- Managing Director
- Forensic & Litigation Consulting
- T: +1 202 715 1587
- F: +1 202 753 5280
- 555 12th Street Northwest
- Suite 501
- Washington, DC, 20004
- United States
- T: +1 202 753 5200
- F: +1 202 753 5280
- M.S., Political Economy, Diploma with Honors
- PhD., Economics, Purdue University
- Derivatives Analysis
- Liability Estimation
- Litigation Support & Consulting Services
- Securities Litigation & Risk Management
- Financial Institutions
Boris Richard is a Managing Director in FTI Consulting Forensic & Litigation Consulting segment and is based in Washington, DC. Mr. Richard has substantial complex case management experience and litigation consulting knowledge with practical expertise in mortgage-backed securities, trading and investments. He has deep experience in agency and private-label RMBS, rates products (U.S. Treasuries, swaps, SSA bonds, Treasury and Eurodollar futures) and interest rate derivatives (swaptions, caps/floors) as a sell-side market strategist, bond trader and a buy-side hedge fund portfolio manager.
Prior to his consulting career, Mr. Richard was head of agency debt strategy at Barclays Capital in New York and actively participated in establishing the company as a key player in the agency debt markets. He also played a key role in marketing and distribution of complex agency and non-agency structured MBS securities at Goldman Sachs in New York. Later on, he worked as a market maker in callable agency bonds and he was a quantitative MBS portfolio manager, generating a significant contribution to the investment book profits over a five-year period.
Litigation Consulting Experience
Real estate and RMBS litigation consulting experience:
- Practical experience in private-label RMBS, structured mortgage cash flows and mortgage derivatives.
- RMBS loss causation analysis in Section 11 claims.
- RMBS due diligence cases.
- RMBS damages in Section 11, Section 12 and Blue Sky matters.
- SEC v. auditors in a matter involving an analysis of loss reserves on the real estate loan portfolio of a failed commercial bank.
- Extensive knowledge of real estate markets, home price indices, mortgage securitizations, and academic studies on loan default performance. Econometric modeling of deal- and loan-level defaults and RMBS losses, and estimation of the impact of underwriting defects on loan performance for the purpose of loss causation analysis.
Structured Finance Litigation Consulting Experience:
- SEC investigation and private litigation against an underwriter of synthetic ABS CDOs backed by subprime mortgage collateral.
- CDO investor vs. corporate synthetic bespoke CDO collateral manager.
- Synthetic CDO modeling, analysis of trading activities in CDO tranches and single-name corporate and ABS CDS.
Fixed Income Securities and Derivative Instruments Valuation:
- Equity holders vs. REIT holding company and valuation of REIT preferred stock with embedded options
- Municipal ARS preferred cases; VRDO arbitration involving an issuer vs. an underwriter; analysis of embedded synthetic fixed rate funding.
Anti-Trust Investigations Into Broker-Dealer Trading Practices:
- Analysis and opinion on trading communications and related trading activities in government bonds, U.S. Treasury auctions, SSA bonds, interest rate derivatives, FX forwards and options, and certain equity index derivative instruments.