Charles Lundelius, CPA, ABV, CFF, is a managing director in BRG’s Capital Markets Accounting practice. He specializes in regulation of and securities trading by broker-dealers, investment advisers, hedge funds, insurance companies, and banks and commodities trading by futures commission merchants.
He consults with and provides expert testimony on behalf of clients in the areas of:
• securities, commodity futures, and investment management
• valuation and investment banking
• insurance
As an expert witness over the past thirty years, Mr. Lundelius has testified in over seventy different cases. When the US Securities and Exchange Commission (SEC) identified key cases it brought relating to the 2007 financial crisis, Mr. Lundelius had testified or was asked to testify in three of those matters. Also, among Mr. Lundelius’ more notable consulting engagements, the SEC inspector general asked him to lead the team investigating the SEC’s failure to uncover the Madoff Ponzi scheme.
Mr. Lundelius is a Certified Public Accountant and is Accredited in Business Valuation and Certified in Financial Forensics by the American Institute of Certified Public Accountants. In addition, while a senior officer of a Financial Industry Regulatory Authority (FINRA) broker/dealer that served as lead underwriter for securities syndications, Mr. Lundelius held a FINRA General Securities Principal license (Series 24, 7, and 63) and was a Registered Investment Adviser. In 1999, the NASDAQ Board of Directors appointed Mr. Lundelius to serve on the NASDAQ Listing Qualifications Panel, the body that reviews the listing and delisting of securities traded on The NASDAQ Stock Market. His term ended in 2006.
Mr. Lundelius has over forty years of experience, including seven years in securities and investment banking in Houston and three years as senior vice president and chief financial officer (CFO) of a life and health reinsurance carrier in Dallas. Mr. Lundelius’ securities and investment banking experience includes underwriting, portfolio management, derivatives, high-yield bond, and securities and commodities market analysis. He has consulted and/or testified in the areas of the underwriting process, securities market pricing, hedge fund operations, investment suitability, securities fraud, fiduciary duties, compliance, and due diligence practices. He has given testimony before administrative hearings of the SEC, in federal and state courts, at FINRA arbitrations, and before governmental hearings. Mr. Lundelius has qualified as an expert in securities trading and valuation, Investment Adviser and Investment Company Act matters, damages, financial analysis, accounting, fiduciary duties, and econometrics. Also, while working for major international accounting firms over several years, Mr. Lundelius served as an auditor of financial institutions, including broker-dealers, banks, and thrifts, in the practice of public accountancy.
In his capacity as insurance company CFO, Mr. Lundelius’ duties included managing the company’s bond investment portfolio, financial forecasting, and regulatory reporting. In addition, Mr. Lundelius’ firm participated in the National Association of Insurance Commissioners’ pilot study that led to the implementation of risk-based capital measurement in the insurance industry. Concurrent with his service as insurance company CFO, Mr. Lundelius was also CFO of one of the largest managing general agencies in the US, writing in excess of $40 million in new premium business annually, and served as trustee of the firm’s self-directed 401(k) pension plan. Mr. Lundelius also served on the board of directors of the life and health insurance company and the boards of several insurance marketing firms. In his present role as a consultant, Mr. Lundelius has analyzed finite reinsurance issues relating to various SEC and criminal investigations.
In 2003, Mr. Lundelius authored Financial Reporting Fraud: A Practical Guide to Detection and Internal Control, peer-reviewed and published by the AICPA, which has been used as a textbook in academic and professional courses. The second edition of the book was released in July 2010.
Credentials
Certified Public Accountant (CPA)
Accredited in Business Valuation
Certified in Financial Forensics
