2025- No. 2025-02

Non-members can subscribe here and receive future quarterly issues directly. You can also find this issue and all past issues on SER's Newsletter webpage.

HEARD THROUGH THE GRAPEVINE: ARTICLES, COMMENT LETTERS, SPEECHES & ITEMS OF INTEREST

(ed: A compilation of recent items that may be of interest to securities experts and attorneys relating to the securities industry, dispute resolution, regulatory actions.)

SECURITIES and EXCHANGE COMMISSION (SEC):

• "SEC Weighs Harmonizing RIA, B/D Mandatory Arbitration Rules" A June WealthManagement.com article covered the SEC’s Investor Advisory Committee's recommendations on mandatory arbitration clauses in RIA agreements, more closely aligning to those of broker/dealers.
• SEC Office of the Investor Advocate Delivers to Congress Report on Objectives for Fiscal Year 2026 Visit the SEC's website to access the full report delivered to Congress on June 25th.
• "SEC Withdraws AI and ESG Proposed Rules" Another June WealthManagement.com article discussed the SEC's withdrawal of 14 rules that were pending final passage, several that would impact registered investment advisors (RIAs).
• "SEC Rethinks Market Surveillance Tool Some Investors Want to Axe" A BloombergLaw.com article reported on the SEC's move to pause litigation challenging its Consolidated Audit Trail (CAT), in order to review the tool, following industry concerns about data security and the costs to participants.

FINRA:

• "Brokers’ Win Rate in Expungement Cases Drops After FINRA Reforms" An AdvisorHub article on looks at a review of straight-in expungement requests from January 2024 through May 2025 covering 132 awards issued after the tightened rule changes that went into effect in late 2023.
• New FINRA Initiatives to Support Members, Markets, and the Investors They Serve An April 21st news blog by FINRA President and CEO Robert Cook shares three "FINRA Forward" initiatives, including "modernizing FINRA’s rules, empowering member firm compliance, and combating cybersecurity and fraud risks." Separately, the American Securities Association (ASA) sent a letter to FINRA outlining their policy recommendations.
• "The Neutral Corner" (Vol 2, 2025) Visit FINRA's website to access the latest issue with stats on Case Filings and Trends, Proposed Rule Changes, Mediation stats , and other news including the introduction of DRS's Virtual Agent.

SIFMA:

• The New Ops Agenda: Strategy, Scale, and Resilience Read the opening remarks of Chief Operating Officer Joseph Seidel, from Day 3 of SIFMA’s 2025 Operations Conference & Exhibition in May, when he outlines four areas where the role of the financial services operational professional is changing.

AAA:

• The American Arbitration Association (AAA) published statistics for 2024 on cases filed with their Financial Services Dispute Resolution division including: number of cases filed, percent settled, time to award, etc.
• NCSC and AAA Launch AI-Enhanced Court Diversion Platform In a press release on June 30th, the National Center for State Courts (NCSC) and the American Arbitration Association announced the launch of the "Court Diversion Eligibility Screener", a new AI-enhanced platform "designed to help support civil caseload diversion in court systems." 

NASAA:

• NASAA Announces Launch of Investor Protection and Education Foundation On June 2nd, the North American Securities Administrators Association (NASAA) announced the launch of the NASAA Investor Protection and Education Foundation.

MEMBER ACHIEVEMENTS - BRINGING CREDIT TO THE PROFESSION (ed: Whether it’s writing an article, hosting an event, joining a professional committee, or just pursuing a smart practice, we report on member's efforts here. Look to the “Newsroom” section of the SER Website for more frequent, timely reports on our members.)

SER member Jeffrey Estella was featured in Traders Magazine's recent Flash Friday article, "The Future of Discretionary Trading in an Automated World," by Anna Lyudvig. The article examines how human discretion continues to play a critical role alongside algorithmic systems in today's trading landscape. Estella discussed how traders bring unique value in volatile markets, complex orders, and... READ MORE

SER member Hollie Mason was a guest speaker on season two of Securities Regulation and Enforcement Series, a Brief Encounters podcast produced by DC Bar Communities. The episode, titled "Harnessing AI: What Attorneys and Financial Industry Professionals Need to Know," discusses the foundational aspects of using artificial intelligence (AI), including definitions, use cases... READ MORE

SER member Mike Evans wrote an article for the American Bar Association (ABA) titled "The Compliance Expert Advantage: A New Field Of Expertise In Financial Litigation". He discusses the benefits of bringing on a compliance expert early in financial industry litigation where compliance, controls, governance, and supervisory oversight are at issue. Mike refers to Compliance Departments as the... READ MORE

MEET OUR NEWEST MEMBERS! (Read their full profile on SER's website, where you can also access their contact info and website. Better yet, reach out and connect with them!)

