
Gary Napadov is a Senior Director in Delta’s Forensic Investigations & Disputes Services practice. He provides litigation consulting and expert witness services to counsel and corporate clients confronting complex business and legal issues. With more than two decades of experience in client‑facing advisory roles, he has testified as an expert in international arbitration and has supported testifying experts in state and federal court proceedings, as well as in matters before financial self‑regulatory organizations. Gary is recognized for his ability to translate intricate technical analyses into clear, actionable insights and well‑supported expert opinions.
Gary’s practice is concentrated in financial forensics and securities‑related disputes involving participants across the financial markets ecosystem, including issuers, investors, financial advisors, banks, regulators, and enforcement agencies such as the SEC, FINRA, and DOJ. His work encompasses the analysis of complex financial datasets, liability assessments, damages quantification, and investigations into financial and economic irregularities. Gary has significant experience in white‑collar and regulatory matters involving allegations of market manipulation, insider trading, and securities or investment fraud. He also regularly advises on disputes concerning trading practices, risk management, fiduciary obligations, and questions relating to industry standards.
In addition to securities matters, Gary provides expertise on economic damages and loss‑causation issues across a broad spectrum of business disputes, including partnership and founder disputes, contract and tort litigation, trade secret misappropriation, class actions, and multi‑district litigation. He works closely with counsel throughout all phases of litigation, identifying the key issues in dispute and applying rigorous analytical methods to help shape effective, practical, and defensible strategies.
- 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 supposed profitable 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
