Family Law Attorney Miles Mason discusses the kinds of documents that may be used to verify income in divorce and child support cases. These may include tax returns and related forms, but can also include things like financial statements, loan applications, or evidence of spending.
The skills of a forensic accountant can be useful in bankruptcy cases. In this video, Tracy talks about a case in which she was retained by a creditor to examine the finances of the debtor. There were allegations that the debtor concealed material facts about its financial position when it originally applied for credit, and that certain disclosures in the bankruptcy filing were fraudulent.
Attorney Miles Mason talks about the characteristics he looks for in a potential expert witness, including qualifications, ability to explain concepts, and demeanor.
In a past appearance on CNBC’s On the Money, Tracy Coenen talked about how consumers could protect themselves from business opportunity scams and multi-level marketing (MLM) schemes. MLMs parade themselves around as business opportunities, but they are nothing more than elaborate pyramid schemes that swindle millions of consumers each year.
Are you a testifying expert or a consulting expert in a litigation matter? Is there a difference in how you should maintain your file based on your designation? Tracy Coenen gives her advice.
In this video, Tracy Coenen explains the purpose and process behind doing a lifestyle analysis in a divorce case. There are three main reasons why a lifestyle analysis may be done:
- To determine the amount of money needed to continue living a lifestyle consistent with the lifestyle enjoyed during the marriage (This relates to child support and alimony.)
- To find hidden sources of income
- To find hidden assets
If you’re new to the world of forensic accounting (also called investigative accounting), this video will give you an idea of the types of cases a forensic accountant might work on. There is quite a variety in the work, but most of it has something to do with fraud or litigation.
In high net worth divorce cases, there are often large volumes of data. The lifestyle analysis will rely on a detailed examination of bank, credit card, and investment statements. High levels of spending mean a large amount of data. In this video, Tracy explains how to manage and accurately evaluate the data.
Fans of multi-level marketing (MLM) often say that it is just like corporate America! There are levels of employees and managers… Corporate America is a pyramid and MLm is no different. That’s a faulty analysis. When I call MLM a pyramid scheme, I am not calling that because the management structure looks like a pyramid. I am calling it a pyramid scheme because of how it functions.
A pyramid scheme is a pay-to-play scam. People pay to become a part of it, and they pay continually through minimum purchases that are required to remain a qualified member of the scheme. MLM is based on the continuous recruitment of people into the scam using the promise of making money, despite the fact that more than 99% of participants in MLM actually lose money. MLMs sell a fake opportunity. While they appear to be focused on selling products or services, those things are simply a front to make the “opportunity” look like a legitimate business. Sadly, MLM is not a business.
Expert witnesses are required to use reliable principles and methods in forming their expert opinions per the Federal Rules of Evidence. In this video, Tracy Coenen talks about Rule 702 how it applies to damage calculations done by expert witnesses.