
Gary Napadov is a senior director in Delta’s Forensic, Investigation & Dispute Services practice. He provides litigation consulting and expert witness services to counsel and industry clients facing complex business and legal challenges. With more than two decades of experience, Gary focuses on financial forensics and securities-related matters involving issuers, investors, intermediaries, regulators and financial institutions. He has testified as an expert in international arbitration and advised on matters in state and federal courts, as well as arbitration before self-regulatory organizations and enforcement agencies such as the SEC, FINRA, CFTC and DOJ. His work includes investigations, enforcement and remediation related to industry standards, trading practices and regulatory compliance.
With expertise in financial data forensics, Gary analyzes complex datasets to assess liability, quantify damages, identify irregularities and develop defensible expert opinions. His experience includes high-profile cases involving market manipulation, insider trading, abusive short selling, spoofing and fraudulent investment schemes. Beyond securities disputes, he advises on economic damages, loss-causation, forensic accounting investigations, restatements, post-acquisition disputes and competition matters. Known for translating technical findings into clear, actionable insights, Gary helps clients uncover key issues and achieve practical, results-driven outcomes.
- Provided consulting to plaintiff counsel in investigation and claim development against an investment company accused of running a Ponzi-like foreign exchange trading scheme; analyzed trade data and account statements, calculated key performance and cost metricsto quantify the defendants’ false claims about profitability and uncover losses of supposedprofitable trading strategy.
- Provided consulting and expert witness services to plaintiff counsel representing victims of a significant pump-and-dump stock fraud scheme involving a dormant OTC-traded shell company and evasion of Rule 144 to sell restricted securities; identified actionable indicia of securities fraud, fiduciary breaches, and unjust enrichment.
- Provided consulting and expert witness services to defense counsel in a criminal prosecution of traders charged with racketeering, conspiracy, fraud, spoofing and attempted market manipulation in the precious metals markets; conducted analysis to quantify the market impact of alleged manipulation and established evidence refuting alleged financial benefit.
- Provided advisory services to the U.S. Department of Justice Economic Crime Unit considering criminal action in SEC or other civil matters; consulted in parallel proceedings, executed data analytics to identify actionable evidence against individuals and companies in cases of market manipulation and other financial misconduct.
- Provided consulting and expert witness support to the U.S. Department of Justice Economic Crime Unit in prosecuting a securities trader accused of orchestrating a stock market manipulation scheme and tax fraud; advised on data collection, performed data-mining analytics to evaluate trading behavior, and identified evidence of a coordinated scheme to artificially influence stock prices.
- Provided consulting to counsel for hedge fund in arbitration with a former portfolio manager accused of negligence-based securities fraud resulting in substantial losses for the fund; reviewed and opined on the manager’s risk management strategies, identified actionable evidence in form of failures or absence of purported safeguards to prevent losses.
- Testified in an international arbitration involving a joint venture between a Romanian biofuel producer and a global agribusiness accused of depressing profits to trigger a favorable buyout; analyzed public and private price data for oilseeds and oils, conducted arm’s-length pricing analyses, and opined on the use of reference price data as a benchmark for commodity transactions.
- Provided consulting and expert witness services to defense counsel in criminal prosecution of high-frequency trader accused of “spoofing” and manipulating commodities futures prices on the CME and ICE exchanges; researched and opined on industry standards and market practices, developed supporting trial demonstratives.
Education
- Thunderbird School of Global Management
M.B.A., Global Management - Loyola University Chicago
B.B.A., Finance and International Business
Certifications
- Certified Fraud Examiner (CFE), Association of Certified Fraud Examiners
Languages
English, Russian
