Dr. Howard M. Schilit

Dr. Howard M. Schilit, CPA, Financial Shenanigans Detection (FSD) Group, LLC
Dr. Howard Schilit is the author of FINANCIAL SHENANIGANS: How to Detect Accounting Gimmicks & Fraud in Financial Reports (Third Edition, 2010, McGraw-Hill, with Jeremy Perler).  First published in 1993 and with over 150,000 copies sold and translated into a number of foreign languages (including Chinese, Japanese, and Korean), the book is considered a classic for investors. The CFA Institute had adopted and recommended the book for those sitting for the CFA examination.

In 2011, following a seven-year non-compete, Dr. Schilit founded the Financial Shenanigans Detection (FSD) Group, LLC that provides customized forensic financial analysis research and training services to institutional investors, insurance underwriters, and other stakeholders of public companies.

In 1994, Schilit founded the Center for Financial Research & Analysis (CFRA) and led the center for a decade.  CFRA grew rapidly to become the leading global forensic accounting-focused investment research firm, with offices in Washington, D.C., Boston, and London, serving over 500 clients.  In October 2003, Schilit sold a majority stake to the Boston-based private equity firm TA Associates, valuing CFRA at approximately $100 million.

CFRA became well-known in the investment community for warning investors about early signs of accounting improprieties both in the U.S. and abroad.  Its warnings included: WorldCom, Enron, Parmalat, Cendant, Royal Ahold, RiteAid, Sunbeam, Tyco, New Century Financial, Lucent, AOL.

Dr. Schilit received much acclaim in the media for his sleuthing and has been interviewed dozens of times by CNBC, Bloomberg, CNN, and most of the major networks.  He has also been profiled in a number of newspapers and magazines, including the New York Times (“Once a Cassandra, Now a Sage”) BusinessWeek (“The Sherlock Holmes of Accounting”), Barron’s (“A Financial Sleuth Finds a World of Abuses”), Forbes, Fortune, Washington Post, Newsweek, and Investment Dealers’ Digest.  Dr. Schilit was one of six people named by Smart Money (a Dow Jones monthly) as a “Power 30 of Investing” in both 2002 and 2003. 

Dr. Schilit spent the first sixteen years of his career, as an accounting professor at The American University in Washington, D.C.  He holds a doctorate in accounting from University of Maryland. 

Schilit regularly speaks at investment events around the world (Hong Kong, London, Sao Paulo, and Sydney) and at leading universities (Columbia, Harvard, London Business School, MIT, University of Chicago, Stanford, and Wharton.) 

Dr. Schilit has consulted for and testified before the U.S. Senate (involving the Enron debacle), House of Representatives, and the U.S. Securities and Exchange Commission.    


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