Marshall & Stevens provides essential independent forensic accounting investigations in cases of potential fraud.
Fraud investigations continue to grow, in size and complexity, due to increases in the quantity and quality of data, the global economy, ease of access to international banking systems, and increasingly sophisticated schemes. It is more important than ever for any business or organization that suspects fraud engage with independent investigative teams who have the right experience and are on the forefront of fraud investigation tools and techniques in suspected cases of fraud.
Marshall & Stevens provides premier, well-rounded, and thorough financial and litigation support services to our clients because our experts are trained and experienced in both financial analysis and courtroom proceedings.
Our fraud assignments are led by senior specialists who have earned their CPA. In addition, we have professionals who are credentialed through one or more distinguished professional organizations, including, business, asset and real estate valuations (ABV, ASA, MAI, and MRICS), CFE, CDBV, CFA, CFF, and CIRA.
- Our fraud and forensic accounting services include:
- Fraud Detection and Prevention
- Expert Testimony and Litigation Support
- Cash and Asset Tracing
- Asset Recovery and Redistribution
- Receivership or Accountants to Receivers
- Due Dilligence
- Internal Controls and Prevention
- Mergers and Acquisitions
- Business Interruption
- Shareholder Disputes
- Divorce Disputes
Our team of professionals have specialized experience in Ponzi Schemes, Embezzlement, Money Laundering, and Financial Statement Fraud.
Please see the affiliated webpages and services sheets listed to the right or contact our experts listed below for more information about any of these matters.
How Marshall & Stevens can help with Fraud and Forensic Accounting Services
Our Forensic Accounting team collaborates with our internal multi-disciplinary professionals to provide the value analyses and fresh independent opinions to fiduciaries, financing sources and investors for public and private company transactions.
Bankruptcy, Reorganization and Restructuring Services
Investigative accounting, business and asset valuations, financial consulting, and expert witness testimony are the tools Marshall & Stevens brings to distressed entities looking for a fresh start.
Dispute Resolution and Expert Witness Services
Our experienced professionals provide forensic accounting, damages calculations, divorce services, litigation support and expert witness testimony.
Divorce Services
We understand that state law dictates much of what is expected in divorce disputes. Our team of forensic accountants, fraud examiners, and valuation experts are trusted and experienced leaders in cases of divorce.
Frequently Asked Questions
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Marshall & Stevens has staff that serve as receivers and who perform investigative/forensic accounting services. We also assist with bankruptcy and restructuring as may be required.
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Marshall & Stevens provides valuation, solvency/insolvency opinions, and other consulting services to assist with bankruptcy, restructuring and recapitalization transactions.
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Marshall & Stevens values companies and assets around the world. Our staff travels as necessary to conduct site inspections, management interviews and perform other due diligence.
The Marshall & Stevens Difference
Marshall & Stevens provides Fairness and Solvency Opinions, valuation analyses, investigative accounting, and expert witness services to assist public and private clients with their important transactions and litigation matters.
Client Highlights
Here are a few client success stories from
Fraud and Forensic Accounting Services Contacts at Marshall & Stevens
David Bateman serves as receiver, and specializes in forensic investigations, damages calculations, and valuations for disputes.
Background
Matt Connors is a Managing Director with over 24 years of experience in public accounting. He joined Marshall & Stevens in 2023, with the acquisition of Rocky Mountain Advisory. He works primarily in disputes, valuation, and fraud investigations. His expertise includes expert witness services in complex commercial litigation disputes and valuing equity securities in and outside of litigation disputes.
Mr. Connors has testified in Federal and state courts multiple times. He is an expert in calculating economic damages, business valuation, intellectual property valuation, intangible asset valuation and damages related to such intangible assets. He has extensive expertise in preparing and rebutting expert opinions in the above areas.
Mr. Connors’ practice also includes valuation of intangible assets, intellectual property, and goodwill for purposes of post-transaction financial reporting.
Mr. Connors has extensive experience investigating fraud schemes of various types. He has spent significant time investigating alleged fraud schemes including Ponzi schemes, misappropriation of assets, Foreign Corrupt Practices Act investigations, and evaluating business solvency.