Dr. Pavithra Kumar has 15 years of experience in economic consulting, with deep expertise in securities and structured finance litigation, damages quantification, and valuation. She applies advanced econometric techniques to complex financial disputes and has supported expert testimony in high-profile cases. Her background spans securities class action, M&A, trademark infringement... READ MORE

Professor J.W. Verret teaches corporate, banking, and securities law at George Mason University’s Antonin Scalia Law School, where he also leads a nationally recognized course in forensic accounting. A licensed CPA, he also holds credentials in financial forensics (CFF), fraud examination (CFE), valuation analysis (CVA), and cryptocurrency forensics (CCFI). He has been certified as an expert... READ MORE

If you have a potential member to nominate, please contact SER's Membership Chair Paul Carroll (PCarroll@sententiallc.com) or visit our Become a Member page.

SER ACTIVITIES-WHAT'S CIRCLING AT THE ROUNDTABLE?

(ed: SER’s Committees are composed of two Board Members, and most have one or more members at large. See our Committees .)

33TH ANNUAL EXPERT CONFERENCE

Join Industry-Leading Securities Experts for the 2025 Annual Expert Conference in Chicago on Thursday July 17- Friday July 18 for unparalleled opportunity to connect, learn and grow your practice. Explore the Agenda, with over a dozen attorney guest speakers, on topics ranging from AI and Cyrpto, to Elder Abuse, to How Attorneys Chose an Expert. It's not too late to register!

MEET OUR EXPERTS IN CHICAGO!

Attorneys practicing in Securities & Financial Dispute Resolution are invited to meet our experts at SER's Annual Member Reception and/or Dinner on Thursday July 17th 6:00PM-9:00PM. Spend an hour at the reception, or the evening including dinner, meeting our members with expertise that spans the financial industry. Only a few spots left.

RSVP required before Friday, July 11th.

PRACTICE MANAGEMENT TIPS!

Contributors: Practice Management Committee members (ed: Helpful tips from seasoned experts relating to operating a successful expert practice.)

In an SER first, the recording of the latest webcast installment by the Practice Management Committee (PMC) is being shared with non-members! Moderated by Committee Chair Colleen Diles, "The Expert’s Agreement: Writing Engagement Letters That Work" included member experts Jeff Holik, Alan Besnoff and Richie Leisner. The webcast provided insights and practice tips to help members establish and maintain harmonious relationships with their clients while protecting their interests and managing legal risk. This fourth PMC installment aired May 7th. Members can access all webcast recordings in our Library.

EVENTS, STATISTICS & RESOURCES

Contributor: Patti Koetting (pkoetting@gmail.com) (ed: Events, products and services that may be useful to members in their professional activities. Unless specifically stated, SER does not endorse or sponsor any of the products and services mentioned herein.)

MEMBERSHIP IN SECURITIES EXPERTS ROUNDTABLE

Membership in SER offers a unique opportunity for professional development, peer collaboration, and industry insights—different and complementary to expert referral groups, which many of our members are also connected.

Here’s what members appreciate:

•  A trusted network of colleagues for ideas, learning, and insight
•  Resources and education focused exclusively on expert witness practice
•  Mentorship and peer guidance across a wide range of expertise
•  Real connections that often lead to new opportunities

If you’re serious about your expert witness journey, SER is where it all comes together. For more information, visit our website!

You are receiving this newsletter because of your professional interest in securities litigation, arbitration, and financial dispute resolution. We send updates no more than quarterly to share thought leadership, expert witness insights, and opportunities to connect with our network.

We never share or sell your information. You may unsubscribe at any time using the link below. This newsletter is provided for informational purposes only and does not constitute legal advice. 

Note: The Contributors are members of the SER Public Relations Committee. They have designed this newsletter for the membership and worked to gather material for this issue. Members can help by sending Contributors information and suggestions for content in future issues. Members should also visit SER's "Newsroom" section of the Website periodically, as many of the items that appear here will be first posted in the Newsroom.

Copyright 2025 Securities Experts Roundtable - publication appears four times a year and is available as a membership benefit to experts of the Securities Experts Roundtable. Comments - suggestions welcome. Email Newsroom@securitiesexperts.org with comments.

Mission Statement: SER provides continuing professional education and promotes ethics and integrity among its members while remaining dispute neutral as an organization.

Disclaimer: This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. The publisher is not engaged in rendering legal, accounting or other professional service or advice. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. The views expressed are those of the individual presenters in their individual capacities only and are not necessarily the views of their respective employers or SER. All content is provided “as is” and may not constitute the most up-to-date information and may not be free from errors. SER expressly disclaims any and all liability with respect to actions taken or not taken based on the content of these programs. SER, its officers and directors offer no opinion about the views expressed in these works and assume no responsibility for the accuracy of any representations or factual assertions contained in the works.