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Former global heads of ECM and DCM at major investment banks — firsthand exposure to securities offerings from simple to highly complex, uniquely well-positioned to assist clients in business and dispute contexts.

PRACTICE AREA  · EXPERT WITNESS & CONSULTING

Related Experts

About this practice

PRACTICE OVERVIEW

Our experts' firsthand exposure to many securities offerings' transactions — from simple to highly complex — while running ECM and DCM globally at major banks makes them uniquely well positioned to assist clients in a dispute and litigation context.

Our practitioners bring direct experience as global heads of equity and debt capital markets, having structured and executed hundreds of transactions across IPOs, secondary offerings, convertible bonds, high-yield debt, structured notes, SPACs, and rights issues.

This deep transactional experience enables our experts to provide credible and authoritative opinions on underwriting standards, disclosure obligations, prospectus liability, due diligence procedures, and market practice in complex capital markets disputes.

SEDA acts as both expert witness and consulting adviser in capital markets matters. As expert witnesses, our practitioners testify on underwriter liability, IPO allocation practices, prospectus disclosure deficiencies, and the standard of care applicable to bookrunners and lead managers in equity and debt capital markets transactions. As consultants, we advise financial institutions, issuers, and their counsel on deal process standards, pricing methodology, book-building practices, and the obligations of capital markets advisers — drawing directly on experience leading ECM and DCM operations at bulge-bracket institutions to provide analysis that reflects genuine market practice rather than textbook theory.

WHY SEDA

Former heads of Equity Capital Markets and Debt Capital Markets at leading global investment banks — direct experience structuring, executing, and pricing securities offerings globally.

Expertise across IPOs, SPACs, rights issues, block trades, convertible bonds, high-yield offerings, and structured notes — including cross-border and multi-tranche transactions.

Deep knowledge of underwriting standards, prospectus liability, due diligence obligations, and regulatory requirements governing capital markets transactions.

SUB-PRACTICE  AREAS

Areas of expertise

01

Equity Capital Markets

Related: Securities & Derivatives · M&A

02

Debt Capital Markets

Related: Financing Instruments · Asset Servicing

IPOs, secondary offerings, rights issues, block trades, and SPAC transactions — including underwriting standards, allocation practices, stabilization, and pricing decisions.

Expert opinions on prospectus accuracy, material omissions, due diligence standards, and liability for misstatements in offering documents under securities laws globally.

03

Prospectus Liability & Disclosure

Related: Investigation & Regulatory Enforcement

Analysis of bond issuances, convertible securities, high-yield offerings, and structured debt transactions — including due diligence obligations, disclosure standards, and underwriter duties.

04

Transaction Structuring & Pricing

Related: Damages, Forensics & Fraud

Analysis of transaction structuring decisions, pricing methodology, book-building processes, and fee arrangements in complex capital markets transactions.

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Citigroup – Managing Director and Global Head of Technology 

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Mitchell I. Gordon

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Craig Coben

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Bank of America Merrill Lynch – Vice Chairman of Global Capital Markets and Global Head of Equity Capital Markets

Deutsche Bank – Managing Director, EMEA Equity Capital Market

Kevin D. Oden Ph.D.

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Wells Fargo Bank - EVP, Head of Operational Risk and Compliance

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Mark McKendry

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Auswide Bank Ltd - Group Treasurer

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Deutsche Bank 

Head of Financial Resources Management, Corporate & Investment Bank

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Fidelio Tata, Ph.D.

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Berlin School of Economics and Law - Professor of Finance

Zeb Consulting - Senior Consultant

Société Générale - Managing Director, Head of U.S. Interest Rate Strategy

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Crispin Osborne

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Former 

Barclays, London - Chairman, Corporate Finance and Equity Capital Markets EMEA

EMPG International - Chief Executive Officer

Citigroup, London - Managing Director, Equity Capital Markets

Credit Suisse, London - Head, Media and Telecommunications Group, Investment Banking 



Jean Chung

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GICAM - U.S. Representative

PA Balanced Fund, Singapore -Chief Investment Officer

Morgan Stanley, Hong Kong - Head of Asia Proprietary Credit Group 

Lehman Brothers,Tokyo - Senior Vice President 


Mike Airheart

Mike Airheart

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Bank of America Merrill Lynch – Managing Director

