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Tim Hart

President

Phone: 202-729-6317

Mobile: 202-247-8373

Email: thart@credibilityconsulting.com

Address: 1701 Pennsylvania Ave, NW | Washington, DC 20006


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Curriculum Vitae

Tim is a forensic accountant experienced in the financial and quantitative aspects of international and domestic disputes and investigations. Tim has provided expert testimony in multi-million and billion US dollar disputes in forums around the world. He has assisted clients with many large accounting and financial fraud investigations. Tim has deep expertise in insurance insolvency situations.

Professional experience

Prior to founding Credibility International in 2010, Tim was with: (1) Huron Consulting from 2008 to 2010 as a vice president and head of the Accounting & Financial Consulting practice; (2) Navigant Consulting from 2002 to 2008 as a managing director, member of the management committee and leader of the Disputes & Investigations practice; (3) Arthur Andersen where he began as a staff auditor in 1984 and finishing as a partner in 2002 where he was a regional practice leader; and (4) Prime Capital where he managed the equipment lease portfolio from 1990 to 1991.

Disputes

Since 1984, Tim has analyzed the financial aspects of disputes in all forms of dispute resolution. He has testified in hearings and trials, submitted expert testimony or served as an arbitrator primarily relating to accounting, damages, valuation, economics and financial issues in the following matters:

International Disputes Testimony:

