Anthony Scilipoti

FCPA, FCA, CPA (Illinois)
President & CEO, Partner
Founder

Anthony and his partners founded Veritas Investment Research in 2000. He is a Fellow Chartered Public Accountant, a Fellow Chartered Accountant, a Certified Public Accountant (Illinois) and a member of the Association of Certified Fraud Examiners. He is a licensed portfolio manager. Anthony has been very active in accounting standard-setting since 2003. 

Anthony also has served as a member of the Ontario Securities Commission's Continuous Disclosure Advisory Committee since 2006. In 2019, Anthony was appointed to the Board of the Capital Markets Advisory Committee of the International Accounting Standards Board. He is a former member of the Canadian Accounting Standards Board, the CICA's Emerging Issues Committee, and was the Chair of CPA Canada's Users Advisory Committee.

Anthony began teaching in 1997 as a part-time accounting instructor at York University's Schulich School of Business in the MBA and BBA Programs. He was nominated for the Teaching Excellence Award in 1997 and 2003.

Several of Anthony’s cases have been published in Cases in Financial Accounting: A Principles Based Approach, First Edition, 2006, and In Search of the “Right” Numbers – an Ivey Case that profiles Bombardier Inc. in 2001, published July 2020. While he no longer teaches full courses, Anthony guest lectures at the undergraduate and graduate levels and runs custom training programs on financial statement analysis and business valuation for Canadian and U.S. analysts and portfolio managers, regulators, accountants, as well as financial and non-financial professionals.

As an advocate for investors’ rights, Anthony is a frequent media commentator and public speaker on financial accounting and disclosure issues and is considered an industry expert in special situations related to accounting.  Anthony has also served as an expert witness for securities regulators and other civil disputes. 

Benjamin Butler

CPA
Research Associate
Utilities & Infrastructure

Ben is a Research Associate in the Utilities & Infrastructure sector. Prior to joining Veritas, he worked as an Investment Associate at CIBC Wood Gundy and in the assurance group at BDO. He graduated from Wilfrid Laurier University with a Bachelor of Arts in Economics and Accounting. Ben is also a level 2 CFA candidate.

Brent Levenstadt

CPA
Investment Analyst
Accounting & Special Situations

Brent rejoined Veritas Investment Research in June 2022, as an Investment Analyst on the Accounting and Special Situations team, after spending 1.5 years at a top-performing Hedge Fund in Toronto. There he focused on fundamental long-short special situations across the North American capital markets.

Brent was previously an Investment Analyst, Accounting and Special Situations, at Veritas Investment Research from 2017-2020.  Brent graduated from the University of British Columbia with a Bachelor of Arts (History, Honours), and is a CPA in Canada.

Carmela Zentena


Assistant to the Executive Team
Support Team

Carmela is responsible for providing administrative support to the executive team as well as managing daily office operations. Prior to joining Veritas in 2014, Carmela worked as an Executive Assistant to the President at an engineering firm. 

Dan Fong

BA, HBA, CFA
Investment Analyst, Partner
Diversified Industrials & Energy

Dan joined Veritas in 2016 and is responsible for covering the Diversified Industrials and Energy sectors. Dan brings over 13 years of buy-side research and investment experience. He was ranked #3 Overall across all Canadian analysts and sectors for stock picking in 2020 by Refinitiv StarMine. He also ranked #1 for the Auto Components Sector and #3 for Diversified Industrials in 2020. 

Prior to joining Veritas, Dan worked at a privately-held Toronto firm focusing on value, growth and catalyst-driven investing. His prior work also includes structuring leveraged finance deals while working at an investment bank based in Los Angeles. Dan is a CFA charterholder, holds an HBA degree from the Ivey Business School and a BA from the University of Waterloo.

Darryl McCoubrey

CPA, CA
Vice President and Head of Research, Partner
Utilities & Infrastructure Analyst

Darryl is Head of Research, VP of Utilities & Infrastructure and is a partner in the firm. He is also head of our Investment Committee, which chooses stocks for our V-List model portfolio. He joined Veritas in 2006 and, over the years, has developed unique expertise within his coverage universe. Refinitiv StarMine ranked him #2 for stock picking in the Chemicals and Utilities Industry in 2020. 

He was also the fourth-ranked overall across all industries and analysts in 2017 and #1 for Chemicals and Utilities that year. He placed third overall across all industries in 2016.

Darryl is well known by our clients for his acumen, and his views are often requested by major Canadian media outlets, including the Globe and Mail, the National Post and Business News Network. Prior to joining Veritas, Darryl spent three years at Ernst & Young LP in their assurance practice, specializing in financial services. Darryl graduated with High Distinction in the University of Toronto’s BBA program, and was designated a Chartered Accountant in 2006.

