Toby Duthie
Office:
Audrey House
16-20 Ely Place
EC1N 6SN
City:
London
Country:
England
Tel:
+44 (0)20 7269 7837

Questions and Answers:

Who's Who Legal Thought Leaders - Investigations

Toby has more than 20 years’ experience in complex financial analysis, financial modeling, investigations and compliance reviews. He has particular expertise in multi-jurisdictional investigations, anti-bribery and corruption compliance testing, and specialises in matters of government enforcement. Toby’s work includes the Rolls-Royce £671 million DOJ, SFO and Brazilian settlement; the $521 million DOJ and SEC Teva Settlement; the $328 million SBM Offshore DOJ settlement; and other high-profile FCPA enforcement cases including Bonny Island LNG and Oil-for-Food.

DESCRIBE YOUR CAREER TO DATE.

I started out as a lecturer in a Chinese University in Fujian in 1991 and realised quickly that I was a terrible teacher. I spent a brief period as a steel trader in Hong Kong and then returned to London in 1994 to start my career in finance in the investment banking division of Deutsche Bank/Morgan Grenfell. After five years in banking, my two co-founders and I set up FRA in 1999. I have since worked on a number of complex financial frauds and bribery investigations, which have involved everything from assisting in data lockdown and collection, litigation hold implementation, complex data analysis, and interviews through to settlement including disgorgement and fine calculation analysis. I have worked with national enforcement agencies from every continent as well as multinational agencies such as the World Bank. Having spent five years in the FRA US office from 2004 to 2009, I returned to the FRA London office to develop the firm’s white-collar and regulatory defence services across Europe.

WHY DID YOU DECIDE TO ESTABLISH YOUR OWN FORENSIC ACCOUNTING FIRM?

We saw an opportunity for a fully independent, conflict-free forensic adviser. Conflicts are increasingly an issue for clients and many of our bigger competitors. We wanted to develop a market-leading practice, highly respected with deep subject matter expertise.

WHAT WAS THE MOST CHALLENGING ASPECT OF SETTING UP FRA?

When we first founded FRA – particularly in the UK – the industry was much more focused on smaller financial fraud or insolvency cases and experience testimony. Over the past decade, the increase and globalisation of enforcement and the multi-jurisdictional nature of so many investigations has meant that the market has developed very much to favour players like us. There is pretty much no such thing as an investigation that spans a single jurisdiction these days. Also, clients and regulators are much more aware of conflicts and the need to manage the cost of these matters sensibly.

IN YOUR OPINION, HOW IS THE CURRENT UNCERTAINTY IN THE REGULATORY LANDSCAPE, BROUGHT ABOUT BY BREXIT AND THE GDPR, IMPACTING THE INDUSTRY?

Regulatory investigations and related processes frequently span several years so strategic decisions made today around data transfers will have important ramifications down the line. The current lack of clarity on regulations coming into play is leaving investors, management and stakeholders susceptible to uneasy regulatory transitions, high costs, and exposure to the risk of heavy fines. For industry practitioners and companies involved in investigations, expecting regulatory probes or even cross-border litigation, there is no single solution. There are, however, certain measures that can be undertaken in preparation to mitigate risks such as data mapping, training and the development of a data transfer strategy that takes into consideration the nature of the data, its origin, data privacy and other data-related constraints (banking secrecy, commercial and state secrecy, etc), and security. The key is to keep data within the jurisdiction unless you are certain you have thought everything through. As regulators focus more and more on individuals, the conflicts between individual rights and corporate cooperation will increase – which makes this area all the more challenging.

OVER THE PAST DECADE, THE NUMBER OF BOUTIQUE FIRMS PROVIDING FORENSIC ACCOUNTING SERVICES HAS INCREASED. HOW DOES FRA DISTINGUISH ITSELF FROM THE COMPETITION?

We want to be individuals our clients want to work with. Investigations often span many years – you don’t want to spend 15 hours on a plane next to someone you can’t have an interesting conversation with. We establish collaborative relationships with our clients built on transparent pricing and effective ways of working by staffing jobs intelligently with a team of all levels who are familiar with the matter being undertaken. We are used to delivering on extremely short deadlines and all of our services while maintaining jurisdiction compliant and a well-organised, planned approach. All of our services can also be fully customised for any level of complexity and any type of engagement. We also staff projects globally based on client preference as well as taking into account the specific skills a job needs.

IN YOUR OPINION, HOW DO YOU THINK RECENT ADVANCES IN TECHNOLOGY ARE LIKELY TO CHANGE THE LANDSCAPE OF THE GLOBAL INVESTIGATIONS SPACE?

From a technical perspective, the evolution and importance of data analytics has driven the need to find a way to efficiently process and query vast amounts of transactional and unstructured data. Global investigations nowadays almost always involve hundreds of thousands of documents, if not millions. For larger, more complex matters, technology-assisted review will soon be seen as the only sensible and cost-effective way to handle large-scale reviews and production. 

WHAT HAS BEEN THE MOST MEMORABLE MATTER YOU HAVE WORKED ON?

Very early on we were lucky enough to work on two Holocaust-related restitution matters involving the Swiss banks and German industry. The former was in respect of dormant assets and the latter in respect of Nazi-era slave labour. We initially set FRA up to do this work and were privileged to work on assisting in the validation and payment of over $5 billion of restitution to survivors. I learned a huge amount from my colleagues about cross-border data management and claim quantification and met some truly interesting and humbling people.