  • Oxus Gold plc v. Republic of Uzbekistan; Expropriation; UNCITRAL Arbitration. Testified in Paris in May 2014. Filed expert reports on damages in February 2014 and February 2013. Dispute involves the valuation of investments in gold and other mineral mining interests in Uzbekistan. (Engaged by respondent; parties from England & Uzbekistan)
  • Crystallex International Corporation v. Bolivarian Republic of Venezuela; Expropriation; ICSID Case No. ARB/11/2. Testified in Washington in February 2014. Filed expert reports on damages in September 2013 and November 2012. Dispute involves the valuation of an investment in a gold mining concession in Venezuela. (Engaged by respondent; parties from Canada & Venezuela)
  • Tenaris S.A. and Talta – Trading e Marketing Sociedade Unipessoal Lda. v. Bolivarian Republic of Venezuela; Expropriation; ICSID Case No. ARB/11/26. Testified in Washington in February 2014. Filed expert reports on damages in December and May 2013. Dispute involves the valuation of a hot briquetted iron plant in Venezuela. (Engaged by respondent; parties from Luxembourg, Portugal & Venezuela)
  • Supervisión y Control S.A. v. Republic of Costa Rica; Breach of Contract; ICSID Case No. ARB/12/4. Testified in Washington in January 2014. Filed expert reports on damages in January and September 2013. Dispute involves the appropriate tariffs for the national vehicle inspection services concession in Costa Rica. (Engaged by respondent; parties from Spain & Costa Rica)
  • Telecom Egypt Company v. Vodafone Egypt Telecommunications, Vodafone Group Plc, Vodafone Europe BV, Vodafone International Holdings BV; Breach of Contract; Cairo Regional Center for International Commercial Arbitration (CRCICA) arbitration 650 of the year 2009. Testified in Paris in November 2013. Filed expert reports on damages in October 2012, January 2011 and November 2011. Dispute involves an agreement between the fixed line operator and a wireless operator on matters of interconnect and other settlement charges. (Engaged by claimant; parties from Egypt)
  • The Egyptian Company for Mobile Phone Services (Mobinil) v. Telecom Egypt Company; Breach of Contract; Cairo Regional Center for International Commercial Arbitration (CRCICA) arbitration 644 of the year 2009. Testified in Cairo in October 2013. Filed expert reports on damages in January 2012 and December 2010. Dispute involves an agreement between the fixed line operator and a wireless operator on matters of interconnect and other settlement charges. (Engaged by respondent; parties from Egypt)
  • Franck Charles Arif v. Republic of Moldova; Expropriation; ICSID Case No. ARB/11/23. Testified in Paris in November 2012. Filed expert reports on damages in October and May 2012. Dispute involves the investment in duty free shops at an airport in Moldova and on the Moldovan/Romanian border. (Engaged by respondent; parties from France & Moldova)
  • Highbury International AVV and Ramstein Trading Inc. v. Bolivarian Republic of Venezuela; Expropriation; ICSID Case No. ARB/11/1. Testified in Washington in August 2012. Filed expert reports on damages in May 2012 and December 2011. Dispute involves the valuation of an investment in gold and diamond mining concessions in Venezuela. (Engaged by respondent; parties from Netherlands & Venezuela)
  • Merck Sharpe & Dohme (I.A.) Corp. v. The Republic of Ecuador; Denial of Justice; UNCITRAL Arbitration Case No: 2012-10. Filed expert reports regarding the financial condition of the claimant in July and August 2012. Dispute involves a request for interim measures involving a $150 million judgment in Ecuador. (Engaged by respondent; parties from US and Ecuador)
  • International College of IT and Management (U.S.A.) v. Troy State University; Breach of Contract; International Chamber of Commerce (ICC) case number 16 892/VRO. Testified in New York in February 2012. Filed expert reports on damages in August and December 2011. Dispute involved college programs in Vietnam. (Engaged by respondent; parties from Vietnam & US)
  • The Egyptian Company for Mobile Phone Services (Mobinil) v. Telecom Egypt Company; Breach of Contract; Cairo Regional Center for International Commercial Arbitration (CRCICA) arbitration 644 of the year 2009. Filed expert reports on damages in January 2012 and December 2010. Dispute involves an agreement between the fixed line operator and a wireless operator on matters of interconnect and other settlement charges. (Engaged by respondent; parties from Egypt)
  • Regis Paillardon v. Archer-Daniels-Midland Company and ADM Latin America, Inc.; Breach of Contract; American Arbitration Association (AAA) International Centre for Dispute Resolution case number 50180T004310. Testified in Miami in September 2011 as damages expert. Filed an expert report in July 2011. Dispute involves a joint venture dealing in agricultural commodities. (Engaged by respondent; parties from Venezuela & US)
  • Fluviomar International Limited v. MMX Corumbá Mineracáo S.A. and MMX Metálicos Corumbá Ltda; Breach of Contract; Society of Maritime Arbitrators. Filed a post-award affidavit in the U.S. District Court Southern District of New York in July 2011. Testified in New York in August 2010. Filed an expert report on damages in June 2010. Dispute involved a shipping contract for iron ore and pig iron. (Engaged by respondent; parties from Argentina & Brazil)
