Robert Doty has been involved in the municipal bond market as a financial and legal expert for more than 45 years. As President/Proprietor of AGFS, a litigation consulting firm in Annapolis, MD, he has worked in 160 litigation consulting matters in approximately three dozen states across the nation. Mr. Doty has testified at depositions and at trial an aggregate of 80-90 times. With a professional background as a bond lawyer, underwriter counsel, underwriter and municipal (financial) advisor to municipal entities, Mr. Doty is able to communicate financial concepts to legal professionals. He has participated actively in the drafting of recognized and authoritative municipal bond industry guidance published by national market organizations, including the Government Finance Officers Association, National Federation of Municipal Analysts and National Association of Bond Lawyers. Mr. Doty is an expert in municipal securities law, municipal disclosure, fiduciary duties, legal and market roles and responsibilities of parties in municipal bond offerings (e.g., issuers, officials, underwriters, counsel and municipal advisors) and other municipal securities issues. Mr. Doty has written several books, such as The Bloomberg Visual Guide to Municipal Bonds (John Wiley & Sons 2011) and Municipal Securities Law & Practice: Regulation, Disclosure and Enforcement, 212 Securities Practice Series (Bloomberg BNA 2014, rev. 2015, 2016, 2017), and over 70 articles. He graduated from Harvard Law School.
Areas of Expertise
- Financial Planning
- Fraud Investigation
- Investment Banking
- Litigation Finance
- Stocks & Bonds
- Q: Please list your professional accreditations, degrees, licenses, and certificates granted:
- A: B.A., University of Houston, Cum Laude
Ll.B, Harvard Law School
Law Licenses in Maryland, California, New York, District of Columbia, Texas (inactive) and Ohio (inactive)
Previously, passed FINRA Series 7 (Securities Registered Representative), Series 22 (Securities Principal, twice); State securities exams—Note: The securities licenses are no longer effective
Municipal Industry Contribution Award of the National Federation of Municipal Analysts
Most Outstanding Associate Member Award of the International Municipal Lawyers Association
- Q: Please list your affiliations or memberships in any professional and/or industry organizations:
- A: Government Finance Officers Association (Associate Member), former General Counsel, and a drafter of recognized municipal securities industry disclosure guidance
National Federation of Municipal Analysts, former Member, Board of Governors, and a drafter of recognized municipal securities industry disclosure guidance
National Association of Bond Lawyers, Associate Member, and a drafter of recognized municipal securities industry disclosure guidance
International Municipal Lawyers Association, Associate Member, Co-Chair, Section on Economic Development/Finance & Securities
- Q: Please list any teaching or speaking experience you have had, including subject matter:
- A: Creighton Law School (Corporations, Advanced Corporations, Advanced Securities Law, Partnerships & Agency, Professional Responsibility)
University of Houston Law School (Corporations, Municipal Finance Law)
From late 1980s to 2001, Chair, Annual Municipal Finance Institutes, Practising Law Institute
Chair and speaker at dozens of other conferences, seminars
and workshops on finance over the past 45 years, as well as author and co-author of several books and chapters and over 80 articles, including seminal articles on municipal securities law and municipal securities disclosure, publications on fiduciary duties of municipal advisors and other parties, and roles and responsibilities of parties in municipal bond offerings and other municipal securities transactions
- Q: Have any of your accreditations ever been investigated, suspended or removed? (if yes, explain)
- A: No
- Q: On how many occasions have you been retained as an expert?
- A: 160 litigation consultations, approximately half of which involved expert witness engagements
- Q: For what area(s) of expertise have you been retained as an expert?
- A: Municipal bonds
Municipal securities law
Conflicts of interest
Roles and responsibilities of parties
Municipal bond underwriters
Municipal bond issuers
Financial advisers to issuers
Responsibilities of underwriters
Responsibilities of issuers
Responsibilities of officials
Responsibilities of trustees
Responsibilities of counsel
Responsibilities of experts
- Q: In what percentage of your cases were you retained by the plaintiff?
- A: Estimate two-thirds
- Q: In what percentage of your cases were you retained by the defendant?
- A: Estimate one-third
- Q: On how many occasions have you had your deposition taken?
- A: Estimate 70-75
- Q: When was the last time you had your deposition taken?
- A: 2018
- Q: On how many occasions have you been qualified by a court to give expert testimony?
- A: Estimate 12 to 15
- Q: On how many occasions have you testified as an expert in court or before an arbitrator?
- A: Estimate 15 to 20
- Q: For how many years have you worked with the legal industry as an expert?
- A: Approximately 30
- Q: What services do you offer? (E.g.: consulting, testing, reports, site inspections etc.)
- A: Consulting, assistance in discovery and depositions, review and analysis of evidence, preparation of reports, assistance in preparation of trial exhibits, expert testimony
- Q: What is your hourly rate to consult with an attorney?
- A: $675
- Q: What is your hourly rate to review documents?
- A: $675
- Q: What is your hourly rate to provide deposition testimony?
- A: $675
- Q: What is your hourly rate to provide testimony at trial?
- A: $675
- Q: Please list any fees other than those stated above (E.g.: travel expenses, copy fees, etc.)
- A: All out of pocket costs for travel, copying, courier or mailing, and otherwise
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