Dr. Boris Richard leads the Cryptocurrency and Blockchain Litigations & Investigations segment of the Dispute Advisory Services. Dr. Richard has nearly 25 years of market strategy and trading experience in institutional fixed income and derivatives markets, as well as consulting and expert work in complex litigations, arbitrations, and investigations.
At FTI Consulting, Dr. Richard focuses on cryptocurrencies, blockchain economics and token valuation, token offerings, as well as cryptocurrency related expert work, virtual asset tracing investigations, and responses to regulatory inquiries and enforcement actions related to digital assets. His clients include major law firms, cryptocurrency exchanges, digital asset issuers, Decentralized Finance platforms, and blockchain foundations. Dr. Richard is actively involved in public discussions, blockchain events, and publishing on the issues of cryptocurrencies and crypto regulation.
Dr. Richard’s experience in capital markets includes bond trading and fixed income investments, with focus on mortgage-backed securities, structured finance products, interest rate futures, swaps and derivatives. Dr. Richard helped establish Barclays Capital as a key player in the agency debt markets, was responsible for managing a US$2 billion portfolio of secondary callable bonds at HSBC Securities (USA), and generated a significant contribution to the investment profits of over $400 million as a quantitative MBS hedge fund portfolio manager.
In digital assets, Dr. Richard’s work includes analysis of manipulative trading in cryptocurrencies, tracing of token purchases and distributions, and evaluation of economics of various blockchains and their native assets. In securities matters, Dr. Richard served as a consulting expert in various regulatory anti-trust investigations into trading practices of broker-dealers in G10 and Emerging Markets fixed income products. His litigation experience includes valuation and damages estimation for RMBS, bonds and derivative instruments; RMBS loss causation, due diligence and damages cases; and valuation and risk assessment for synthetic corporate and asset-backed CDOs.
- Submitted an arbitration expert report analyzing and opining on trading patterns and trading volumes in certain stablecoins on a decentralized crypto exchange operating on a major public blockchain. Established common ownership of thousands of blockchain addresses through clustering analysis.
- Provided expert support involving economic analysis and security review of blockchain ecosystem, its code base, examination of available decentralized applications and consensus protocol in litigation brought by a US regulator against major ICO issuer.
- Performed expert work to establish economic uses of a digital token and its value sources, to analyze the degree of decentralization of token holdings and the distribution of token purchases among investors in litigation brought by a US regulator against a non-US ICO issuer.
- On behalf of a token issuer responding to a regulatory inquiry, performed expert work involving tracing of cryptocurrency investment funds, verification of reported ICO data and public disclosures by the issuer against blockchain address and transaction data, ownership attribution of various Bitcoin wallets and constituent addresses, as well as analysis of token safe smart contract code to explain certain token transfers.
- Engaged by a major financial institution to evaluate AML/KYC/Financial Crime Compliance policies and procedures of certain Virtual Asset Service Providers as part of onboarding process.
- Analyzed alleged insider trading activities in Treasury bonds, interest rate swaps, forward rate agreements and OIS.
- Analyzed and opined on trading communications and related trading activities in government bonds, Supra, Sovereign and Agency (SSA) bonds, interest rate derivatives (interest rate swaps, futures, swaptions and forward rate agreements), FX forwards, swaps and options, and certain equity index derivative instruments.
- Analyzed and opined on communications and trading activities related to When-Issued (WI) US Treasuries and Treasury auctions. Analyzed and opined on communications and specific transactions related to regulatory inquiries with respect to US agency debt syndications.
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