Timothy J. Davies

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Arthur Miller

Arthur Miller

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Goldman Sachs - Managing Director, Co-Head, Public Finance Strategies & Analytics Groups

Matthew L. Sperling

Matthew L. Sperling

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Former

IHS Towers Inc. - Vice President, Capital Markets & Investor Relations and Head of U.S. Operations

Rothschild & CO. - Managing Director, Head of North American Equity Advisory

Jefferies & Company - Managing Director, Equity Capital Markets


Alexander J. Matturri

Alexander J. Matturri

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S&P Dow Jones Indices - Chief Executive Officer, Executive Managing Director

Northern Trust Asset Management - Senior Vice President

John Hardt

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Former

Citigroup - Risk Identification Lead, Enterprise Risk Management

Goldman Sachs - Managing Director

UBS - Managing Director and Head of Capital Optimization



Barbara Mullaney Pendrill

Barbara Mullaney Pendrill

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Arthur Anderson - Auditor

Citigroup - MD, Global Head of Relationship Management & Business Development

Alastair McIntyre

Alastair McIntyre

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Behre Dolbear - Senior Managing Director 

Landsbankinn - Director, Commodity Trade Finance


Marc Steckel, CFA

Marc Steckel, CFA

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Marc Steckel has more than 32 years of regulatory experience at the U.S. Federal Housing Finance Agency (FHFA) and the Federal Deposit Insurance Corporation (FDIC), spanning roles in bank supervision, deposit insurance fund management, and large-bank resolution.

Former

Federal Housing Finance Agency - Division of Conservatorship Oversight and Readiness, Associate Director

Federal Deposit Insurance Corporation -  Deputy Director, Corporate Expert, Associate Director, Capital Markets Specialist, and Examiner

Phillip Millman

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Federal Housing Finance Agency (FHFA) - Detail to House of Representatives Financial Services Committee (HFSC), 

Principal Congressional Affairs Specialist

E*TRADE Financial - Senior Manager / ABS Credit


Philip A. Olesen

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UBS Investment Bank - Managing Director, Global Head of Credit Trading

Managing Director, Head of Global Correlation

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Edward Wilson

Edward Wilson

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Edward Wilson is an expert in derivatives, capital and liquidity oversight, and prime services. He has served as Chief Risk Officer and Managing Director at leading global financial institutions, with responsibility for firmwide risk frameworks, balance sheet strategy, clearing and margin methodologies, and complex trading platforms.

Former

Global Atlantic Financial Group - Managing Director, Chief Risk Officer

Goldman Sachs & Co., New York - Managing Director, Global Head of Prime Services Risk, , Head of Global Liquidity Products


Robert Ohrenstein

Robert Ohrenstein

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Robert Ohrenstein is a market-leading transaction adviser to private equity and similar investors. His career includes leadership roles at KPMG, where he served as Global Head of Private Equity and Vice Chair, as well as advisory positions in various commercial and charitable organizations.

Former

KPMG – Vice Chair, Global Head of Private Equity

Cameron Perrett

Cameron Perrett

Bio

Managing Director

Cameron Perrett is a corporate finance, private credit, and capital markets expert with more than 25 years of experience across banking, advisory, and institutional finance in Australia, Asia, the United Kingdom, and the United States.

Former

Commonwealth Bank of Australia (CBA) - Head of Financial Institutions Coverage for Global Insurers, Pension Funds and Asset Managers / Head of FI Advisory

Royal Bank of Scotland (RBS) - Head of FI Deal Advisory Asia



Ignacio Maldonado Trinchant

Ignacio Maldonado Trinchant

Bio

Managing Director

Ignacio Maldonado Trinchant has 24 years of experience in investment banking and capital markets, including serving as Managing Director and Head of Equity Capital Markets for Iberia, MENA, and Turkey at Bank of America Merrill Lynch.

Former

Bank of America Merrill Lynch - Managing Director & Head of Equity Capital Markets, Iberia, MENA & Turkey

Santander Investment Securities - Analyst; Associate, Equity Capital Markets


D. Scott Warman

D. Scott Warman

Bio

Managing Director

Scott Warman is the former Treasurer at M&T Bank with over 30 years of experience in treasury management and financial leadership. Throughout his career, he has played a critical role in strengthening financial soundness, navigating complex market environments, and implementing innovative risk and liquidity management frameworks.