  • Diners Club Ecuador S.A. v. Diners Club International Ltd; Breach of Contract; ICC case number 15540/JRF. Testified in London in July 2010 as damages expert. Filed expert reports on damages in May 2010 and October 2009. Dispute involved the operation of payment card operations in Ecuador. (Engaged by respondent; parties from Ecuador & US)
  • British Sky Broadcasting Limited and Sky Subscriber Services Limited v. Electronic Data Systems Limited and Electronic Data Systems Corporation: Breach of Contract; Testified in the High Court of Justice, Queen’s Bench Division – Technology and Construction Court (England & Wales) in July 2008 as damages expert and filed a joint memorandum of the experts following the judgment in February 2010. Filed a number of expert reports in respect of costs and lost benefits from August 2007 through June 2008 on breach of contract and negligent misrepresentation claims relating to a customer relationship management system. Matter settled following award. (Engaged by defendant)
  • Vannessa Ventures Ltd. v. Bolivarian Republic of Venezuela; Expropriation; ICSID case No. ARB(AF)/04/6. Filed expert reports on damages in January 2010 and March 2009. Dispute involves the valuation of a gold mine in Venezuela. (Engaged by respondent; parties from Canada & Venezuela)
  • Diners Club (Singapore) Pte. Ltd., Diners Club (NZ) Ltd., Diners Club (Malaysia) Sdn. Bhd. v. Diners Club International Ltd; Breach of Contract; ICC case number 15339/JEM. Testified in London in December 2009 as damages expert. Filed expert reports in September and February 2009. Dispute involved the operation of payment card operations in Singapore, New Zealand and Malaysia. (Engaged by respondent; parties from Malaysia, New Zealand, Singapore & US)
  • S&T Oil Equipment & Machinery LTD. v. The Government of Romania; Expropriation; ICSID case No. ARB/07/13. Filed expert reports on damages in July 2009 and December 2008. Dispute involved the privatization of an ammonia plant in Romania. Matter discontinued due to lack of payment by claimant. (Engaged by respondent; parties from US & Romania)
  • MMX Corumbá Mineracáo LTDA and MMX Trade & Shipping LLC v. Eregli Demir Ve Çelik Fabrikalari; Breach of Contract; International Court of Arbitration, ICC case number 16056/VRO. Filed an expert report on damages in July 2009. Dispute involved a supply contract for iron ore involving parties from Brazil, Turkey and the US. Matter settled. (Engaged by claimant; parties from Brazil & Turkey)
  • Nejapa Power Company, LLC v. Comisión Ejecutiva Hidroeléctrica Del Río Lempa; Breach of Contract; Testified in April 2009 in Washington as damages expert. Filed expert reports in March 2009 and October 2008 in an international arbitration conducted under the rules of the UN Commission on International Trade Law on dispute relating to a power purchase agreement in El Salvador. (Engaged by respondent; parties from US & El Salvador)
  • FLAG Telecom Group Limited v. Videsh Sanchar Nigam Limited; Breach of Contract; ICC case number 13 638/JNK/EBS. Testified in The Hague in November 2007 as damages expert. Filed expert reports in October and May 2007 on lost profits claim relating to international telecommunications and the Indian market. Claimant awarded damages in an amount presented by Hart. (Engaged by respondent; parties from UK & India)
  • UEG Araucaria Ltda. v. Companhia Paranaense de Energia; Breach of Contract. Filed expert reports in May and December 2005 in an ICC case on the losses sustained by a consortium of investors contracted to build a gas-fired thermal power plant in Brazil. Matter settled. (Engaged by claimant; parties from US & Brazil)
  • Noble Ventures v. The Government of Romania; Expropriation; ICSID case No. ARB/01/11. Filed expert reports in January and August 2004. Dispute involved the privatization of a steel company and related assets in Romania. The tribunal returned a decision awarding no damages to the claimant. (Engaged by respondent; parties from US & Romania)
  • GAMI Investments, Inc. v. The Government of the United Mexican States; Expropriation; NAFTA. Filed expert reports in February 2004 and February 2003. Matter involved the valuation of the investment in five sugar mills and the damages related to an expropriation in Mexico. The mills were returned just prior to the hearings. (Engaged by claimant; parties from US & Mexico)
  • Ceskoslovenska Obchodni Banka (CSOB) v. The Slovak Republic; Breach of Contract; ICSID case No. ARB/97/4. Testified as damaged expert in April 2003. Filed expert reports in August 2001 and November 1999. Dispute involved the moneys owed related to the obligations of the Slovak Republic relating to the debt of the foreign trade bank of the former Czechoslovakia. Award for claimant of $877 million. (Engaged by claimant; parties from Czech Republic & Slovak Republic)
  • Americas and Caribbean Power Limited v. The Cooperative Republic of Guyana; Investment Dispute; Private arbitration. Served as the chair of the panel of Arbitrators in March 2003 relating to a dispute over tariffs and the required capital investments. (Engaged as the chair of the panel; parties from US & Guyana)
  • MCI Global Resources, Inc. And MCI International, Inc., V. Metro Position Sdn. Bhd.; Breach of Contract; ICC, Case No. 9134/CK. Testified in September 1997 in Paris.  Filed an expert Report in May 1997. Dispute involved pre-paid calling cards. (Engaged by claimant; parties from US & Malaysia)

