Securities Expert Witness Questions
What is a Securities Expert Witness?
A Securities expert witness is an individual grounded with training and experience in the investment securities field. It is someone who has, through time and seasoning, learned both the securities products and strategies necessary to opine on sales and supervision abuses in the world of investments. Further, it is best to have someone who has good knowledge in insurance and annuities as well. Essential to the testimony of that expert, it is helpful if all his licenses are current and active i.e. the expert has Series 7, 24 and 63 licenses for credibility purposes. Critical as well is the experts experience testifying in arbitration forums as well as in the courts, both State and Federal. Also, it is especially credible to have your expert also appointed to serve as a FINRA or AAA Arbitrator. Finally, it is essential that your expert have some experience testifying on behalf or respondent brokers and firms. This provides balance and objectivity to an expert's testimony when retentions come from both sides. by Mason Dinehart III of FEND Securities Expert Witness.
Frequently Asked Questions About Expert Witnesses Online
Is it a good idea for an expert witness be "passionate" about his or her client, when representing him in litigation or arbitration?No this is not a good idea. A better idea is for the expert witness to be "passionate" about his position rather than the client. This allows the expert to be more objective in client representation.
Is an expert witness in arbitration always expected to be "objective" in his testimony on behalf of a client in arbitration?No, I don't believe so. The only time an expert witness should be completely objective is when a court appoints him to represent a client in a litigation setting. In arbitration, when an objective expert takes a case based on its merits, he can be expected to defend his position vigorously. After all, the other side will normally put forth its own expert who can be expected to vigorously defend the opposing position.
What should an expert witness do when he or she is uncertain of the answer to a question under cross examination by opposing counsel?Admit that you don't know. It destroys all credibility to be glib and fake an answer if you are unsure. One fall back position that can be useful is to leave that question to be answered by the arbitrators, the ultimate "trier of fact".
Should an expert witness in arbitration always be paid in advance of testimony?Yes, at all times. To do otherwise, is to imply to the arbitration panel that you, the expert, have a stake in the outcome of the hearing i.e. participation in any award granted by the arbitrators. This, of course, would remove any credibility from your testimony and label you nothing more than a "hired gun" in the process.
Should an expert witness work on the basis of a retainer?Yes, always. The expert should utilize a retainer agreement that sets forth the amount of the retainer, how it will be applied, the hourly fee and any other terms or costs that will be considered. Most charges should be conforming to all activities It is often confusing to apply a different hourly rate for preparation time than for testimony. To charge a higher rate for testimony could well limit your attendance time at the arbitration.
Should the expert attend the entire hearing in arbitration?
Yes, always! Experts are normally allowed to remain along with the parties in the arbitration forums. This is so the expert can gauge the credibility of the witnesses as well as to the reaction of the arbitrators to their testimony. Then if the arbitrator's ask questions of the witnesses, it is critical for the expert to hear the answers and work these very points into his or her own testimony. Furthermore, only when the expert can hear, first hand, how his client handles questions under cross examination, can the expert refine and clarify his position for later testimony.
Answers courtesy of Fend
Consumer Safety and Information
Compensation of Expert Witnesses - hawaii.gov
The office of consumer protection and the expert witness shall agree upon the amount of compensation to be received by the expert witness.
Complaint Information - www.vmb.ca.gov
Welcome to the Veterinary Medical Board.
Code of Conduct - www.cttt.nsw.gov.au
Expert Witness Code of Conduct.
Expert Witness - wilawlibrary.gov
Database of expert witness depositions & trial transcripts.
Written Statement - www.quic.gov
Written Statement on Medical Errors.
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