Dr. Jan Jindra provided testimony and a written declaration in United States v. Stefan Lumiere, a federal criminal securities-fraud matter that arose from the valuation of securities held by Visium Asset Management’s Credit Opportunities Fund. He analyzed the Fund’s valuation of distressed securities and testified at trial regarding the effects of pricing overrides on the Fund’s reported net asset value and investment performance. His analysis compared the Fund’s valuations and broker quotations with independent pricing information from Reuters, IDC, Bloomberg, and Markit, quantified security- and portfolio-level valuation differences, and measured their effects on reported investment returns.

Following the trial, Dr. Jindra submitted a declaration analyzing the effect of the fraudulent scheme on investor fees, including management and performance fees. His analysis incorporated investor subscriptions and redemptions and high-water-mark provisions. Dr. Jindra estimated approximately $3.16 million in management and performance fees attributable to the identified valuation differences during the period analyzed.

Experts Involved

Jan Jindra

Principal