HOW DO YOU SEE YOUR PRACTICE DEVELOPING OVER THE NEXT FEW YEARS?

Rapidly growing! We are increasing headcount, expanding geographically, acquiring new expertise and developing new service lines. Since January this year, we have increased our headcount by 23 per cent; opened offices in Dallas, Philadelphia and New York; offered new service offerings for GDPR and data analytics; expanded our business development activity into the Nordics and invested in an arbitration practice. Our leadership team is dedicated to the firm’s aggressive growth strategy over the next five years, and to staying at the forefront of the industry in what we do and the way we do it.

Biographies:

Who's Who Legal Consulting Experts: Experts - Investigations - Forensic Accountants

Toby Duthie is a founding partner of FRA and head of its United Kingdom and European offices. He has more than 20 years’ experience in financial analysis, complex financial modeling, investigations and compliance reviews. Fluent in English and German, Toby has particular expertise in multi-jurisdictional investigations, anti-bribery and corruption compliance testing, and specialises in matters of government enforcement in the United Kingdom and the United States.

Toby won Investigations Forensic Accountant of the Year 2018 at the Who's Who Legal Awards and is recognised in Who's Who Legal: Thought Leaders – Investigations 2018; Who's Who Legal: Investigations (2018 and 2017) and Who's Who Legal: Consulting Experts 2017. One source describes him as, “first-rate” in multi-jurisdictional investigations and government enforcement matters, with clients lauding his expertise as “unsurpassed” and “tremendously impressive, he knows all there is to know about FCPA enforcement”.

Toby has worked on a number of complex financial frauds and bribery investigations which have involved disgorgement and fine calculation analysis and modeling in a variety of jurisdictions, including the United States, Japan, Austria, and the United Kingdom, with the most recent including the Rolls-Royce £700m DOJ, SFO and Brazilian settlement, the $521 million Teva settlement and the $328 million SBM Offshore matter.

As one of FRA’s founding partners, Toby was instrumental in developing the firm’s white-collar and regulatory defence services across Europe and has been integral in resolving such high-profile FCPA enforcement cases as Panalpina, Bonny Island LNG, and Oil-for-Food. He has worked on matters involving United Kingdom, Swiss, Dutch, and French regulators and has extensive experience calculating damages in FCPA enforcement actions. He has worked on four of the 10 largest FCPA settlements. Toby has further worked on some compliance monitorships involving the natural resources and IT sectors.

He also set up the United Kingdom’s first third party litigation funding company in 2002 (IM Litigation Management Limited) which pursued over 50 claims with over a 70% success rate.

A graduate with honors from University College London, Toby worked as a steel trader in Hong Kong and in the investment banking division of Deutsche Bank/Morgan Grenfell.

WWL says: The “excellent” Toby Duthie is a prominent figure in the UK investigations market and stands out for his work in fraud and bribery cases.

This biography is an extract from Who's Who Legal: Consulting Experts which can be purchased from our Shop.

Who's Who Legal Investigations: Forensic Accountants

Toby Duthie is a founding partner of FRA and head of its United Kingdom and European offices. He has more than 20 years’ experience in financial analysis, complex financial modeling, investigations and compliance reviews. Fluent in English and German, Toby has particular expertise in multi-jurisdictional investigations, anti-bribery and corruption compliance testing, and specialises in matters of government enforcement in the United Kingdom and the United States.

Toby is recognised in Who’s Who Legal: Consulting Experts 2017 and Who’s Who Legal: Investigations 2017 as a leading professional in his fields of practice. One source describes him as, “first-rate” in multi-jurisdictional investigations and government enforcement matters, with clients lauding his expertise as “unsurpassed” and “tremendously impressive, he knows all there is to know about FCPA enforcement”.

Toby has worked on a number of complex financial frauds and bribery investigations which have involved disgorgement and fine calculation analysis and modelling in a variety of jurisdictions, including the United States, Japan, Austria and the United Kingdom, with the most recent including the Rolls-Royce £700 million DOJ, SFO and Brazilian settlement, the US$521 million Teva settlement and the US$328 million SBM Offshore matter.

As one of FRA’s founding partners, Toby was instrumental in developing the firm’s white-collar and regulatory defence services across Europe and has been integral in resolving such high-profile FCPA enforcement cases as Panalpina, Bonny Island LNG, and Oil-for-Food. He has worked on matters involving United Kingdom, Swiss, Dutch, and French regulators and has extensive experience calculating damages in FCPA enforcement actions. He has worked on four of the 10 largest FCPA settlements. Toby has further worked on some compliance monitorships involving the natural resources and IT sectors.

He also set up the United Kingdom’s first third-party litigation funding company in 2002 (IM Litigation Management Limited) which pursued over 50 claims with over a 70% success rate.

A graduate with honors from University College London, Toby worked as a steel trader in Hong Kong and in the investment banking division of Deutsche Bank/Morgan Grenfell.

WWL says: Toby Duthie is “a highly articulate financial expert” according to sources, who praise his “ability to communicate complex issues clearly and come up with creative solutions”.

This biography is an extract from Who's Who Legal: Investigations which can be purchased from our Shop.

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