted by a Colombian
governmental agency.
Forensic accounting services for the autonomous Venezuelan agency analogous to the FDIC
in the United States, Fondo de Garantía de Depósitos y Protección Bancaria, leading an
investigation to recover property unlawfully diverted from the banks in the agency’s portfolio.
The services included analyzing volumes of transactions between financial institutions and
numerous related companies, identifying fraudulent transfers, analyzing the financial
condition of the institution and identifying the ultimate beneficiaries of the fraudulent transfers.
Forensic accounting services for the U.S. Bankruptcy Court in the review and analysis of
various business issues associated with the sale of Venezuela’s Banco Latino International, a
Florida Edge Act Bank. The services included a detailed review of numerous insider
transactions.
Forensic accounting and investigative services for a publicly-held U.S. company in the
security industry with the investigation of whistleblower allegations relating to operations in its
Venezuelan subsidiary.
Litigation support in a breach of contract claim brought in the U.S. by a Venezuelan banana
producer against a global fruit distributor. The scope of services included an in-depth
analysis of the producer’s business and its financial condition as it related to the claims in
determining the amount of consequential damages resulting from the distribution agreement.
Forensic accounting and litigation support to counsel of a global electronics concern in a
breach of contract claim brought in the U.S. against a global electronics concern brought by
its Peruvian distributor. The scope of services included an in-depth analysis of the
distributor’s business and its financial condition as it related to the claims.
EXHIBIT 1
Forensic accounting and investigative services for a publicly-held U.S. company in the
nutrition industry with the investigation of whistleblower allegations regarding its Mexican
operations.
Forensic accounting and litigation support to counsel of a global heavy machinery concern
relating to breach of contract claim brought by companies involved in the distribution of parts
in Latin America. The scope of services included and in-depth analysis of the distributor’s
business and its financial condition as it related to the claims.
Forensic accounting and litigation support services to counsel representing a U.S. fertilizer
manufacturer in connection with a dispute between the company and a customer with claims
regarding damaged crops in Panama.
Litigation support to arbitrator in a binding arbitration relating to a breach of contract claim
between two joint venture partners, a global food distributor and an agricultural concern in the
Dominican Republic.
Services included establishing guidelines for the arbitration,
administering the arbitration process, identification of relevant documents, review of
documentary evidence produced by both parties and preparation of financial analyses related
to the disputes at issue in the arbitration.
Forensic accounting and investigative services for a publicly-held U.S. company in the earthmoving equipment industry with the investigation of whistleblower allegations regarding its
Mexican subsidiary.
Litigation support in a breach of contract claim brought in the U.S. by an Argentine joint
venture partner and a global conglomerate. The scope of services included the analysis of
commissions due pursuant to the terms of an agreement.
Forensic accounting and investigative services to counsel representing one of the world’s
largest producers of automotive locks and keys resulting from a whistle-blower complaint
regarding its Mexican subsidiary.
Forensic accounting and litigation support to counsel representing a large financial institution
in a significant lender liability action filed as a counter-claim to a bank action against a loan
guarantor. The services included an analysis of fraudulently diverted cash and collateralized
assets by the owner/loan guarantors of the Ecuadorian construction company borrower to
their own accounts resulting in a multi-million dollar loan default.
Forensic accounting and investigative services for an international wire-transfer service
business requiring a reconciliation of its transfers.
RECEIVERSHIP EXPERIENCE
REPRESENTATIVE ENGAGEMENTS
Serve as a consultant to the Securities and Exchange Commission in the pre-litigation phase
of an investigation into a potential Ponzi scheme.
Serve as an expert to assist in developing a distribution plan for the K.W. Brown Securities
and Exchange Commission Fair Fund.
EXHIBIT 1
Served as accountant and financial advisor in the Receivership of Securities and Exchange
Commission v. Tropical Village, Inc. in the United States District Court-Middle District of
Florida (Orlando) in an SEC enforcement action against a development company engaged in
the unlawful sale of unregistered securities in the form of real estate investment contracts for
developments located in the State of Florida, Georgia and Texas. Services included a
detailed review and analysis of financial records and reconstruction of financial information to
determine the sources and uses of investor funds, and preparation of reports for investors’
claims analysis.
