SAR is a mission-driven company dedicated to enhancing transparency in the securities class action arena with unrivaled independence, adherence to the highest standards in quality, and a firm commitment to integrity.


Nessim Mezrahi

Co-Founder and CEO


Nessim is co-Founder and CEO of SAR.  Mr. Mezrahi is dedicated to providing industry-leading Insurance Companies that protect Directors and Officers (D&O) with independent event study analyses to evaluate and quantify potential aggregate damages in securities class actions that allege violations of the Exchange Act and Securities Act based on case precedents in key circuits of the U.S. Federal Court System.  Mr. Mezrahi also serves Corporate Governance counsel that advise Directors and Officers and their Boards about the risk and severity of potential claims for alleged violations of the federal securities laws.  Mr. Mezrahi provides independent and neutral support services to parties engaged in mediated settlement discussions related to complex aggregate damages issues in securities class actions that involve alleged violations of Rule 10(b)-5.  He leads a team of focused and experienced professionals that are committed to providing a uniform application of event study analysis with the highest standards in quality and a keen attention to detail. 


Since 2007, Mr. Mezrahi has estimated economic damages in securities class actions that allege violations of the federal securities laws under on Section 11, Section 12(a)(2), and Section 15 of the Securities Act of 1933, and under Section 10(b) and 20(a) of the Securities Exchange Act of 1934.  For over a decade, Mr. Mezrahi worked directly with top-ranked securities class action plaintiff attorneys on analyses of price impact, market efficiency and aggregate damages on several landmark cases that stemmed from the Great Recession of 2008.  As of June 2018, Mr. Mezrahi no longer provided expert damages services to securities class action plaintiff attorneys. 


Notable MBS class action matters Mr. Mezrahi worked on include, HEMT MBS Securities Litigation, Washington Mutual MBS Securities Litigation, RALI MBS Securities Litigation, Harborview MBS Securities Litigation, Countrywide MBS Securities Litigation and the Dynex ABS Securities Litigation and Petroleo Brasileiro, S.A. Securities Litigation.  Notable public equity securities class actions include: China MediaExpress Securities Litigation, Harman International Industries, Inc. Securities Litigation, ITT Educational Services, Inc. Securities Litigation, Braskem S.A. ADS Securities Litigation, Opus Bank Securities Litigation, Impax Laboratories, Inc. Securities Litigation, Neustar, Inc. Securities Litigation.  Mr. Mezrahi has devised and submitted court-approved estimates of aggregate damages and plans of allocation for securities class action settlements in key circuits of the U.S. Federal Court System.


Previously, Mr. Mezrahi was an internal auditor for GE’s Corporate Audit Staff (CAS) where he engaged in the design and tested the effectiveness of internal controls over financial reporting according to Sections 302, 401, and 404 of the Sarbanes-Oxley Act of 2002.  Mr. Mezrahi completed the GE Financial Management Program (FMP) at GE Capital in Stamford, CT.  Nessim graduated from Babson College (Honors Program Graduate with Highest Academic Distinction) and lives in Bethesda, MD with his wife and two children.  Mr. Mezrahi is from Bogotá, Colombia and a graduate of Choate Rosemary Hall.  He is a dedicated athlete and fluent in Spanish.  Nessim is an active member of the Professional Liability Underwriting Society (PLUS).

Carolina M. Doherty

VP of Business Development


Carolina leads the business development and marketing programs at SAR and manages new client on-boarding.  She has a proven track record of managing diverse teams and working with executives to achieve major strategic goals using data-driven metrics.  In addition to her client-facing role at SAR, Ms. Doherty manages the development and publication of SAR's quarterly Rule 10b-5 SCA Exposure Report.  Carolina also supports compliance processes for the SCA Platform by working together with the Data Science team to uphold the Company's high standards of quality when analyzing securities class action claims. 


Carolina has cultivated strong communication, interpersonal, and analytical skills honed from her previous consulting career.  During her eight-year tenure at Nathan Associates, Carolina worked in the Financial Litigation division and supported the analysis and quantification of economic damages in complex securities class action cases.  More recently, Carolina was a Senior Associate at a management consulting firm where she helped senior executives from Fortune 500 companies assess and set key strategic growth initiatives.  During that time, Carolina also supported the digitization of the company's existing tools and frameworks into cloud-based systems.  

Carolina is a graduate of the University of Pennsylvania.  She is originally from Bogotá, Colombia and is fluent in both Spanish and Portuguese.  She currently lives in Vienna, VA with her spouse, two children and a dog.  Carolina is an active member of the Professional Liability Underwriting Society (PLUS).

