Anthony Milazzo is a Senior Managing Director at Ankura Consulting Group and is based in New York. Mr. Milazzo has extensive experience in auditing, corporate finance and forensic accounting. He is responsible for leading forensic accounting engagements including internal investigations, disputes and general accounting advisory matters.
Mr. Milazzo joined Ankura in May 2016 with over 22 years of accounting experience. Mr. Milazzo has focused on forensic accounting for the past 13 years with FTI Consulting and KPMG’s Forensic Dispute Advisory Services practice, where he was a Senior Managing Director.
Mr. Milazzo has experience leading forensic accounting investigations including some well publicized Ponzi scheme matters. Responsibilities included unraveling complex accounting transactions, advising legal counsel and presenting findings to various third parties including the Securities and Exchange Commission (“SEC”) and law enforcement. Mr. Milazzo provides forensic accounting litigation support including accounting research, expert reports, testimony and advisory services to counsel. Mr. Milazzo also provides technical accounting advice on a variety of Generally Accepted Accounting Principles (“GAAP”), Generally Accepted Auditing Standards (“GAAS”), and SEC matters including taking the lead on SEC filing restatement projects, drafting technical accounting white-papers and coordination with management, directors, audit firms, counsel and government authorities.
Prior to his forensic accounting experience, Mr. Milazzo worked in private industry and served as the Corporate Controller of a software company that created applications for the commercial real estate market and as the CFO of a start-up dot-com. In both private industry roles, he was responsible for coordinating all financial aspects of the organization, including financing coordination and financial reporting. Prior to that, Mr. Milazzo worked for KPMG in their Assurance practice and managed financial statement audits, SEC filing engagements (including three completed public offerings) and other special project engagements for a wide range of clients varying in industry and size.
Investigations — Mr. Milazzo has experience leading forensic accounting investigations. Responsibilities included unraveling complex accounting transactions and advising audit committee members and legal counsel as well as presenting findings to various third parties including the SEC and law enforcement. Some examples of this experience include:
- Led a team of professionals and forensic accountants in connection with the Michael Kenwood Receivership. Led all aspects of the investigation including various analyses related to the complex web of cash flows necessary to determine the entities involved in the commingled scheme and for clawback litigation purposes. Coordinated findings with counsel, the SEC, U.S. Attorneys and other government authorities.
- Led certain investigation work in connection the court-appointed trustee under SIPA in the liquidation of Bernard L. Madoff Investment Securities. Investigated the commingling of funds between the broker/dealer business and an investment advisory business that was the primary vehicle used to orchestrate the Ponzi scheme. Coordinated findings with counsel, the SEC and other government authorities.
- Led investigation in connection with a Receivership of an ATM company. Led the forensic accounting analysis work, assisted with the drafting of a report issued by the Receiver and coordinated efforts with government authorities.
- Led an investigation related to an SEC enforcement action of a publicly traded electronics distributor. The issues primarily related to the interaction between the distributor and one if its suppliers which had previously admitted to accounting irregularities including channel stuffing and other right of return issues. Communicated all findings to the audit committee of the distributor, counsel and the SEC.
- Investigated a private equity partner’s involvement in a significant asset misappropriation matter including detailed review and analysis of numerous portfolio company investment transactions and follow up proposal of internal control recommendations.
Disputes — Mr. Milazzo provides litigation support in cases with accounting disputes. Responsibilities included accounting research, expert report drafting, and advisory services to counsel. Some examples of this experience include:
- Issued an expert report and was deposed related to an asset forfeiture case brought by the DOJ alleging that certain funds were received in connection with a Russian tax scheme.
- Testified in a criminal matter related to a previous channel stuffing investigation and was deposed in a related SEC matter. Worked closely with assistant U.S. Attorneys in assembly of voluminous trial exhibits/support and in trial preparation.
- Managed an accounting malpractice litigation matter in defense of a top tier public accounting firm related to its audit of a publicly traded telecommunications company including taking the lead on key technical accounting issues including revenue recognition of certain complex transactions.
- Managed a litigation matter on behalf of a large financial institution related to services it provided to Worldcom including taking the lead on all significant accounting issues including expense capitalization and revenue recognition allegations and was instrumental in report drafting and deposition preparation.
- Managed the arbitration process for a division of a global conglomerate that was involved in an acquisition purchase price dispute including taking the lead on the largest dispute items that involved inventory valuation.
Accounting Advisory — Mr. Milazzo provides technical accounting advice on a variety of GAAP, GAAS, and SEC matters. Some examples of this experience include:
- Provided GAAP and GAAS guidance related to a bankruptcy matter expert report that required nuanced research into intercompany transactions in the context of stand-alone financial statements.
- Provided accounting guidance in connection with a litigation matter against a large hospital and healthcare provider including taking the lead on research and analysis related to charity, indigent and uncompensated care accounts receivable issues.
- Advised clients of a hedge fund that was being liquidated as the result of a fraud. Analyzed the Receiver’s findings, coordinated document discovery with the Receiver and collaborated with counsel on matters of equitable distribution. Coordinated all efforts including complex model calculations and the issuance of a report attached to counsel’s formal distribution proposal.
- Provided guidance to a publicly traded pharmaceutical company related to SEC filing restatements including taking responsibility for drafting restated filings and responding to SEC inquiries. Drafted white-papers on technical accounting issues, worked with management and external auditors on restatement analyses, and took on special projects with Sarbanes-Oxley implications.
- Drafted an accounting white-paper related to the revenue recognition practices of a publicly traded pharmaceutical company. Worked closely with Company management to develop a sell-through model that worked effectively with reports received from third parties. Presented and explained the components of the model to the audit firm of the Company.
Mr. Milazzo received a Bachelor of Science in Accounting from Fordham University. He is a Certified Public Accountant in New York and a Certified Fraud Examiner. Mr. Milazzo is a member of the American Institute of Certified Public Accountants and the Association of Certified Fraud Examiners. He also serves as a Board Member, Treasurer and Finance Committee Chair of a non-profit organization.