Telephone: (916) 761-3432
Robert Doty is President and Proprietor of AGFS in Annapolis, Maryland. As outlined below, Mr. Doty provides municipal bonds expert witness and litigation consulting services.
For additional information regarding Mr. Doty's qualifications, publications and municipal bond market participation, go to Experience Highlights, and Curriculum Vitae. For information regarding Mr. Doty's litigation consultation and municipal bond expert witness services and experience, go to Consulting with Lawyers. For a detailed PDF document covering Mr. Doty's extensive financial consulting experience, please click here: Financial Consulting Experience (2.1 MB PDF file. Click to download).
Municipal Bond Litigation Consulting and Expert Witness Experience: Mr. Doty's consulting services bridge for litigation counsel the legal and financial worlds of municipal finance. Mr. Doty is able to discuss with and explain to legal counsel, who may not be fully conversant with financial concepts or the municipal advisor fiducary duty, the operation and relevance of those concepts in the context of the municipal bond market, as well as the prevailing customs, practices and standards of care in the municipal securities market.
In addition to his litigation consulting services, Mr. Doty has served as a municipal bonds expert witness. He has testified as an expert on the finance industry in federal courts in Kentucky, Illinois and Iowa, and state courts in Arizona, California, Colorado, Connecticut, Florida, Nevada, New Jersey and Virginia; before Administrative Law Judges of the Securities and Exchange Commission; before arbitration panels of the Financial Industry Regulatory Authority and the American Arbitration Association; and by video before a special legislative investigative Subcommittee of the New Mexico House of Representatives in impeachment proceedings.
Mr. Doty has served as a litigation consultant to lawyers in connection with disputes in numerous states, including Alabama, Arizona, Arkansas, California, Connecticut, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming.
In recent years, the fiduciary duties of municipal advisors to municipal bond issuers under federal statutory law and of municipal advisors to municipal bond issuers and obligated persons under state common law has gained significantly enhanced focus and emphasis in the municipal bond market. As a former financial and municipal advisor for more than 20 years, Mr. Doty is well-qualified to assist counsel in understanding the roles and responsibilities of financial advisors and other municipal advisors and MSRB rules and key market resources regarding fiduciary duty and the roles and responsibilities of municipal advisors.
As appropriate, Mr. Doty works with plaintiff and defense counsel in municipal securities litigation with respect to the roles and responsibilities of issuers, financial and other municipal advisors, underwriters, counsel, trustees, feasibility consultants, appraisers, investors and other participants in municipal securities transactions, and regarding prevailing disclosure, due diligence and fiduciary duty customs, practices and standards of care in the municipal bond market.
Mr. Doty has participated in approximately 160 municipal and corporate securities cases in three dozen states, and has testified in depositions and at trial as a finance industry expert witness approximately 80 times.
Mr. Doty has served as a consultant to lawyers on a variety of matters relating to municipal securities law and regulation, municipal disclosure, due diligence, fiduciary duties, prevailing municipal bond market customs, practices and standards of care, roles and responsibilities of parties, and municipal finance and the municipal securities market in general. Mr. Doty is able to point counsel to authoritative and recognized municipal market guidance and literature discussing prevailing customs, practices and standards of care. His representations include engagements by legal counsel to municipal bond and other municipal securities issuers, underwriters, bond counsel, trustees, investors and governmental agencies, such as the Enforcement Division of the Securities and Exchange Commission (as well as opposition to the Division), the California Department of Corporations, the Office of the California Attorney General, a United States Attorney, a District Attorney, and the special investigative subcommittee of the New Mexico House of Representatives. A list of Mr. Doty's litigation consulting and municipal bonds expert witness engagements is available upon request.
Municipal Bond Market Experience: Mr. Doty was been involved, during his more than 45-year career, in several financial and legal roles in the finance industry, including more than 20 years as a financial and municipal advisor. In the process, Mr. Doty participated in the successful completion of billions of dollars of municipal finance and corporate finance transactions, including representations benefiting more than 150 governmental entities in approximately two dozen states. He worked with a substantial diversity of credit types in the market for municipal bonds and other municipal securities, as well as numerous corporate credits.