Ariel Himmelstern



Ariel is a co-Founder of SAR and led the development efforts for the initial code base of the SCA platform.  Ariel is an experienced entrepreneur and software engineer in financial services.  Mr. Himmelstern led the software engineering team at Symphony in Palo Alto, CA when he joined the company at an early stage.  Previously, Ariel developed software at PEAK6 Investments LP in Chicago, IL.  Mr. Himmelstern developed and implemented multiple features for the company's options trading platforms that complied with stringent FINRA requirements.  Ariel delivered multiple security features for the trading platforms, including two-factor authentication.  Mr. Himmelstern also co-founded RoomSync, and is the managing director of its parent company, U-Match, LLC.  RoomSync is a Facebook application company that enables students to match-up with each other to determine optimum roommate matching possibilities.  RoomSync is the leading roommate matching software platform used by leading universities across the U.S.


Ariel graduated from Georgia Institute of Technology with a degree in Computer Engineering and attained a degree in computer science from Emory University.  Ariel now lives in North Miami Beach, FL. He is fluent in Spanish.

Gadi Rozmaryn 

VP of Software Engineering


Mr. Rozmaryn manages the SCA platform cloud-based technology and development efforts.  Gadi directs and manages the company's AWS cloud relational database management infrastructure and oversees database access, security, and code base quality control.  Gadi spearheads feature development, implementation, and deployment according to our client's specific requirements.  Gadi's primary focus is bridging the gap between highly-technical quantitative and statistical functions and agile cloud-based processes to attain reliable and sustainable data processing. He also oversees automated-testing implementation for on-going quality control.

Mr. Rozmaryn has over two decades of experience in systems administration, application development, and cloud architecture design. Gadi has worked in start-ups and publicly traded corporations in a variety of industries including real estate, e-commerce, education and communications.  Most recently, Gadi was a principal infrastructure architect for Teaching Strategies, LLC based in Bethesda, MD. Teaching Strategies, LLC is an industry leading EdTech company that specializes in assessment tools used by thousands of teachers and education administrators in every state across the U.S. to ensure children are meeting developmental goals from birth through 3rd grade.  Mr. Rozmaryn built the team, designed and oversaw all aspects of platform development including front and back-end design and implementation, and the hosting infrastructure. He served as the technical lead during the due diligence phase of two successful acquisitions.  Previously, Gadi worked at Hughes Network Systems in Germantown, MD where he built the customer portal for the company.


Gadi is a native of Silver Spring, MD where he lives with his wife and three children and enjoys coaching his children's sports team.  

Stephen Sigrist

Data Scientist


Mr. Sigrist is the Data Scientist at SAR.  He leads the data analytics efforts by managing the company's data analytics and audit processes.  Mr. Sigrist manages Claim Associates, Quantitative Analysts and works directly with the VP of Software Engineering to maintain the high quality standards of securities class action data analytics through cloud-based processing.  Mr. Sigrist leads the on-going evaluation of the applied statistical and quantitative functions that support the claims and underwriting tools.  He continually oversees the goodness-of-fit testing of the applied multivariate regression models and manages all raw financial and economic data inputs for quality control purposes.  Stephen also manages and maintains the Company's statistical and quantitative standard operating procedures (SOPs) and applied protocols to ensure effective and sustainable cloud-based data processing and database management.   


Mr. Sigrist has over a decade of experience applying data science in financial and economic research.  Stephen supported nationally-recognized testifying experts with the quantification of economic damages in complex securities and antitrust class action cases at Nathan Associates in Arlington, VA.  Mr. Sigrist has significant expertise in event study analysis and has performed numerous analyses of market efficiency for stocks, bonds, in addition to damages analyses on call and put options.  Previously, Mr. Sigrist was a Senior Research Associate at the Investment Company Institute (ICI) in Washington DC, where he researched, compiled and published metrics pertaining to the mutual fund industry's size and sector exposure.  Stephen holds a Master's degree in financial economics from Ohio University and recently completed the Data Science program from the Georgetown University School of Continuing Studies.  Mr. Sigrist is a SAS Certified Advanced Programmer, and has an advanced level of proficiency in econometric modeling using Stata, R, and Python coding languages.   


Stephen lives in Bethesda, MD and practices kickboxing.  Stephen is an active member of the Professional Liability Underwriting Society (PLUS).


