Frank Lazzara, CPA/CFF/ABV, CFE is a Partner in DLA, LLC’s Forensic Accounting, Valuation and Litigation Support practice. Frank brings over 30 years of diverse professional experience in forensic accounting, financial reporting, financial operations consulting, private industry, public accounting, and internal audit to the firm. Throughout his distinguished career, including key roles as a Managing Director with FTI, a telecommunications CFO, and an auditor with PwC and Goldman Sachs, he has spearheaded high-stakes financial investigations, successfully navigated complex M&A transaction disputes, and delivered compelling expert witness testimony in Federal, Bankruptcy, and State court matters.

M&A Dispute Advisory & Resolution

Mr. Lazzara has served as a financial damages expert in the pharmaceutical industry and has experience with class action litigation within the mortgage industry.  He has advised on complex commercial disputes in the telecommunications, metals, mining, monoline insurance, financial services, retail and consumer packaging industries.

Mr. Lazzara has extensive experience directing acquisition-related purchase price dispute assignments serving as party-advisor, expert witness and neutral accounting arbitrator. He has managed domestic and international arbitration cases involving corporate M&A in the beverages, technology, retail, security alarm, software, government defense and automobile accessories manufacturing industries.

• Retained to advise buyers on a $700 million purchase price dispute associated with a divestiture within the international beverage industry;
• Served with the independent accounting firm to resolve a $200 million earn out dispute within the energy capital management industry;
• Retained to advise sellers in a $130 million working capital dispute resulting from a divestiture within the consumer foods manufacturing industry;
• Served as the evaluating accountant in a $33 million working capital dispute within the transportation-related metals manufacturing industry;
• Retained as neutral accounting arbitrator in the adjudication of an $18 million earn-out purchase price dispute within the social media mobile technology sector;
• Retained to provide his expert opinion in a $5 million Purchase Price dispute within the telecommunications industry dealing with GAAP interpretations of lease accounting and the adequacy of accounts receivable reserves;
• Served as the Independent Accounting Firm to resolve a $3 million earn-out purchase price dispute, within the consumer goods sector centering on e-Commerce revenue recognition.

Industry Expertise

Prior to his Forensics career, Mr. Lazzara served as CFO and controller for a competitive local exchange carrier (“CLEC”) in the telecommunications industry. For the telecommunications startup, he was directly responsible for building all aspects of the financial organization including policies and procedures, billing processes, systems, staffing and reporting.

Mr. Lazzara has public accounting experience with PricewaterhouseCoopers with industry expertise in the leasing, manufacturing and retail sectors, and he has served as an internal auditor for Goldman Sachs with an emphasis in compliance and internal controls reviews. While at Goldman Sachs, he supported the firm’s internal control environment by devising and implementing fraud prevention initiatives.

Investigations and Forensic Accounting

Frank Lazzara has led investigative cases alleging financial statement fraud, has advised on high profile securities litigation cases involving the interpretation and expert application of Generally Accepted Accounting Principles (“GAAP”) and auditor compliance with Generally Accepted Auditing Standards (“GAAS”) and has led cases involving NYSE regulatory compliance examinations.

Mr. Lazzara has international experience with pharmaceutical companies in Europe and Asia investigating alleged violations of, and ensuring compliance with, the Foreign Corrupt Practices Act.  He has directed forensic investigations in the hedge fund industry centering on allegations of fraud by investment advisors, has led audit committee and SEC inquiries involving allegations of accountant’s malpractice and has conducted investigations in support of financial reporting restatements.

Mr. Lazzara holds a B.B.A. in public accounting (Magna Cum Laude) from Pace University’s Lubin School of Business. He is a Certified Public Accountant in New York, is a Certified Fraud Examiner, holds a Certification in Financial Forensics, is Accredited in Business Valuations and is a member of the American Institute of CPAs and the New York State Society of CPAs.  Mr. Lazzara is fluent in Italian.