Professional Highlights
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- Member, American Institute of Certified Public Accountants
- Member, Utah Association of Certified Public Accountants
- Member, Association of Certified Fraud Examiners
- Rocky Mountain Advisory, LLC
Managing Director, 2010-present - PricewaterhouseCoopers, LLP
Forensic Services, 2002-2010 - Symphony Homes
2007 - Call & Hartle, LLC
Tax Preparation and Financial Statement Preparation, 2002
- Portuguese: speaks, reads, and writes fluently.
Background
John Curtis is a Managing Director with over 27 years of experience in public accounting. He joined Marshall & Stevens in 2023, with the acquisition of Rocky Mountain Advisory. He works primarily in bankruptcy and restructuring services.
Mr. Curtis has more than twenty years of experience in performing investigative accounting work, bankruptcy and restructuring case work, troubled company workouts, lost profits and economic damages analyses, business valuations and fraud examinations.
In cases of fraud, Mr. Curtis has provided forensic accounting investigation, expert testimony, cash flow analysis, accounting for property operations and sales and analysis of alter ego issues related to substantive consolidation and other issues.
Mr. Curtis has testified many times in state and Federal courts and has served as a court-appointed receiver and fiduciary.
Professional Highlights
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- Member, Utah Association of Certified Public Accountants
- Member, Association of Certified Fraud Examiners
- Member, Association of Insolvency and Restructuring Advisors
- Rocky Mountain Advisory, LLC
Managing Director, 2010-present - PricewaterhouseCoopers, LLP
Manager, Advisory Services, 1998-2010
- Spanish: speaks and reads fluently.
Background
Mr. Payne is a Managing Director with over forty (40) years of accounting, consulting and valuation experience in both public and private industry. He joined Marshall & Stevens in 2025 with the acquisition of D.R. Payne & Associates. Mr. Payne previously worked in a number of financial positions in industry, including serving as Controller and Chief Accounting Officer of a publicly-traded E&P Company, in addition to working as a partner in a Big Six Accounting and Consulting Firm.
Mr. Payne is a graduate of Oklahoma Christian University (B.S. in Accounting 1980). He has participated in or instructed continuing education programs in the areas of valuation, bankruptcy accounting, litigation support, and turnaround management. Mr. Payne has attended strategic planning seminars, activity based costing and business valuation courses offered as executive training. Mr. Payne has completed courses, passed examinations and/or achieved direct experience required in public accounting, appraisal, turnaround management and restructuring disciplines to become certified.
Professional Highlights
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Diversity, Equity, and Inclusion Committee - National Board of Directors - Association of Insolvency and Restructuring Advisors
President
Valuation Standards Committee
Strategic Planning Committee
DEI Committee
Certification Committee - Member, American Bankruptcy Institute
- Member of the American Society of Appraisers
Past President and Treasurer of Oklahoma Chapter - Member, Association of Certified Fraud Examiners
- Member, Turnaround Management Association
- Member, International Business Brokers Association
- Member, Oklahoma Society of Certified Public Accountants
- Member, American Institute of Certified Public Accountants
Management Assignments
- Interim Chief Executive Officer
- Outsourced Chief Financial Officer
- Chief Development Officer
- Chief Restructuring Officer
- Operating Agent
Court Appointed Assignments
- Chapter 11 Trustee
- Chapter 11 Examiner
- Chapter 11 Restructuring Officer
- Court Appointed Expert Witness, F. R. E. 706
- Federal District Court Receiver
- State Court Receiver
Professional and Expert Witness Assignments
- Damages Assessments - Contract, Torts, Warranty, Anti-Trust, Infringement, Securities, Minority Shareholder, Wrongful Termination/Death - Over 300 Cases
- Forensic Accounting Assessments - Claims Measurement, Indicia, Factors and Tests
- Alter Ego, Fraudulent, Conveyance, Badges of Fraud, Concealments, misstatements, and Breach of Duty, Negligence, professional Standards - Over 100 cases
- Insolvency and Reorganization Evaluations – Cash Collateral, Conversion, Dismissal, Avoidance Actions, Confirmation, Absolute Priority and Feasibility – Over 500 cases
- Out of Court Restructurings – Over 200 clients
- Valuations and Appraisals – Over 30,000 hours
- Accountings and Forensic Investigations – Reconstructing of Books and Records, Tracing of Funds, Dissolution Accounting, Project Accounting, Transfer Pricing and other Financial/Business Conduct Disputes – Over 300 matters