US Disputes Testimony:

  • Orbital Sciences Corporation v. United Launch Alliance, LLC and RD Amross, LLC; Antitrust; U.S. District Court for the Eastern District of Virginia, case no. 1:13-CV-00753 LMB/JFA. Testified in deposition in March 2014. Filed an expert report on damages in February 2014. Dispute involves the availability of rocket engines for space launch vehicles in the United States. (Engaged by plaintiff)
  • Spanski Enterprises, Inc. v. Telewizja Polska S.A.; Breach of Contract; U.S. District Court for the Southern District of New York, case no. CV 10 CV 4933. Testified in bench trial in July 2013. Filed expert reports on damages in April and May 2012. Testified in deposition in June 2012. Dispute involves distribution rights for Polish television content for broadcast and Internet distribution in the Americas. (Engaged by defendant)
  • Securities Investor Protection Corporation v. Bernard L. Madoff Investment Securities LLC; Bankruptcy; US Bankruptcy Court Southern District of New York, case no. 08-1789(BRL). Filed an expert report in April 2013 relating to the claim valuation methodology and accounting for the time value of money. (engaged by certain customer defendants)
  • Oral Cancer Prevention International, Inc. v. OraPharma. Inc., Johnson & Johnson, and Johnson & Johnson Consumer Companies, Inc.; Breach of Contract; American Arbitration Association, case no. 13 122 Y 01477 12. Testified in a hearing in New York in February 2013. Filed an expert report on damages in December 2012. Dispute involves the sales of an oral cancer detection product. (Engaged by claimant)
  • John DeGroote Services, LLC, et. al. v. F. Edwin Harbach, et. al.; Breach of Fiduciary Duties; Circuit Court Fairfax, Virginia, civil action no. 2011-10612. Filed an expert report on damages in January 2013. Dispute involves claims against a former officer and the directors of BearingPoint related to events preceding bankruptcy. (Engaged by defendant)
  • John Garamendi v. Altus Finance S.A. et al; Fraud; U.S. District Court for the Central District of California, case no. CV-99-02829 (CWx). Testified in jury trial in October 2012 and deposition in August 2009. Filed an expert report on damages in April 2009 involving the insolvency of Executive Life Insurance Company and the fraud involving the French government. (Engaged by plaintiff)
  • BDO Seidman LLP v. Morgan Lewis & Bockius LLP; Professional Negligence/Legal Malpractice/Breach of Fiduciary Duty/Fraud/Breach of Contract; Superior Court for the District of Columbia. Testified in deposition in November 2011. Filed an expert reports on damages in January 2012 and October 2011. Dispute involved legal advice to the accounting firm in general and their tax products business. (Engaged by plaintiff)
  • PSM Holding Corp v. National Farm Financial Corporation et al; Breach of Contract, Fraud; U.S. District Court for the Central District of California, case no. CV 05-8891 MMM (FMOx). Testified in deposition and filed an expert report as the court appointed expert on valuation in March 2012. Dispute involves claims for restitution relating to an insurance company that was improperly transferred and later returned to the original owner. (Engaged as court appointed expert)
  • Petrus W. Roelvink, Ph.D v. Medimmune, LLC; Wrongful Termination; AAA. Filed an expert report on damages in February 2011 involving lost back pay and future lost compensation. Matter settled before the hearing. (Engaged by respondent)
  • Fifth Third Bank v. Transamerica Life Insurance Company and Clark Consulting, Inc.; Breach of Contract, Breach of Fiduciary Duty, Professional Negligence, Fraud, Negligent Misrepresentation and Insurance Bad Faith; U.S. District Court Southern District of Ohio Western Division. Testified in deposition in January 2010. Filed an expert report on damages in November 2009. Dispute involved the performance of investments supporting Bank Owned Life Insurance. Matter settled before trial. (Engaged by defendants)
  • Invensys Building Systems, Inc. et al. v. Aztec Energy Partners, Inc. et al.; Tortious Interference; Federal District Court for the Northern District of Georgia 1:03-CV-1727 (BBM). Filed an expert report in February 2004 on lost profit damages and valuation of the loss of enterprise value relating to the departure of key employees and their actions in an energy controls business. (Engaged by plaintiff)
