Carl Jenkins

Managing Director and Global Head of Governance, Risk, Investigations and Disputes

Carl Jenkins is a managing director and the Global Leader of the Governance, Risk, Investigations and Disputes practice, which includes Kroll, a division of Duff & Phelps. He is a member of the Operating Committee for the Firm. Carl focuses on providing dispute consulting, forensic accounting and expert witness testimony in complex litigation and high profile cases involving commercial damages, valuations, regulatory matters, securities, and post-acquisition disputes.

Based in Boston, Jenkins has more than 30 years of experience with financial audits and tax matters, mergers and acquisitions, valuations, white collar investigations and general financial and business consulting.

Carl has served as an international arbitrator and has been court appointed as a receiver, master, administrator and monitor. He has also appeared before probate, district, superior and federal courts as an expert witness on accounting, financial and valuation issues.

Carl is a recognized thought leader and frequent speaker, both nationally and locally, to professional associations, law firms and banks. He has authored numerous articles and is often quoted in national and local publications on the topics of forensic accounting, valuation, litigation and the casino industry. Carl was a co-author of “Casino Gaming in Massachusetts: An Economic Fiscal and Social Analysis” which is a comprehensive policy study concerning the economic, fiscal and social impacts of the legalization of casino gaming in the Commonwealth of Massachusetts.

Prior to joining Duff & Phelps, Carl was a managing director at CBIZ.

Carl earned a B.S.B.A. degree focused in accounting and finance, magna cum laude, from Boston University and a M.S. degree in Taxation from Bentley University. He is a Certified Public Accountant Accredited in Business Valuation (CPA/ABV), a Certified Fraud Examiner (CFE) and a Certified Anti-Money Laundering Specialist (CAMS).

Representative Engagements
  • Served as court appointed Receiver, Guardian, Conservator, Administrator and Master

Mergers and Acquisitions

  • Expert Advisory including preparation of valuations, financing and business plans, acquisition financial due diligence and negotiation, deal related litigation
    General Management and Financial Consulting
  • Cost and price analysis, financial reporting, compensation planning, financial planning, financing and cash flow planning
    General Client Services
  • Retained to provide all phases of auditing, tax and accounting services including planning, staffing, and client communication

Regulatory Experience

  • Advised Counsel on behalf of executives at a large mutual fund in defense of claims of backdating valuations
  • Assisted Counsel in the defense of an executive of a publically traded company in a securities fraud prosecution based on allegedly improper revenue recognition
  • Assisted Counsel in the defense of executives of a large dairy company against charges of a criminal rebate scheme
  • Assisted Counsel in response to criminal claims made by the DOJ against a nutraceutical company for false advertising and unfair business practices
  • Assisted Counsel in the defense of an attorney against IRS charges for filing false returns
  • Assisted the SEC in analyzing corporate records and audits of a public company regarding financial statement presentation of assets involved in a bank fraud

Securities / Financial Services

  • Provided expert analysis of damages on behalf of a number of charities and pension funds as a result of losses suffered through investments in a securities lending program
  • Provided expert analysis of damages on behalf of a public company for improper fees and commissions charged on insurance policies by two major insurance brokers
  • Provided expert testimony on behalf of one of the owners of a large city newspaper regarding the best method to sell the paper
  • Provided expert testimony on behalf of an internationally recognized bestselling author regarding the financial related business practices of her business manager 

 Forensic Accounting

  • Provided expert testimony on behalf of an internationally recognized bestselling author regarding the financial related business practices of her business manager
  • Board of Director investigation/corporate fraud, regarding possible losses from unapproved investments
  • Board of Director Investigation involving embezzlement through the credit department and collusion with outside collection counsel
  • Analyzed expenditures and investment returns for a bestselling author who claimed her business manager mismanaged her assets. Provided expert testimony on the findings in Federal Court

Intellectual Property – Trade Secrets / False Claims

  •  Prepared financial analyses and projections on behalf of a premium cat food company in a matter related to false claims made by a foreign based competitor
  • Prepared damage calculations related to trade dress/Lanham Act violations involving competing sun-tan lotion companies
  • Supported Counsel in defending patent violation claims involving enterprise-wide accounting software

Accounting Malpractice

  • Provided expert testimony on behalf of an international accounting firm in defense of malpractice claims made by a town and a town owned utility
  • Provided expert testimony in defense of an international accounting firm against claims of accounting malpractice made by a client’s bank
  • Provided tax related analysis on behalf of an international accounting firm in defense of malpractice claims over the preparation of multi-state tax returns


  • Calculated damages resulting from the failure to comply with the contracted terms agreed to by a public nursing home management company and the nursing home owners.
  • Calculated damages related to the failure and replacement of hundreds of artificial joints in patients on three continents
  • Calculated business loss damages related to the complete destruction of a plastics company plant due to fire.
  • Assisted Counsel in refuting damages related to a failed 1031 exchange escrow maintained by a large retail brokerage firm

Business Valuation

  • Prepared valuations of hundreds of companies in a wide range of industries used in financial statements, litigation and transactions

Post-Acquisition Disputes

  • Provided analysis and expert testimony in a post-acquisition dispute matter related to the acquisition of a medical product testing equipment company by a public company
  • Provided expert testimony in a post-acquisition dispute matter related to the acquisition of a software company by a public company
  • Provided analysis and expert testimony in a post-acquisition dispute matter involving a sale leaseback of a commercial property
  • Provided expert consulting to counsel in a post-acquisition dispute matter involving a hardware technology company
  • Provided expert testimony regarding the value of two insurance companies in anticipation of divestiture after a failed merger 