Publications, Articles and Presentations
- “Insolvency Prove It”, 39th Annual Bankruptcy & Restructuring Conference, June 2023
- Best Practices for a Hotel Receivership, Commercial Receivers Association, November 2022
- ABI Panel, Oil & Gas Tools in the Toolbox, American Bankruptcy Institute, October 2022
- 5th and 10th Circuit Ethics Program in a Game Show Format, American College of Bankruptcy, July 2022
- Substantive Consolidation of Non-Debtor and/or Reverse Veil Piercing, Oklahoma Bar, Advanced Bankruptcy, December 2021
- Energy Restructuring; Lex Mundi Virtual Series, April 2021
- “Small Business Financial Restructuring Options Under SBRA and the Cares Act” State Chamber of Oklahoma, May 2020
- “Cycles in Energy Pricing and Effects on Market Sector Participants” Meinders School of Business, Oklahoma City University, July 2015, June 2016, November 2017 and July 2020
- “Value For What Purpose, To Whom” Structural Engineering Council of Oklahoma February 2017
- “Exposure Draft of Distressed Business Valuation Standards Expected to Be Approved During 2013,” Association of Insolvency & Restructuring Advisors Journal, Volume 27, Number 2-2013
- “Individual Chapter 11 Proceedings” Association of Insolvency and Restructuring Advisors’ 24th Annual Bankruptcy & Restructuring Conference, June 2011
- “Distressed Assets and Companies – Financing Issues” Rocky Mountain Mineral Law Foundation, January 2010 Whitepaper
- “Recent Case Rulings Center Around the Cornerstone General Standards Within the Professions,” Association of Insolvency and Restructuring Advisors Journal, February/March 2009
- “Valuation of Small, Troubled Businesses,” Association of Insolvency and Restructuring Advisors Conference, June 2008
- “Fraud: A View From The Private Sector,” Clifton H. Scott, Oklahoma State Auditor and Inspector – Questioning and Detecting Fraud, December 1998
- “How Structures Affect Valuation and Discounts,” Family Law Symposium, Oklahoma Bar Association, November 1998
- “Utilizing Business Appraisals as a Benchmark for Evaluating Contested Single Asset Real Estate Cases,” Whitepaper, November 1997
- Energy/Utility Industry Outlook, Association of Insolvency Accountants, May 1997
- “Alternatives to Bankruptcy,” North American Petroleum Conference, May 1992
- “Role of the Reorganization and Insolvency Accountant,” Oklahoma County Bar, May 1992
- “Post Petition Financing and the Capital Crisis,” Oklahoma Bar, Advanced Bankruptcy, December 1991
- “The Farmout Bills, A Closer Look,” American Bankruptcy Institute, June 1988
Background
Ms. Payne is a Director with over thirty-five years of accounting and consulting experience in the public, private, and government sectors. She joined Marshall & Stevens in 2025 with the acquisition of D.R. Payne & Associates. Her prior experience includes serving as a financial analyst for the Department of Justice in the United States Trustee Program and as a Manager/Supervisor for KPMG Peat Marwick and KMG Main Hurdman. Ms. Payne also worked in various financial positions in the oil and gas and banking industries with primary responsibilities in corporate accounting, planning, reporting, and analysis.
Ms. Payne is a graduate of the University of Oklahoma (BBA Business Finance). She continues to participate in professional development programs regarding bankruptcy law and accounting, litigation support, business valuation and forensic accounting. In addition to completion of annual continuing education requirements, on a post graduate basis, she has completed over twenty additional college credit hours of study in accounting, finance and computer applications at the University of Oklahoma and the University of Central Oklahoma.
Ms. Payne is a certified public accountant (CPA), a certified insolvency and restructuring advisor (CIRA), certified in distressed business valuation (CDBV), and has attained fellow status with the American Board of Forensic Accountants (FABFA). She is also an associate member of the Association of Certified Fraud Examiners and the American Bankruptcy Institute. Ms. Payne has over thirty years of bankruptcy and workout experience with public accounting firms, over two years as part of a financial team for a debtor in possession and two years with the Department of Justice as part of the United States Trustee Program.
Professional Highlights
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- American Bankruptcy Institute
- American Institute of Certified Public Accountants
- Oklahoma Society of Certified Public Accountants
- Association of Certified Fraud Examiners
- American College of Forensic Examiners
Relevant Insights
Bankruptcy, Reorganizations, and Restructuring Consulting
Property Tax Reporting and Disputes