Brett Carmel

Co-Founder and Senior Managing Director

Seale & Associates

B.A. University of Florida

M.A. The George Washington University, International Affairs

M.B.A. The George Washington University, International Business

Brett co-founded Seale & Associates in 1999 and is a senior managing director with extensive cross-border international transaction experience. Brett has advised companies and investors on divestitures, mergers, acquisitions, joint ventures, recapitalizations, valuations, due diligence, strategic alternatives assessments, and various corporate finance matters. Prior to joining Seale & Associates, Brett worked with the president and co-founder of Seale & Associates, Jim Seale, for an investment bank in Washington, DC on a wide variety of M&A engagements. Previously, Brett was a Financial Analyst for the U.S. Surface Transportation Board and a consultant working with international development banks. Brett is a professional faculty member at The Johns Hopkins University Carey Business School teaching mergers and acquisitions and has been a featured speaker on M&A and corporate finance related topics at several industry association meetings and higher education conferences, such as Tecnologico de Monterrey in Mexico.

Joel Finard

Founder and Managing Partner

CapMarket Consulting

B.A. University of Massachusetts at Amherst

M.A. in Economics at Columbia University

M.Phil. Economics at Columbia Univesity

Chartered Financial Analyst (CFA)

Joel has more than 25 years of experience in the financial services industry and is the founding principal of CapMarket Consulting. Mr. Finard has provided expert testimony in numerous high-profile complex financial transactions and class actions. Joel has been retained by counsel at the U.S. Department of Justice, the Canadian Department of Justice, the Commodity Futures Trading Commission, and for Corporate and Individual Plaintiffs and Defendants. Mr. Finard is a nationally-renowned expert in capital markets, financial risk management, and management oversight and internal controls over financial reporting. Mr. Finard’s notable testifying experience includes: CalPERS vs. Moody’s and S&P, CFTC vs. MF Global, Enron Securities Litigation, Pritired vs. USA, Dow Chemical Company vs. USA, Anschutz vs. USA.  Prior to serving as a capital markets expert, Mr. Finard was the Partner-in-Charge of Deloitte’s Capital Markets Consulting Practice serving Fortune 50 financial institutions and securities dealers. Mr. Finard's capital markets practice consisted of assessing and advising Directors and Officers on internal controls over financial reporting, management oversight and internal control breakdowns.

Jay Madsen

Private Equity Investor 

B.S. University of North Carolina at Chapel Hill
M.B.A. University of Pennsylvania – The Wharton School

Jay is a private equity and venture capital investor and operator with over ten years of experience. In 2012, Mr. Madsen joined Lecorpio in Santa Clara, CA to serve as the CEO for over five years. Lecorpio was used by five of the top 20 most active U.S. patent filers, in addition to other well-known innovators such as Adobe, T-Mobile, Rockwell Automation, NEC, NetApp and Red Hat. In 2017, Lecorpio merged with Anaqua, Inc. to create the next generation IP software and services company. Anaqua, Inc. is the premier provider of intellectual property data analytics platform solutions. Prior to joining Lecorpio, Mr. Madsen was the managing partner of Accretia Capital, a private investment firm formed by leading entrepreneurs, operators and investors to grow businesses through active management. Prior to Accretia, Jay worked in Private Equity at 3i plc, a global private equity firm with more than $21 billion in assets. Before 3i, he was a growth equity investor at Summit Partners where he focused on technology and healthcare businesses. Jay began his career in finance as an investment banking analyst at Bank of America Securities after working for IBM in various software development roles after completing the Extreme Blue Intern Corporate Program. 

Judith Pearson

President and CEO


B.S. University of Wisconsin-Madison
M.B.A. Weatherhead School of Management at Case Western Reserve University

Judith is President and CEO of Nomadx with more than 37 years of experience in the insurance industry.  Ms. Pearson was a pioneer in the development of Directors and Officers executive liability insurance.  Judith began her insurance career at CHUBB serving customers with specialty insurance products and industry-leading claims and risk engineering services.  From CHUBB she went to Chicago-based AON Corporation where she was a Founding Member of the Financial Services Group (FSG) and head of FSG's intellectual property division.  After serving AON for over a decade, Judith became President and Co-Founder of ARIS Title Insurance Corporation, which underwrites title insurance for fine art and important collectibles.  For over fifteen years as chief executive at ARIS, Judith provided highly-specialized risk mitigation services to Directors and Officers and high-net worth individuals when transacting high value art and collectible transactions.  In 2016, Judith became the Chief Compliance Officer for Stategix Consulting, LLC, a highly-experienced professional services firm that provides strategic and tactical development, owner's representation and advisory services to clients that undertake design and construction projects in North America.  Today, Judith leads Nomadx, an industry-leading company that provides fiduciaries with specialized resources and services to identify, mitigate, and transfer the risk they assume when agreeing to serve as Trustees.  Judith is a frequent speaker and has received national recognition in the Wall Street Journal, the New York Times, and Wealth Management Magazine.

©  SAR, LLC. 2020

Bethesda, MD