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Dr. Sarro is principal and director of The Brattle Group, and a leader of its practice in cases involving “big data” and document analytics.

He is a financial and empirical economist who is the lead consulting expert to investigative and trial teams in complex investigations and high-stakes litigation. He applies detailed financial models and statistical analyses to quantitative and qualitative data to identify critical evidence used to inform case theory or expert analysis.

Dr. Sarro specializes in cases involving complex questions of financial conduct, incentives, and value, frequently in the context of fraud or breaches of contracts, market regulation, or law. Much of his recent work involves false claims, financial market fraud, structured finance transactions, and shams. His recent cases include several financial crisis-related fraud cases, including the $1.4 billion Standard & Poor’s credit ratings case, the $1.3 billion Bank of America “hustle” case, and the $714 million Bank of New York Mellon FX Standing Instruction case. His current cases involve faulty financial reporting, kickbacks, mortgage finance and securitization, money laundering, and securities violations.

Dr. Sarro has nearly 20 years of experience working with top academics, executives, and litigators in several areas of legal and business practice to clearly convey answers and analytic approaches to business decision-makers, policymakers, regulators, and courts.

Previously, Dr. Sarro was an associate at Putnam Hayes & Bartlett and The Brattle Group. He also was a principal and office director at LECG. He rejoined Brattle from Watermark Economics, an economic and policy consultancy he co-founded.