Former

M&T Bank - Senior Executive Vice President & Treasurer

Mark J. Epley

Mark J. Epley

Bio

Managing Director

Mark Epley is a seasoned investment banking executive with over 35 years of experience in corporate finance leveraged finance and M&A. He served as Chairman of the Financial Sponsors Group Americas at HSBC Securities, where he led global coverage teams and delivered significant growth.

Former

Nomura Securities Internatiinal - Global Head FSG

Deutsche Bank Securities - Global Head FSG

Morgan Stanley & Company - Executive Director

Robin Shoemaker

Robin Shoemaker

Bio

Managing Director

Robin Shoemaker has over 30 years of experience in equity research focused on the oil and gas industry. Robin’s tenure in energy research started at Lehman Brothers and included a two-year assignment as co-head of Asia Equity Research in Hong Kong.

Former

KeyBanc Capital Markets - Director

Citi Investment Research - Director

John Feeney, Ph.D.

John Feeney, Ph.D.

Bio

Managing Director

Dr. Feeney has over 35 years in trading and management roles in financial markets across most asset classes. He has worked for National Australia Bank, Commonwealth Bank, Citibank and Macquarie Bank. Over this time, he has traded and managed interest rate derivatives, foreign exchange, traded credit, commodities and funding businesses.

Former

National Australia Bank - Head of Conduct, Corporate and Institutional Bank

Commonwealth Bank of Australia - Head of Trading

Simon Thackray

Simon Thackray

Bio

Managing Director

Simon Thackray is a seasoned corporate and investment advisor with over three decades of experience spanning capital markets, private equity, and operational leadership. Mr. Thackray is a global expert in equities, capital markets and corporate valuation with a particular focus on research and analysis.

Former

Jefferies - Managing Director, Senior Equities Analyst

CLSA - Senior Analyst

Citi - Direcor, Senior Industrial Analyst

RBS Markets & International Banking - Director, Senior Equities Analyst


Stephen Laughton

Stephen Laughton

Bio

Managing Director

Stephen Laughton has 25+ years of experience in interest rate products, derivatives, and government bond trading. He specializes in structured products, valuation, risk, and regulation, with deep expertise in benchmark rate construction including LIBOR, SOFR, EONIA, and OIS.

Former

ABN AMRO, London and Tokyo - Managing Director, Global Head of Rates Options & Exotics Trading

Royal Bank of Scotland London - Managing Director, Co-Head of Fixed Income Run-off and Recovery

Commerzbank London - Managing Director, Head of Financial Market Services

Alfred G. Jackson

Alfred G. Jackson

Bio

Managing Director

Alfred G. Jackson has over 40 years of experience in financial markets, specializing in equities research and valuation. A former Managing Partner of a Registered Investment Adviser, he spent much of his career at Credit Suisse First Boston, where he was consistently ranked the #1 food sector analyst.

Former

Credit Suisse First Boston - Global Head of Securities Research 

T. S. Shankar

T. S. Shankar

Bio

Managing Director

Shankar is a highly experienced global payments professional with over two decades in Correspondent Banking covering Cross Border Payments and Trade Finance. His career included stints at Bank of America and Standard Chartered Bank, where he was the Global Product head for Financial Institutions – Payments.

Former

Standard Chartered Bank - Managing Director, Global Head-Payments and Liquidity, Product Management

Bank of America (Singapore) - Senior Vice President - Southern Asia, Trade Finance and Payments 

Rakesh Manani

Rakesh Manani

Bio

Partner - Head of Asia Pacific

Mr. Manani brings nearly 30 years of experience in asset management, capital markets, derivatives and institutional financing. Throughout his career at Goldman Sachs, he held senior positions across Europe, Asia and Australia, advising and working with leading asset managers, hedge funds, pension funds, sovereign wealth funds and institutional investors.

Former

Goldman Sachs - Member, Goldman Sachs Australia & New Zealand Operating Committee, Head of Asset Management Client Business, Australia & New Zealand


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