Michael J. Saccone

Michael J. Saccone

Michael J. Saccone

Mike Saccone has over 30 years of broad-based financial and accounting experience. He has provided accounting and financial consulting services in a variety of litigation and insurance matters, including business interruption claims, intellectual property disputes, business valuations, mergers & acquisitions, construction claims, environmental claims,purchase price disputes and other commercial damages areas. Among the analyses he has performed are forensic accounting reviews, cost reconstruction and allocation studies, lost profits analyses, internal cost reviews, and purchase price adjustments. In addition to his two decades of consulting work, Mike was a Financial Manager for a major utility and a senior analyst for a high technology manufacturing firm.

PROFESSIONAL EXPERIENCE

»Performed and managed dozens of forensic investigations andcost accounting reviews in the context of litigation and insurance coverage matters, including reviews of: product costs encompassing standard costs and overheads; inventory and receivables; cash accounts; fixed-variable costs; and capital and project expenditures for construction, environmental or other projects. These engagements have included reviews to ensure proper accounting treatment in a number of accountingareas, including revenue requirements, recognition and quantification of liabilities, and accounting for options, as well as forensic tracing of fraudulent accounts.

»Has managed and worked on major projects involving up to billions of dollars in cost overruns and lost assets. Sample projects include identifying and quantifying overruns on a major utility power plant, running-off the assets of a failed insurance company, and analyzing the costs at issue in a purchase price dispute related to a merger between two multinational corporations.

»Provided economic and cost accounting analyses, project management services, and general claims consulting for clients in the utility, manufacturing, construction, financial institutions, computer hardware and software, and insurance industries, amongst others, including assistance with dispute mediation, settlement negotiations, and Federal and State Court proceedings.

Representative Engagements

Forensic Investigations and Related Matters

»Performed a fraud investigation for a major consumer products company that suspected one of theirconstruction managers was setting up bogus companies on his construction projects and collecting the payments. We identified the fraudulent accounts, tied the accounts to the employee, quantified the misappropriated funds, and identified the workplace controls that were being circumvented.Also wrote a report on our findings, which was presented to law enforcement agencies.

»Performed a forensic accounting investigation of the invested assets of a failed life insurance company. The investigation included the tracing of company funds through complex accounting transactions among intercompany accounts and outside companies controlled by related parties. The transactions involved real estate, investment bonds and a complex derivatives portfolio used to funnel money from the insurance company to personal accounts of related parties.

»Performed a forensic investigation of a major software manufacturer related to revenue requirement issues. Work performed included inventory analyses, review of distributor agreements and recalculation of financial statements.

»Was state-appointed rehabilitator in a matter involving a failed insurance company. Work included assessing the company’s long-term viability, securing all assets, managing daily cash balances, as well as a forensic review to determine ownership of assets between the insurance company and related outside companies. Created a strategic plan to continue operations while looking for a buyer of the business.

»Performed a forensic audit for a major semiconductor equipment manufacturer. Areas analyzed included inventory and receivables.

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