  • Served as an arbitrator in ad hoc proceeding for post-acquisition and shareholder disputes including;
    • Arbitration involving US based assets purchased by Ecuadorian and Australian based entities
    • Arbitration involving the sale of Chinese based assets to a Spanish conglomerate
    • Arbitration involving a shareholder dispute regarding a large grocery chain
    • Arbitration involving a shareholder dispute involving a large regional bakery 

Neutral Arbitrator

  • Served as a neutral arbitrator in a matter involving the analysis and ultimate auction of a medical supply company
  • Served as a neutral arbitrator in a post-acquisition dispute involving the sale of a European based clothing store chain

Receiverships / Monitorships / Court Appointments:

  • Appointed by a federal judge to serve as a monitor and receiver for a consolidated group of telecommunication companies. Managed multi-state litigation, managed all aspect of the business operations including marketing, sales, customer service, technology and day-to-day personnel management. Successfully sold assets through multiple auctions.
  • Appointed by a state Superior Court Judge to serve as a Receiver for a high-end automobile restoration company
  • Appointed by a state superior court judge to value a chain of supermarkets involved in an ownership dispute


Media and Speaking Engagements:
  • Presentation to the Southeastern Massachusetts Business Group entitled “Credit & Collections: When to Take the Next Step
  • Invited speaker at the Massachusetts Gaming Commission Economic Development Forum
  • Testified in front of a sub-committee of the General Court of the Commonwealth of Massachusetts regarding the social and financial effects of casino gambling in Massachusetts
  • Speaker at the Tax Executives Institute on fraud related issues
  • Speaker at a AICPA National Conference on forensic accounting, Washington, D.C.
  • Speaker to MSCPA meeting on litigation consulting and forensic accounting
  • Speaker at the national conference of certified public accountants concerning mergers and acquisitions and management advisory services
  • Speaker at the Institute of Internal Auditors concerning the failure of Lehman and their use of repo agreements
  • Speaker Massachusetts Bar Association on The Real World Risks of Virtual Currency
  • Guest lecturer, Northeastern University and Boston University graduate schools regarding new ventures and valuations
  • Speaker to many associations, banks, insurance companies and law firms on various business, tax and litigation issues
  • Speaker at Massachusetts Legal Education Foundation Real Estate Law Conference
  • Speaker to the Boston Estate Planning Council and the International Association of Financial Planners on valuation issues of closely-held businesses
  • Quoted in The Wall Street Journal, American Banker, Family Business magazine, New Business magazine, CFO magazine, Boston Globe, Boston Business Journal
  • Interviewed on The Wall Street Journal Radio Network, WCVB Channel 5 Business News segment, NECN and WBIX 1060 AM's Financial Consultants show


  • Certified Public Accountant Accredited in Business Valuation (CPA/ABV)
  • Certified Fraud Examiner (CFE)
  • Certified in Financial Forensics (CFF)
  • Certified Anti-Money Laundering Specialist (CAMS) 


  • Masters of Science in Taxation, Bentley University, Waltham, Massachusetts, 1982
  • Bachelor of Science in Business Administration, Boston University, Boston, Massachusetts, 1978
  • Concentration in Accounting and Finance
  • Various Continuing Education Courses


  • Certified Instrument rated private pilot
  • USCG OUPV Captains License 100 GT 100 Miles
  • Assistant Harbor Master
Jenkins /our-team/carl-jenkins /-/media/assets/images/headshots/managing-directors/carljenkins.jpg people {C8894F56-FF6C-4DEA-AB91-58D66A7F0624} {3FCAD6B3-F186-420E-ADCE-25AAE739397D} {A3EB1451-9854-4D28-88C7-692EE2C0A78E} {279ABF74-8679-40F4-8137-FAF9BE89BF4A} {BAF3E1CE-54B1-4448-B2FD-00B1585CD18A} {20BBB1AA-4114-40C9-B3EE-186F1C7001E6} {C7755329-0E30-4D69-B7F7-2F1D966A93AD} {871EB752-F3E8-4991-AA79-545153989F0D} {16739F38-B8EC-4097-A2E4-7D1A5278E889} {B7CF2537-1DBA-485F-A14F-8BD1524F1A8B} {C987DF12-8CE8-4A15-89E5-6BCA4C89833B} {B871D4F9-5FCB-40B9-8710-871A30B710AB}

Other Areas We Can Help

Governance, Risk, Investigations and Disputes

Combined Duff & Phelps and Kroll disputes, investigations, cyber, business intelligence, cross-border restructuring and other advisory.

Governance, Risk, Investigations and Disputes


Experienced arbitrators and expert witnesses across a wide array of sectors.



Help to determine value for shareholder interests in private and public company disputes.



Providing expert analysis and testimony in the context of litigation, arbitration and other commercial disputes.


Case Studies



Construction Industry Trends and How D&P Can Help


Ensuring Supply Chain Compliance with Section 889 of the National Defense Authorization Act

Valuation Insights

U.S. Security and Exchange Commission’s Fund Valuation Modernization Proposal

Valuation Insights