Representative Engagements
Mortgage Fraud Litigation
Advised the United States in several large-scale mortgage fraud cases brought against major banks under the False Claims Act and/or FIRREA, including the landmark Bank of America “hustle” case. Helped to identify experts and analyze loan-level data and information on the quality of federally-insured loans or loans purchased by Fannie or Freddie, or insured by the FHA, in the context of then-current market conditions and banking practices. Includes investigations, litigation, and nine-figure settlements.
White-Collar Investigations
Lead consultant in ongoing civil and criminal investigations and litigation involving American Espionage Act, anti-money laundering statutes, False Claims Act, Foreign Corrupt Practices Act, international sanctions, and securities regulations. Used data and document analytics to identify key evidence in each case. Developed bespoke code and modeling tools to match unstructured data from massive document productions to quantitative data on financial performance and reporting, market transactions, and trading activity.
FX Trading Practices
Lead consultant in a high-profile case alleging Bank New York Mellon fraudulently misled customers in its Standing Instruction program by promising best execution of FX trades but actually pricing trades at unfavorable prices. Closely consulted to the trial team in all aspects of fact discovery, including extensive data analysis and large-scale document analytics to inform case theory, identify and prioritize witnesses, and help develop key information. The case settled in March 2015 for $714 million.
Market Valuation Cases
In a recent case on behalf of a private equity firm, analyzed and coordinated expert testimony regarding the loss of market value of an ownership interest in a master limited partnership resulting from dilution caused by decisions of the company’s board. Identified and worked with the valuation expert, and advised counsel throughout expert discovery and ultimate settlement. In similar advisory and litigation cases, performed market-based valuation of assets and securities on behalf of boards, companies, special committees, institutional and individual investors, and regulators.
Tax Strategy Litigation
Lead consultant to the United States in some tax strategy cases and worked with testifying experts in others, including the landmark AIG (Cross-Border Transactions), Bank of New York (STARS), and Nevada Partners (FOCUS) cases, as well as prior and subsequent similar cases involving complex structured finance transactions. In each case, analyzed the financial flows, formal structure, and business purpose of the transactions in question from an economic perspective absent their tax benefits.
Testimony
“Economic Review of the Massachusetts Child Support Guidelines,” submitted to the Commonwealth of Massachusetts Office of Court Management, Child Support Guidelines Task Force
June 2013
Direct Prefiled Testimony of Mark Sarro in re Colonial Water Company, Massachusetts Department of Public Utilities, D.P.U. 11-20
November 2011
Deposition in Margaret G. Murphy v. Edward M. Murphy, Docket No. NO02D0327DV1, Commonwealth of Massachusetts Trial Court, Probate and Family Court Department, Norfolk SS
April 2010
Report of the Child Support Guidelines Task Force
October 2008
Expert Report and Exhibits of Dr. Mark A. Sarro in the matter of Julie Snider and Marc Snider, in the State of New Hampshire Hillsborough County Superior Court (South)
May 2007
Economic Considerations on HB 1580, Before the New Hampshire Senate Ways and Means Committee
March 2006
Affidavit of Mark A. Sarro, Ph.D., in re: Welding Rod Products Liability Litigation, Case No. 1:03-CV-17000, MDL Docket No. 1535, in the United States District Court for the Northern District of Ohio, Eastern Division
August 2005
Publications
Article
Making the Most of Document Analytics
December 01, 2015
Paul Hinton, Mark Sarro, Michael I. Cragg, Rand Ghayad, and David Cohen
Published in Law360
Article
Big Data's Big Impact In Financial Investigations
May 28, 2015
Paul Hinton, Mark Sarro, Rand Ghayad, and Kevin Rosenberg
Published on Law360
Report
Economic Review of the Massachusetts Child Support Guideline
June 2013
Mark Sarro and R. Mark Rogers
Submitted to the Commonwealth of Massachusetts Office of Court Management, Child Support Guidelines Task Force
Report
The Importance of Long-Term Contracting for Facilitating Renewable Energy Project Development
May 07, 2013
Published by The Brattle Group, Inc.
Report
A Learning Investment-Based Analysis of the Economic Potential for Offshore Wind: The Case of the United States
February 28, 2013
Published by The Brattle Group, Inc.
Report
The Economic Impact of AB 32 on Localities: A Look at Chula Vista
December 2010
Published by The Brattle Group, Inc.
Report
The Economic Impact of AB 32 on Small Businesses: An Update
October 2010
Published by The Brattle Group, Inc.
Report
The Economic Impact of AB 32 on California Small Businesses
December 2009
Published by The Brattle Group, Inc.
Article
Massachusetts’ New (and Improved?) Child Support Guidelines: An Economic Perspective
December 2009
Published in Family Mediation Quarterly
Report
Whacking the Mac: Why we should be skeptical about negative-cost carbon abatement
August 2009
Published by Watermark Economics LLC, reprinted by permission
Report
Waxman-Markey Unintended Consequences of the Auction Reserve Price
June 2009
Published by Watermark Economics LLC, reprinted by permission
Report
Waxman-Markey Math: What are the numbers and what might they mean?
May 2009
Published by Watermark Economics LLC, reprinted by permission
Presentation
Understanding the New MA Child Support Guidelines
May 2009
Presented to CLE faculty, Massachusetts Bar Association / Boston Bar Association
Report
The Current Waxman-Markey Discussion Draft: Trouble for RGGI and US Cap-and-Trade?
April 2009
Published by Watermark Economics LLC, reprinted by permission
Report
Freely-allocating GHG allowances: Reducing carbon market efficiency and creating windfall profits
April 2009
Published by Watermark Economics LLC, reprinted by permission
Report
Carbon Cap and Trade versus Tax: Getting beyond the basics
April 2009
Published by Watermark Economics, LLC
Report
A Serious Flaw in the Waxman-Markey Discussion Draft
April 2009
Mark Sarro, Jürgen Weiss, Peter Cramton, and Steven Stoft
Published by Watermark Economics, LLC
Report
Allocation of allowances would likely make cutting GHG emissions more costly
April 2009
Published by Watermark Economics, LLC
Report
What to Expect, and What Not to Expect, from Carbon Risk Disclosure
April 2009
Published by Watermark Economics LLC, reprinted by permission
Report
Whack the MAC: Why we should be skeptical about negative-cost carbon abatement and how to unlock the potential of conservation investments
February 2009
Published by Watermark Economics, LLC
Report
Modeling & Forecasting Carbon Prices
November 2008
Published by Watermark Economics, LLC
Report
Child Support Guidelines: Understanding the Inputs and their Implications
March 2007
Prepared for Massachusetts Child Support Guidelines Task Force
Report
Economic Considerations on HB 1580
March 2006
Published by New Hampshire Senate Ways and Means Committee
Article
Fixing NH’s child support formula is good economics
March 2006
Published in New Hampshire Union Leader
Report
A Case Study in Financial Statements
August 2005
n/a
Report
A Win/Win, Not a Windfall: Congress Should Seal the NextWave Deal
January 15, 2002
Kenneth D. Gartrell and Mark Sarro
Published by The Brattle Group, Inc.
Report
No Free Lunch for NextWave
September 2001
Mark Sarro and Kenneth D. Gartrell
n/a
Report
New Economy Litigation: Claims to Intellectual Property and Human Capital in a Global Institutional Environment Changing at the Speed of Thought
September 2001
Mark Sarro, Kenneth D. Gartrell, and Jürgen Weiss
Published by International Society of New Institutional Economics
Article
Become an Expert at Choosing Experts: Five Rules You Should Use in Healthcare Qui Tam Cases, Because Your Opponents Will
March 2001
Mark Sarro and Kenneth D. Gartrell
Published in Law and Medicine, ABA Tips Newsletter
Report
An Empirical Analysis of the Financial and Non-financial Determinants of UNMarried Birth and Welfare Participation
August 2000
n/a
Report
Using Cost Variance Analysis to Estimate Damages from Unjust Enrichment
October 1999
n/a
Report
The PCS C-Block Auction: An Introduction to the Making and UNMaking of Bad Bankruptcy
1999
n/a
Report
Critical Evaluation and Empirical Estimation of the Parameters of the AFDC Program
January 1998
n/a
Report
A Theoretical Model of UNMarried Birth and Welfare Participation
1997
News & Events
May 28, 2015
Brattle Economists Author Law360 Article on the Use of Big Data in Financial Investigations

Brattle principals Paul Hinton and Mark Sarro, associate Rand Ghayad, and Kevin Rosenberg of Lowenstein & Weatherwax recently co-authored an article on Law360, “Big Data’s Big Impact In Financial Investigations,” which describes the challenges in detecting trade-based money laundering (TBML) for financial institutions, other businesses, and law enforcement.

June 02, 2014
Brattle Economists Revisit Findings on Potential Effects of Carbon Emissions Rulemakings Ahead of EPA's Clean Air Act

In anticipation of the EPA's proposed guidelines under Section 111(d) of the Clean Air Act, The Brattle Group has released a compendium of prior studies examining the effects of a potential carbon emissions rulemaking.

Personal Interests

Mark also does pro bono policy work at the state and local level. He currently holds elected office as the Chairman of the Dover Planning Board and is a member of the town’s Capital Budget and Long Range Planning committees.

Mark takes an active interest in household economics. His research has focused on the significance of both financial and non-financial factors in household economic decision-making. From 2006-2008, he was the economist on the Massachusetts task force whose recommendations were the basis for the state’s child support guidelines formula. He also was the economic advisor to the 2013 Guidelines task force.