Emre Carr

Emre Carr co-leads the Securities, Accounting & Regulatory Enforcement practice and has provided expert testimony in a wide range of securities, trading and markets disputes. Dr. Carr combines deep understanding of financial regulations gained at the U.S. Securities & Exchange Commission with advisory experience in the securities industry and academic rigor in financial economics, accounting and valuation. He has been retained as an expert by eight of AM Law’s top 10 elite law firms.

Dr. Carr has worked on some of the most complex financial litigations of the last 25 years, including those related to the Enron, Tyco, Lehman, AIG, Madoff, MF Global and HBOS debacles. More recently, he has provided expert testimony in many high-profile matters concerning broker-dealers, trading firms, investment funds and banks. Dr. Carr has testified at jury and bench trials, in federal and state courts in the United States and Australia, and at regulatory and private arbitration hearings. He has participated in reviews of both financial institutions and regulators.

Prior to full-time consulting, Dr. Carr was a Senior Financial Economist at the SEC’s Division of Risk, Strategy and Financial Innovation (renamed Division of Economic and Risk Analysis, or “DERA”), which was created as the agency’s think tank to provide sophisticated, interdisciplinary analysis across the entire spectrum of SEC activities. In this role, he led the economic analyses and made recommendations on post-financial-crisis regulations, the possible adoption of the International Financial Reporting Standards (“IFRS”) in the United States, and numerous enforcement actions. In addition, Dr. Carr led the development of the SEC’s quantitative model to detect accounting fraud. He was recognized with the “Distinguished Service” and “Law and Policy” awards.

Prior to joining the SEC, Dr. Carr was a full-time research faculty member at the Columbia, University of Southern California and University of Toronto schools of business. He has taught graduate courses on valuation, security analysis, accounting and corporate finance. Dr. Carr’s peer-reviewed publications provided an econometric analysis of the effects of financial regulations on securities prices. His Ph.D. dissertation examined bank regulatory capital, earnings and analyst forecasts in conjunction with loan sales and securitizations and received an FDIC grant.

Relevant Experience:

• Criminal trial of a precious metals futures trader acquitted of spoofing
• Multidistrict litigation (“MDL”) concerning dividend tax arbitrage trading in Europe
• Alleged equity market manipulation in cross-venue arbitrage trading in Australia
• Class action related to the 2021 meme-stock frenzy and broker regulatory capital
• Potential market manipulation in Treasury securities and futures
• Failure of multibillion-dollar volatility hedge fund during the pandemic
• FDIC’s billion-dollar unjust enrichment claim concerning swap reporting
• SEC disgorgement analyses for brokers and investment advisers under Liu
• Insider trading and 10b5-1 plans
• Economic materiality analyses in conjunction with restatements of financial statements and allegations of accounting fraud
• Beneficial ownership reporting and swing-profit disgorgements for a broker-dealer, including tri-party and bilateral repo activity and security-based swaps
• Valuation of complex securities and structured investments by private equity funds
• FINRA analysis of high-touch execution and structured transactions by the wealth management subsidiary of a global bank
• FTC’s pyramid-scheme allegations

Awards & Recognition:

• Distinguished Service Award, The U.S. Securities and Exchange Commission
• Law and Policy Award, The U.S. Securities and Exchange Commission