Served as accountant and financial advisor in the Receivership of Securities and Exchange
Commission v. Viatical Capital, Inc. et al. in the United States District Court-Middle District of
Florida (Tampa) in an SEC enforcement action against a company in the viaticals business.
Services included the shut-down of the operations, return of property to the landlord and
other lessors, tracing of funds from investors, tracing of funds to insiders, assistance in
pursuit of various causes of action and in the claims process.
Served as accountant and financial advisor in the Receivership of Securities and Exchange
Commission v. KS Advisors, Inc. et al. in the United States District Court-Middle Court of
Florida (Ft. Myers) in an SEC enforcement action against a company in the hedge-fund
business. Services included the shut-down of the operations, tracing of funds from investors,
tracing of funds to insiders, assistance in discovery process, assistance in pursuit of various
causes of action and in the claims process.
Served as accountant and financial advisor to Martin Kahn, Receiver for American Financial
Group in the shut-down of operations, tracing of funds, and providing assistance to
governmental agencies with their investigations.
Served as accountant and financial advisor in the Receivership of Securities and Exchange
Commission v. Discovery Capital Group, Inc., Erik Walsh and John Abresch in the United
States District Court-Southern District of Florida in an SEC enforcement action providing an
accounting of the investor funds.
Served as accountant and financial advisor in the Receivership of Commodities Futures
Trading Commission v. Carrington Financial.
Served as accountant and financial advisor in the Receivership of Securities and Exchange
Commission v. Medco in an SEC enforcement action providing an accounting of the investor
funds.
Served as accountant and financial advisor in the Receivership of Securities and Exchange
Commission v. Morganstern in an SEC enforcement action providing an accounting of the
investor funds.
Served as accountant and financial advisor in an enforcement action by the Federal Trade
Commission against Raymond Urso, Bridgeport & Associates, Prestige Advertising, Inc.
NBBB, and others in the United States District Court - Southern District of Florida. Services
included assisting during the “boiler room” raid, gathering evidence and providing an
accounting of the investor funds.
EXHIBIT 1
FIDUCIARY EXPERIENCE
REPRESENTATIVE ENGAGEMENTS
Served as Court-appointed Examiner In re: Consolidated Yacht Corporation, including
preparation of examiner report and recommendation for the appointment of a trustee.
Served as Chapter 7 Trustee In re: Jose E. Carro, an individual involved in complex business
dealings including the pursuit of various causes of action.
Served as Chapter 7 Trustee In re: Michael Vazquez, an individual involved in complex
business dealings including the pursuit of various causes of action.
Served as Chapter 7 Trustee In re: Fusion Telecom, Inc., Debtor was in the business of
selling prepaid phone cards including the pursuit of various causes of action.
Served as Court-appointed Custodian for Clifton Corporation In re: Annie Hahr McKay,
Debtor and In re: William Douglas Pawley Jr., Debtor.
INSOLVENCY EXPERIENCE
REPRESENTATIVE ENGAGEMENTS
Served as accountant and financial advisor to counsel for debtors, creditor’s committees,
unsecured creditors’ committees, trustees, and liquidating trustees. Our scope of services
included the identification and analysis of potential preference and fraudulent conveyance
actions, reconstruction of financial transactions and tracing of funds, and preparation of
statements and schedules in the following bankruptcy matters:
American Services Corporation
APL
Aspen Marine
Beaulieu
Book Wholesalers d/b/a Southern
Service
Banco Latino
Caruana/Springhill
Collegebound
Flagship Healthcare
Glenbeigh Hospitals
Integrated Health Services (I.H.S.)
Intracorp
Kellstrom Industries
Luke Records
Miramar Electric
NAL Acceptance Corp.
National Merchandising
Paramount Payphones
Peaches Entertainment Corporation
Book
Phoenix Continental
Physicians Corp. of America
Rich International Airways
South Florida Forwarding
Southern Underwriters
Southwin
Strategica
Swartz
Sunshine Metal
TCPI
Tirador & Associates
Tires & Auto Parts
Total World Communications
TUSA (Tropical Rent-A-Car USA)
World Terminal
Worldwide Web Systems
848 Brickell
Zaczac, George and Lourdes
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