  • Eplus, Inc. v. Centura Bank; Breach of Contract; AAA case number 16 Y 168 00417 01. Filed an expert report on damages in January 2002. Testified in deposition in June 2002. Matter involved a post-acquisition dispute relating to an equipment leasing company. Case settled. (Engaged by plaintiff)
  • DCV Holdings, Inc. v. ConAgra, Inc. and DuPont et al.; Breach of Contract and Antitrust; Delaware Superior Court case No. 98C-06-301-JEB. Testified in deposition in November 2001. Filed an expert report in October 2001. Matter involved a post purchase dispute involving allegations of breach of warranties arising from antitrust and accounting issues. (Engaged by defendants)
  • MCI WorldCom Communications, Inc. v. Electronic Data Systems Corporation, et al.; Breach of Contract; AAA, Arbitration No. 13-Y-180-00223-01. Filed an expert report in July 2001 rebutting the opinions of an economist and accountant regarding issues of damages and liability in a case involving an outsourcing contract valued at over $6 billion. (Engaged by plaintiff)
  • Bernard B. Fulk III v. Washington Service Associates et al.; Breach of Contract; Delaware State Chancery Court case no. 17747. Filed affidavit testimony in May 2001 providing findings and opinions regarding the application of Generally Accepted Accounting Principles as related to the potential dissolution of a business. (Engaged by defendant)
  • District of Columbia – City Council; Legislative; Hearings on proposed legislation, the New Economy Transformation Act of 2000, July 2000. Testified on the potential fiscal impact to the District of Columbia resulting from the economic and tax incentives in the proposed legislation. The legislation as proposed became law. (Engaged by bill sponsors)
  • CSX Corporation v. Norfolk Southern Corporation; Breach of Contract; AAA. Testified in September 1999. Dispute involved the appropriate treatment of the Philadelphia headquarters office lease under the transaction agreement related to the split of Conrail. Testimony involved the application of Generally Accepted Accounting Principles and the economics of the lease transaction. (Engaged by plaintiff)
  • Callaghan v. Gruner & Jahr; Breach of Contract; AAA. Testified in June 1999. Dispute involved the application of Generally Accepted Accounting Principles pertaining to computation of income and assets related to contractual compensation. (Engaged by plaintiff)
  • Richard Hines v. Win Laboratories; Breach of Contract; Virginia State Court. Testified in deposition in February 1999. Dispute involved a claim for a bonus on the basis of lost profits related to the manufacture and sale of personal computers. (Engaged by defendant)
  • H.G. Smithy v. Cushman & Wakefield; Breach of Contract; Arbitration October 1998. Served as arbitrator; Dispute involved the calculation of the purchase price on the sale of a real estate management company portfolio including the appropriate revenue to consider and treatment of overhead expenses.
  • D’Andrea v. American Communications Services Inc.; Breach of Contract; Anne Arundel County Court, Maryland. Testified in deposition in June 1998. Filed an expert report in May 1998. Matter involved an employment dispute with testimony on internal controls and the operations of accounting and finance departments. (Engaged by plaintiff)
  • Group Hospitalization and Medical Services, Inc., v. Policy Management Systems Corporation; Breach of Contract; US District Court, District of Columbia, Civil Action No. 97cv790. Testified on damages in deposition in May 1998. Filed an expert report in March 1998. Dispute involved royalty and commissions due under the contract. (Engaged by plaintiff)
  • The Rehabilitation of Mutual Benefit Life; Insolvency; New Jersey Chancery Court, Docket No. C-91-00109. Filed affidavit in January 1998. The affidavit testimony provided the methodology and calculations necessary to file a claim on behalf of the state life and health insurance guaranty associations for creditor claims arising prior to the rehabilitation of the company.
  • Liquidation of Coastal States Life; Insolvency; Fulton County (Georgia) Superior Court. Testified at trial in September 1996. Liquidation hearing relating to Coastal States Life Insurance Company. Testimony related to the financial condition of the company and the reinsurance transaction proposed to take care of the affected policyholders.
  • Emhart/Dynapert v. Universal Instruments; US District Court, Albany, NY; Patent Infringement; Testified as to lost profit damages in 1991. Filed an expert report in 1991. (Engaged by plaintiff)

