Jeff Buchakjian is a Managing Director in the Disputes, Claims, & Investigations group and leads the firm’s Commercial Litigation and Forensic Services practice. He specializes in providing forensic accounting expert and consulting services in complex investigations, commercial disputes, and government enforcement actions. We spoke to Jeff about his career in forensic accounting, lessons learned, and more.

What type of clients do you work with?

My clients are typically public and private companies or government agencies that are either involved in financial disputes or dealing with suspicions of financial fraud, waste, or abuse. Our team of dedicated forensic accountants are experts in commercial dispute and investigative related matters, and I, along with many of my colleagues, am retained to explain relatively complex financial issues to our clients, triers of fact, and government agencies.

What are some of your more notable cases and why?

I was retained by a State Attorneys’ General Office to serve as a forensic accounting expert in connection with a criminal investigation of potential violations of the Pennsylvania Prevailing Wage Act and the federal Davis-Bacon Act. Stout worked with the Office of the Attorney General (OAG) to forensically analyze the company’s accounting system to determine 1) which employees worked on projects that were applicable to the Pennsylvania Prevailing Wage Act and the federal Davis-Bacon Act, 2) the time these employees worked on the projects, and 3) the amount of compensation these employees were owed based on the time worked and the applicable laws. Stout's findings helped the OAG achieve over $20 million in restitution for over 1,200 employees of the company, and it was the largest-ever award of its kind.

Another memorable case for me was the first time I testified as an expert witness in a trial. It was a post-judgment collection action, and my client had spent years trying to recover several million dollars it was owed from a few bad actors. I was retained to analyze how my client’s money was siphoned off to other businesses for the benefit of certain individuals. I learned after the trial that the judge said that he finally understood the case having heard my testimony. That first experienced affirmed to me how important a role forensic accounting experts can play in commercial disputes and criminal investigations.

What has been the most rewarding part of your career?

Promoting the profession of forensic accounting to young professionals. When I began my career, most senior experts had spent decades in other fields of accounting before transitioning into the field of forensic accounting. At Stout, and with professional organizations such as the AICPA, we have educated undergrads on the many benefits of entering an exciting career in forensic accounting.

You have active involvement as a member in and former chair position of professional organizations related to this industry. How has your involvement furthered your career?

I've been able to gain perspectives from a diverse group of forensic accounting professionals and work with others to promote forensic accounting to young professionals and internationally.

What are the biggest lessons you have learned in your career? What guidance would you give to people early in their career that are pursuing a similar career path?

I learned early in my career that working on a wide variety of cases is the best way to become a well-rounded expert. I always recommend that young professionals strive to understand our role in the bigger picture of client’s business challenges and that each new matter or client challenge provides an opportunity to learn and gain experiences that can be used in future engagements.

What led you to a career in forensic accounting?

I was always interested in puzzle solving, numbers, and the law. When I was introduced to forensic accounting in college, I quickly fell in love with how the field is always at that intersection of finance, accounting, and law.

What hobbies and interests do you have outside of work?

My wife and I love to ski, and now our three daughters love it too. In the summer, I really enjoy paddle boarding in the bay and ocean (and trying my best to catch some waves!)