Mr. Doty engaged in active service in key roles as financial and municipal advisor, investment banker (underwriter), bond counsel, underwriter counsel, issuer disclosure counsel, trustee counsel, developer counsel, investor counsel, and special consultant. He also served as corporate and securities law counsel to private corporations.
Mr. Doty has participated in a wide variety of activities related to municipal securities transactions, including the issuance of municipal bonds, notes, variable rate demand obligations, leases, installment purchase agreements, certificates of participation and other municipal securities for many types of governmental securities issuers; workouts of numerous defaulted municipal bonds and other troubled municipal securities issues conducted by others; tender offers; and federal and state enforcement investigations.
The governmental securities issuers benefited by Mr. Doty include cities, multi-state interlocal agencies, water and wastewater agencies, counties, schools, assessment districts, special taxing districts, authorities, colleges, public utilities, airports, state agencies, joint powers or joint action agencies, power authorities, and recreation and park, community service and other forms of special agencies and districts. Mr. Doty also benefited private entities involved in municipal bond issuances, including among others, private real estate developers, airlines, mortgage lenders, hospitals and nursing homes. He was instrumental in the development of sophisticated pooled and other financing structures.
Active Participation in Municipal Bond Market Organizations: Mr. Doty has served during his career in the following roles with national municipal securities market organizations—
Memberships: Mr. Doty's professional memberships include: National Federation of Municipal Analysts; Government Finance Officers Association (Associate Member); Municipal Analysts Group of New York; and the American Bar Association. He is an associate member of the International Municipal Lawyers Association and the National Association of Bond Lawyers. Mr. Doty is a member of the Securities Experts' Roundtable. He is licensed as an attorney by bar regulatory associations or authorities in California (inactive), New York, Maryland, the District of Columbia, Texas (inactive) and Ohio (inactive).
Awards: Mr. Doty has received the following awards from national associations in the municipal securities market—
Publications: Mr. Doty is the author and co-author of several books and chapters and over 80 articles on municipal bonds, corporate finance, and related subjects, including seminal works on municipal securities law and regulation and municipal securities disclosure and due diligence and publications on fiduciary duties and roles and responsibilities of parties in municipal bond offerings and other municipal securities transactions. Mr. Doty's writings have been cited favorably by the Securities and Exchange Commission and the Financial Industry Regulatory Authority and in several judicial decisions on municipal securities law.
Among other publications, Mr. Doty is the author of EXPANDING MUNICIPAL SECURITIES ENFORCEMENT: PROFOUND CHANGES FOR ISSUERS & OFFICIALS (International Municipal Lawyers Association 2016), which discusses the Securities and Exchange Commission's more aggressive enforcement approach to municipal issuers, issuer officials and other municipal securities market participants from 2013 to 2016, and THE BLOOMBERG VISUAL GUIDE TO MUNICIPAL BONDS (John Wiley & Sons and Bloomberg Press, 2012). The latter book, which includes contributions from a number of market specialists, is directed to explaining in plain English to retail investors, and market participants seeking to expand their knowledge of municipal finance, the diversity and complexity of municipal securities, a variety of municipal securities structures, and why traditional municipal securities are sound, while pointing out certain market sectors that offer greater rewards and greater risks, and considerations and sources of information for investors. THE BLOOMBERG VISUAL GUIDE TO MUNICIPAL BONDS is available at Amazon.com, John Wiley & Sons, and Barnes & Noble
Mr. Doty also is the author of MUNICIPAL SECURITIES LAW & PRACTICE: REGULATION, DISCLOSURE AND ENFORCEMENT (Bloomberg BNA 2014, 2015, 2016, 2017, 2018). The portfolio discusses the pattern of securities regulation in the municipal securities market and enforcement actions over the past 45 years.