Investigations

Tim has performed a wide range of forensic accounting investigations including situations involving alleged accounting fraud, asset defalcation and violation of regulations or company policy. The following are representative of Tim’s investigative experience:

  • Performed an accounting investigation of not-for-profit foundation on behalf of a special committee (2013)
  • Performed investigation of sales practices on behalf of top management of a medical device company (2009).
  • Performed a special examination focused upon the distressed assets of a large life insurer on behalf of a state insurance commissioner (2009).
  • Performed independent investigation on behalf of the audit committee of the board of directors of a chemical company that was undergoing an SEC investigation (2005-2006).
  • Performed independent investigation on behalf of the audit committee of the board of directors of a medical practice company that was undergoing an SEC investigation (2005).
  • Performed independent investigations on behalf of the special committees of the board of directors of two for-profit post-secondary education providers responsive to various federal investigations (2005-2006).
  • Performed an independent accounting investigation on behalf of the audit committee of a medical device company responsive to an SEC investigation. (2003-2004)
  • Performed an investigation and litigation support relating to a cable company involving a wide range of accounting and operational issues (2003-2004).
  • Performed an accounting investigation of a retailer responsive to an SEC investigation to identify the causes of a balance sheet misstatement including interviews of top management and operating personnel in concert with forensic accounting review of the related accounts (2002-2003).
  • Provided litigation support including forensic accounting and investigative services for counsel to an audit firm in response to the congressional, civil, SEC and criminal investigations and litigation involving an energy company (2002).
  • Engaged by the board of a parent company to investigate and then restructure an insurance brokerage (2000).
  • Coordinated a team to provide a consortium of law firms with financial analysis, document production, distribution and retrieval of information involving an investment bank’s junk bond operation (1987-1989).
  • Investigated and quantified the amount embezzled from a not-for-profit over a two and one half year period (1988).

Corporate Restructuring / Insolvency

Tim has assisted stakeholders in troubled financial situations involving restructuring and insolvency, including the following:

  • Provided financial, accounting, systems, project management and transaction services relating to insolvencies including: Guaranty Security Life Insurance Company (1991 – 1993), Mutual Benefit Life Insurance Company (1992 – 1994), Investment Life Insurance Company of America (1993- 1994), Consolidated National life Insurance Company (1994), Alabama Life Insurance Company (1994), American Educators Life Insurance Company (1994), Mutual Security Life Insurance Company (1994), Summit National Life Insurance Company (1994), Monarch Life (1994 – 2001), Fidelity Bankers Life Insurance Company (1995 – 2000), National American Life (1995), Executive Life Insurance Company (1996 – 2001), Coastal States Life (1996), American Standard Life Insurance Company (1997-1999); Statesman National Life Insurance Company (1999); Thunor Trust companies (1999-2001); Reliance Insurance Company (2001); London Pacific Life & Annuity (2002-2004); Life and Health Insurance Company of America (2004); Executive Life Insurance Company of New York (2007-2008); Standard Life Insurance Company of Indiana (2008-2011); Shenandoah Life Insurance Company (2009-2011)
  • Assisted a financial services regulator in the special examination of a company providing advice on asset valuation issues. (2009-2010)
  • Negotiated the multi-million dollar sale of telecommunication assets from a lease portfolio to reduce debt. Coordinated the due diligence with the buyer and implementation of the equipment sale agreement. (1991)

Audit

Tim performed audits primarily focused upon regulated and government entities.

Speeches

  • “Financial Services – The Broken Promises”; University of Notre Dame Mendoza School of Business Ethics Week, February 2012

Education and professional certifications

  • Bachelor of Business Administration, University of Notre Dame 1984
  • Certified Public Accountant 1986, licensed in Washington, D.C.
  • Certified Fraud Examiner 2002