Looking Over the Ledge
High Hopes, but Nothing to Hang Your Hat On
Mixed Signals

The Veritas Team

Michael Palmer, MBA
Chairman

Michael is a twenty-five year veteran on Bay Street, where he has witnessed markets ranging from the "death" of equities in 1973 - 1974 to the death of reason in 1999-2000. He has managed a number of research departments and has consistently championed the course of analysis independent of any corporate finance influences. He holds a BA (Honors) in Economics from the University of Toronto and an MBA from York University.

Anthony Scilipoti, CA, CPA
President | Special Situations & Accounting Issues

Anthony is a founding partner of Veritas Investment Research. He is a CA and CPA and a member of the Association of Certified Fraud Examiners. Anthony is the Chair of the CICA's Users Advisory Committee and is a former member of the Canadian Accounting Standards Board and CICA’s Emerging Issues Committee. Anthony also serves as a member of the Ontario Securities Commission’s Continuous Disclosure Advisory Council. In 2006, Anthony was awarded the Award of Distinction by the Institute of Chartered Accountants of Ontario for his impact and leadership in the accounting profession among those under 40.  

Anthony has been a part-time accounting instructor in the MBA and BBA Programs at York University's Schulich School of Business, where he was nominated for the Teaching Excellence Award in 1997 and 2003. A number of Anthony's cases have been published in Cases in Financial Accounting: A Principles Based Approach, First Edition, 2006. Anthony has also taught courses on financial statement analysis and business valuation for the CFA societies in Canada and the U.S, the CICA, the CF society, as well as Canadian and U.S. analysts and portfolio managers.  

Anthony is a frequent media commentator and public speaker on issues related to financial accounting and disclosure. He is considered an industry expert in special situations related to accounting.  

Neeraj Monga, MBA
Executive Vice President | Head of Research

Trained in India as a corporate strategist and having earned a masters in financial management, Neeraj arrived in Canada to pursue his M.B.A. at the Richard Ivey School of Business.

Before joining Veritas, Neeraj honed his analytical abilities as a strategy consultant with Bain & Company in Toronto. Neeraj covers the Canadian cable and telecommunication industries for Veritas.

Ohad Lederer, CA, CPA, CFA
Vice President | Financial Services

Ohad joined Veritas in February 2004 as a financial services Research Analyst. He is a Chartered Accountant with nearly five years of experience in public accounting with Arthur Andersen & Co. and Deloitte LLP. Part of his career has been spent providing auditing and consulting services to financial institutions in London, England.

Ohad holds Master of Accounting and Bachelor of Arts (Honours) degrees from the University of Waterloo and is a CPA and a CFA charterholder. Ohad covers Canadian financial institutions.

Sam La Bell, MA, MBA
Vice President | Energy & Special Situations

Sam completed a Bachelor's degree in Economics at the University of Toronto and went on to earn his Master's degree at the University of Ottawa. Following his graduate studies he joined in the Federal government as an economist, working at the Department of Finance and Industry Canada, where he completed major studies on the Canadian University system and automotive investment under NAFTA.

Sam joined Veritas following his graduation from the MBA program at the Richard Ivey School of Business. Sam covers the energy sector and certain business trusts.

Darryl McCoubrey, CA
Investment Analyst | Utilities & Pipelines

Darryl joined in October 2006 as a Research Analyst. Prior to Veritas he spent 3 years at Ernst & Young LP in their assurance practice.

Darryl earned a Bachelor of Business Administration degree from the University of Toronto in 2003 and was designated a Chartered Accountant in October 2006.

Kathleen Wong, CA, CFA
Investment Analyst | Retail and Consumables

Kathleen has over 10 years of equity research experience on both the sell-side and the buy-side. She joins us after having spent seven years at CIBC World Markets as an equity analyst covering the retail sector. In 2007, she received two Financial Post/StarMine Canadian Top Analysts Stock Picking Awards: #1 in Business Trusts and #2 in Retail. Prior to the sell-side, she spent three years as an investment analyst at Ontario Teachers Pension Plan Board.
Kathleen holds a Bachelor of Commerce degree from the University of Toronto and prior to entering the investment industry, Kathleen spent three years in KPMGs audit practice where she earned her CA. Kathleen is a CFA charter holder and she covers the consumer staples and consumer discretionary sectors at Veritas.