Participation in Preparation of Market Guidance: Mr. Doty has participated with industry committees in the preparation of the following authoritative and recognized national and regional market guidance—
Frequent Speaking on Municipal Bond Market Issues: As described in Mr. Doty's Curriculum Vitae linked at the top of this web page, Mr. Doty serves frequently as Chair and speaker at national and regional conferences regarding municipal bonds and other municipal securities transactions, including among them, from the late 1980s into this century, the ANNUAL INSTITUTES ON MUNICIPAL FINANCE sponsored by the Practising Law Institute in New York.
Mr. Doty was selected as one of a five-member United States delegation formed by the Smithsonian Institution's Woodrow Wilson International Center for Scholars and by the National Committee on United States-China Relations to consult with officials of the Peoples Republic of China and of the Cities of Beijing, Shanghai and Hangzhou, together with academicians and interested professionals in the PRC, as to the potential functioning of a municipal securities market in the PRC. His role as a member of the delegation was to discuss legal and financial aspects of, and disclosure and due diligence mechanisms for, formation of a municipal securities market for financing environmental infrastructure in the PRC. Following that activity, Mr. Doty consulted with universities, companies and governmental agencies in the PRC, and prepared published papers on financing techniques under Chinese law.
Mr. Doty also served as Co-Chair, with The Honorable Gui Minjie, Vice Chairman of the China Securities Regulatory Commission, of the Securities Law Panel at the World Jurist Association's 22nd Biennial Congress in Shanghai to present financing concepts to approximately 1,000 delegates, including Supreme Court Justices, from the United States and approximately 45 other countries.
Education: Mr. Doty received his law degree from Harvard Law School. He received his undergraduate degree from the University of Houston, with honors, where he was a member of the Phi Kappa Phi Honor Society.
Mr. Doty taught at the University of Houston and Creighton Law School, between the two institutions, municipal finance law (a course he developed), securities law, advanced securities law, corporation law, advanced corporation law (business planning), partnerships and agency, professional responsibility, and a seminar on preparation of registration statements under federal securities law (a seminar he developed).
AGFS® is a registered trademark of Robert W. Doty.
Please feel free to contact Robert Doty
Robert W. Doty, President/Proprietor
Reg. U.S. Pat. & TM Off.
420 Chinquapin Round Road
Annapolis, MD 21401
Telephone: (916) 761-3432
AGFS Municipal Bond Expert Witness and Litigation Consulting Services
AGFS® is a registered trademark of Robert W. Doty.
Municipal Bonds Expert Witness Services: Robert Doty offers municipal securities expert witness and municipal bonds litigation and other legal consulting services for lawyers. He has participated in approximately 160 municipal and corporate securities matters, and has testified as a finance industry expert witness in depositions and at trial approximately 80 times. Mr. Doty has testified as an expert witness on the finance industry in federal courts in Kentucky, Illinois and Iowa, and state courts in Arizona, California, Colorado, Connecticut, Florida, Nevada, New Jersey and Virginia; before Administrative Law Judges of the Securities and Exchange Commission; before arbitration panels of the Financial Industry Regulatory Authority and the American Arbitration Association; and by video before a New Mexico special legislative investigative Subcommittee in an impeachment proceeding. A list of Mr. Doty's litigation consulting and municipal bonds expert witness engagements is available upon request.
As appropriate, in his litigation consulting and municipal bonds expert witness engagements, Mr. Doty works with plaintiff and defense counsel in municipal securities litigation with respect to a wide range of issues relating to municipal securities and the municipal securities market, the roles and responsibilities of issuers, financial and other municipal advisors, underwriters, counsel, trustees, feasibility consultants, appraisers, investors and other participants in municipal securities transactions, and regarding prevailing disclosure, due diligence and fiduciary duty customs, practices and standards of care in the municipal bond market.
Accordingly. Mr. Doty serves in multiple municipal market subject areas as a municipal securities expert witness, including among other things, a municipal bond disclosure expert witness, municipal bond due diligence expert witness, and a municipal advisor expert witness.
AGFS® is a registered trademark of Robert W. Doty.