Robert Doty


Download Curriculum Vitae
in PDF Format

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, 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 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.

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 and due diligence customs, practices and standards of care in the municipal bond market.

Mr. Doty has participated in approximately 145 municipal bonds cases, and has testified as a municipal bonds expert witness approximately 70 times.

Mr. Doty has served as a consultant to lawyers on a variety of matters relating to municipal securities law and regulation, municipal disclosure and due diligence, municipal finance in general, fiduciary duties, prevailing municipal bond market customs, practices and standards of care, and roles and responsibilities of parties. Mr. Doty is able to point counsel to authoritative and recognized municipal market guidance and literature discussing prevailing practices. 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. 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 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, leases, 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; 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—

  • National Federation of Municipal Analysts
    • Member Board of Governors and Executive Committee
    • Chair, Certificate Committee
    • Member, Disclosure Committee
    • Member, Industry Practices Committee

  • Government Finance Officers Association
    • General Counsel
    • Member, Disclosure Task Force

  • International Municipal Lawyers Association
    • Co-Chair, Section on Economic Development/Finance and Securities
    • Recorder, Associate Members Department

  • Southern Municipal Finance Society
    • Chair
    • Member, Board of Directors

  • National Association of Bond Lawyers, Member, Special Committee on Securities Law and Disclosure
  • American Bar Association
    • Section of State and Local Government Law
    • Section of Business Law, Vice Chair, Subcommittee on Municipal and Governmental Obligations

  • National Association of Independent Public Finance Advisors
    • Vice President
    • Member, Board of Directors
    • Chair, Public Affairs Committee
    • Representative, Muni Council

  • Municipal Finance Journal
    • Member, Editorial Board
    • Author, Articles on Municipal Securities Law and Disclosure Developments

  • MSRB, Member, Professional Qualifications Advisory Committee

  • Muni Council, Chair, Security Committee
  • Memberships: Mr. Doty's professional memberships include: National Federation of Municipal Analysts; Government Finance Officers Association (Associate Member); Municipal Analysts Group of New York; Bar regulatory associations or authorities in California, New York, Maryland, the District of Columbia, Texas (inactive) and Ohio (inactive); and the American Bar Association (Section of Local Government Law and Section of Business Law). 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.

    Awards: Mr. Doty has received the following awards from national associations in the municipal securities market—

    • National Federation of Municipal Analysts, MUNICIPAL INDUSTRY CONTRIBUTION AWARD
    • International Municipal Lawyers Association, MOST OUTSTANDING ASSOCIATE MEMBER AWARD

    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 from 2013 through 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). 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—

    • RECOMMENDED BEST PRACTICES IN DISCLOSURE IN CHARTER SCHOOL FINANCINGS (National Federation of Municipal Analysts, Draft, pending project)
    • WHITE PAPER ON THE DISCLOSURE OF POTENTIAL CONFLICTS OF INTEREST IN MUNICIPAL FINANCE TRANSACTIONS (National Federation of Municipal Analysts, 2015)
    • WHITE PAPER ON EXPERT WORK PRODUCTS (National Federation of Municipal Analysts, 2011)
    • FINANCING PROCEDURES CHECKLISTS (International Municipal Lawyers Association, Exposure Draft 2007)
    • GUIDELINES FOR LEASES AND CERTIFICATES OF PARTICIPATION (California Debt Advisory Commission, 1993) (Coordinator and Principal Drafter for the Project Team, with State agency staff)
    • DISCLOSURE GUIDELINES FOR STATE AND LOCAL GOVERNMENT SECURITIES (Government Finance Officers Association, 1991 edition)
    • DISCLOSURE GUIDELINES FOR STATE AND LOCAL GOVERNMENT SECURITIES (Government Finance Officers Association, 1988 edition)
    • DISCLOSURE ROLES OF COUNSEL IN STATE AND LOCAL GOVERNMENT SECURITIES OFFERINGS (Section of Urban, State and Local Government Law of the American Bar Association, 1st ed., 1987), sponsored by Subcommittee on Municipal and Governmental Obligations, Committee on Federal Regulation of Securities, Section of Corporation, Banking and Business Law, American Bar Association; Section of Urban, State and Local Government Law, American Bar Association; and Committee on Federal Securities Law, National Association of Bond Lawyers (Reporter and Coordinator)
    • OFFICIAL STATEMENTS FOR OFFERINGS OF SECURITIES BY STATE AND LOCAL GOVERNMENTS--EXAMPLES AND GUIDELINES (Government Finance Officers Association, 1981)
    • DISCLOSURE GUIDELINES FOR OFFERINGS OF SECURITIES BY STATE AND LOCAL GOVERNMENTS (Government Finance Officers Association, 1979 revision)
    • DISCLOSURE GUIDELINES FOR OFFERINGS OF SECURITIES BY STATE AND LOCAL GOVERNMENTS (Government Finance Officers Association, 1976 original version)
    • GUIDELINES FOR USE BY STATE AND LOCAL GOVERNMENTS IN THE PREPARATION OF YEARLY INFORMATION STATEMENTS AND OTHER CURRENT INFORMATION (Government Finance Officers Association, 1979)
    • PROCEDURAL STATEMENTS IN CONNECTION WITH DISCLOSURE GUIDELINES (Government Finance Officers Association, 1978)
    • TENTATIVE DISCLOSURE GUIDELINES FOR DEVELOPERS, a precursor for the California Debt Advisory Commission's 1996 Guidelines

    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
    to learn more about how his municipal bonds expert witness and litigation and other legal consulting services for lawyers can help you.


    Robert W. Doty, President/Proprietor
    AGFS®
    Reg. U.S. Pat. & TM Off.
    420 Chinquapin Round Road
    Suite 2-i
    Annapolis, MD 21401
    Telephone: (916) 761-3432

    E-mail: Robert.Doty@AGFS.com
    http://www.agfs.com

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    AGFS Municipal Bond Expert Witness and Litigation Consulting Services

    AGFS® is a registered trademark of Robert W. Doty.

    Copyright © 2017 AGFS, Annapolis, MD. All rights reserved.

    Robert W. Doty, President - American Governmental Financial Services

    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 145 municipal bonds cases, and has testified as a municipal bonds expert witness approximately 70 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 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 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 and due diligence customs, practices and standards of care in the municipal bond market.