Pawel Rajszel
Investment Analyst | Gold

Pawel leads the Precious Metals team at Veritas Investment Research.  Although his coverage primarily focuses on large-cap gold stocks, he also tracks global mining and energy companies, as well as various special situations.

Prior to joining Veritas in 2009, Pawel worked as an Equity Analyst at TD Asset Management, where he helped manage the TD Canadian Value Fund.  Pawel holds an engineering degree from the University of Waterloo and graduated With Distinction.

Michael Yerashotis, CA, CBV
Investment Analyst | Special Situations & Accounting Issues

Mike is a Chartered Accountant and holds a Bachelor of Business Administration degree from the Schulich School of Business at York University. He is also a Chartered Business Valuator, with five years of experience in preparing business valuation reports, and assisting counsel in forensic accounting and damages quantification engagements.  

Mike began his career within the Assurance and Advisory practice of Ernst & Young LLP, participating in a wide variety of assurance engagements. He is also a part-time instructor at the Schulich School of Business, where he teaches financial statement analysis.

Dimitry Khmelnitsky, CA
Investment Analyst | Special Situations & Accounting Issues

Dimitry began his career at Ernst & Young LLP in their assurance practice. Dimitry is a Chartered Accountant and holds a Bachelor of Business Administration degree from Schulich School of Business. He is a part-time accounting instructor in the BBA Program at York University's Schulich School of Business, where he teaches Financial Accounting. Dimitry is involved in the Canadian Institute of Chartered Accountants professional development program where he teaches the CICA In-depth GAAP course, dealing with complex accounting topics.  

Desmond Lau, CA
Research Associate | Cable & Telecommunications

Desmond has joined as a research associate in the cable and telecommunication sector. Desmond graduated from the University of Waterloo with a Bachelor of Accounting and Financial Management and a Master of Accounting. He earned his Chartered Accountant designation in April 2010.

Prior to joining Veritas, Desmond worked at KPMG LLP providing assurance services to technology clients for more than three years.

Michael Levshin
Research Associate | Energy and Special Situations

Michael joined Veritas in 2011 as a Research Associate covering energy and special situations. He began his career with Ernst & Young in their Assurance and Advisory practice, and as an analyst with Canada Pension Plan Investment Board in their Real Estate Investment Finance group.

Michael graduated from the University of Toronto's Rotman Commerce program with a Bachelor of Commerce, specializing in finance and accounting. He has passed all three CFA exams and will qualify as a Chartered Accountant in 2013.

Graham Goulet
Research Associate | Special Situations & Accounting Issues

Graham received an Honours Bachelor of Business Administration degree from Wilfrid Laurier University. Prior to joining Veritas, Graham was employed at PwC LLP in their assurance practice.    

Graham successfully wrote the UFE in September 2011 and will qualify as a Chartered Accountant in 2012. 

Marc Giampuzzi
Research Associate | Gold

Marc joined Veritas in 2012 as a Research Associate covering the precious metals sector. He began his career at PricewaterhouseCoopers LLP where he provided assurance services to mining clients.

Marc graduated with distinction from the University of Toronto's Rotman Commerce program with a Bachelor of Commerce, specializing in commerce and finance and majoring in economics. He has completed all three CFA exams and will qualify as a Chartered Accountant in 2013.

Kyle MacDonald
Research Associate | Financial Services

Kyle joined Veritas in 2013 as a Research Associate covering financial services. He began his career at Ernst & Young in their Assurance and Advisory practice, working mostly on banking and asset management clients.

Kyle graduated from Queen’s University with a Bachelor of Commerce, specializing in accounting and Finance. He completed the UFE in 2012 and made the national honour role. Kyle is currently a level two CFA candidate and will qualify as a Chartered Accountant in 2014.

Elina Stolyar, BBA, LL.B
Vice President Business Development

Elina graduated from Osgoode Hall Law School in 2006 and was called to the Ontario Bar in 2007. Prior to that, she earned her BBA from Schulich School of Business. Elina has broad international experience in corporate finance, business development and transactional work.  
She joined Veritas recently as a VP of Business Development, and takes pride in being able to provide value to clients, create solutions and develop relationships.

Josie Monasterolo
Office Manager
Michelle Mercer
Office Manager
Nancy Cardoso
Publisher | Administration

Copyright 2013 Veritas Investment Research