Select Publications & Speaking Engagements

• “Pre-Closing MAE/MAC to Post-Closing M&A Purchase Price Disputes,” Bloomberg Law (Co-author, June 2020)
• “Implementing New Lease Accounting Guidance, and Effects on Comparability in M&A,” Bloomberg Law (July 2, 2019)
• M&A Post Closing Disputes (Panelist – American Bar Association, Vancouver, B.C., March 29, 2019)
• “Upcoming Revenue Recognition Changes Will Affect M&A,” Law360 (Co-author, February 23, 2017)
• “When Hindsight is Not 20/20 in Purchase Price Disputes,” Law360 (Co-author, May 23, 2015)
• “Sellers Need to Mind the GAAP,” Mergers & Acquisitions Magazine (Co-author, January 22, 2015)

Professional Experience

US District Court – Eastern District of New York:

• In re: Emerson Electric Co. [Plaintiff] vs. Charles Holmes and AMA of New York [Defendants]
• Accounting Investigation/ Fraudulent Conveyances/ Alter Ego/ Piercing the Corporate Veil
• October 2022; Trial Testimony; For Plaintiffs

AAA Arbitration – New York:

• In re: National Distribution Alliance [Claimant] v. AM Newspaper [Respondent]
• Breach of Fiduciary Duty Lost Profits Arbitration
• August 2022; Testimony for Claimant, Counter-Claim Respondent

JAMS Arbitration – New York:

• In re: GCA Advisors, LLC [Claimant] v. Intersections, Inc. [Respondent]
• Incentive Fee Arbitration
• May 2022; Testimony for Respondent

US Bankruptcy Court – Eastern District of New York:

• In re: Orion HealthCorp, Inc., et al., Debtors
• Howard M. Ehrenberg in his capacity as Liquidating Trustee of Orion HealthCorp, Inc., et al., CHT Holdco, LLC, and CC Capital CHT Holdco LLC [vs] Parmjit Singh Pamar a/k/a Paul Parmar, et al
• Accounting Investigation
• January 2022; Testimony; For Plaintiffs

US Bankruptcy Court – Eastern District of New York:

• In re: Orion HealthCorp, Inc., et al., Debtors
• Interim Management- Discharge of Duties
• June 2018; Testimony; For Debtors

• Retained to investigate allegations of books and records manipulation among the members/owners of a New York-based bar & restaurant in connection with a multi-million-dollar business divorce matter,
• Retained to investigate allegations of books and records manipulation among the members/owners of a New York-based bar & restaurant in connection with a multi-million-dollar business divorce matter,
• Retained to advise sellers in a $130M working capital dispute resulting from a carve-out divestiture within the consumer foods manufacturing industry,
• Served as the independent Accounting Firm to resolve a $3M earn-out purchase price dispute within the consumer goods sector centering on e-commerce revenue recognition.

Expert Witness

• Retained to investigate a $300 million financial statement scheme involving a public company’s historical quarterly and annual financial reports;
• Retained to calculate damages in connection with a $30 million dispute in the pharmaceutical industry;
• Retained and provided his expert opinion on the role and adequacy of internal controls in connection with a $10 million employee embezzlement;
• Retained and provided his expert opinion in a New York State government-related project funding fraud;
• Retained to investigate allegations of books and records manipulation among the members/owners of a New York-based bar & restaurant in connection with a multi-million-dollar business divorce matter;
• Retained to provide his expert opinion in a $5 million working capital purchase price dispute in the telecoms industry dealing with GAAP interpretations of lease accounting and accounting for loss contingencies.

Prior Work Experience

• • FTI
  • PricewaterhouseCoopers, LLP (PwC)
  • Goldman Sachs

Education, Certifications & Affiliations

• B.A., Pace University
• Certified Public Accountant, New York (CPA)
• Certified Fraud Examiner (CFE)
• Certified in Financial Forensics (CFF)
• Accredited in Business Valuation (ABV)
• American Institute of Certified Public Accountants
• Association of Certified Fraud Examiners
• New York State Society of CPAs

Office Contact Information

Address: 295 Madison Ave., Suite 1801, New York, NY 10017

Office: (732) 383-8880

Fax: (732) 268-7388