Desmond Lau

CPA, CA, CFA
Investment Analyst, Partner
Communication Services & Information Technology

Desmond has been covering the Communication Services and Technology sector since joining Veritas in 2010. Desmond was ranked #1 overall across all industries and analysts for stock returns in 2020 by Refinitiv StarMine. He also placed #1 in the Telecommunication Services Industry and #1 in the Media Industry in 2020. He has won StarMine awards four years in a row. 

He won #3 for Media and #2 for Telecommunication Services in 2019, #3 for Telecommunications in 2018, and #1 for Telecommunications in 2017. Prior to joining Veritas, Desmond worked at KPMG LLP, providing assurance services to Communication Services and Technology clients for four years. Desmond has been a frequent lecturer for Master of Accounting students. Desmond graduated from the University of Waterloo with a Bachelor of Accounting and Financial Management and a Master of Accounting. He earned his CPA, CA designation in April 2010 and is also a CFA charterholder. 

Dimitry Khmelnitsky

CPA, CA
Vice President, Partner
Head of Accounting & Special Situations

Dimitry is Head of the Accounting & Special Situations Group, focusing on organizations that pose a financial risk. He is also Head of Training, helping our clients analyze complex accounting issues. Dimitry was the #3 ranked Special Situations analyst for Canadian stocks in 2020, as voted on by Canadian, U.S. and European investors, according to Brendan Wood International. 

He was #1 ranked in 2019 and #3 in 2018, according to Brendan Wood. 

Prior to joining Veritas in 2006, Dimitry was at Ernst & Young in their assurance practice. Dimitry is a Chartered Professional Accountant and holds a BBA from York University's Schulich School of Business. He has been a part-time accounting instructor in the Program where he taught Financial Accounting. Dimitry has also been involved in CPA Canada's professional development program, where he taught the CPA Canada In-depth GAAP course, dealing with complex accounting topics.

Doreen Sengsavang

BBA
Business Development

Doreen is responsible for managing our client relationships and championing our investment ideas to clients. Prior to joining Veritas in 2021, Doreen worked for over 4 years in institutional equity sales at Sanford C. Bernstein, a global independent equity research and brokerage firm. Doreen received her Honours Bachelor of Business Administration (BBA) from the University of Guelph. 

Jacob Liu

MBA, MA, BBA
Research Associate
Accounting & Special Situations

Jacob is a Research Associate in the Accounting and Special Situations Group, focusing on organizations that pose financial risks. Prior to joining Veritas in 2020, he worked at TD Securities on the prime brokerage desk and PwC in the alternative investments group. Jacob's investment idea earned him a finalist placement in the 2019 Sohn Idea Contest in London, UK. 

Jacob holds an MBA (Dean's List) with specializations in Finance and Strategy from the University of Toronto, Rotman School of Management. He earned a Bachelor of Business Administration and a Master of Accounting from the University of Wisconsin-Madison, Wisconsin School of Business.

Josie Monasterolo

BFA
Vice President, Partner
Operations

Josie oversees all operations at Veritas Investment Research, including administration, middle office, human resources, and the development and execution of Veritas’ long-term growth strategy. She ensures that Veritas’ businesses are effectively working together to achieve organizational goals and objectives. 

Josie joined Veritas in 2012 as an Executive Assistant and Office Manager, and has taken on additional responsibilities as the organization has expanded. Josie obtained her BFA with Honours in 2004 at York University, with a minor in Sociology.

Kathleen Wong

CPA, CA, CFA
Senior Investment Analyst, Partner
Consumer Staples & Consumer Discretionary

Kathleen is responsible for covering the Consumer Staples and Consumer Discretionary sectors. She has equity research experience on both the buy-side and sell-side. Kathleen joined Veritas in 2009 after having spent seven years at CIBC World Markets as an equity analyst covering the retail sector. Prior to CIBC, Kathleen spent three years as an investment analyst at Ontario Teachers Pension Plan Board. 

In 2007, she received two Financial Post/StarMine Canadian Top Analysts Stock Picking Awards: #1 in Business Trusts and #2 in Retail. Kathleen holds a Bachelor of Commerce degree from the University of Toronto and earned her CFA in 1998.

Maggie Wang

BBA
Research Associate
Consumer Staples & Consumer Discretionary

Maggie is a Research Associate in the Consumer Staples and Consumer Discretionary sectors. Prior to joining Veritas, she worked at Willis Towers Watson and her responsibilities included investment objectives and policy development, investment structure optimization, manager selection and performance monitoring. Maggie graduated from the University of Toronto with a Bachelor of Business Administration. She is a Level 2 CFA Candidate.

Martin Pradier

MBA, CFA
Investment Analyst
Materials

Martin is responsible for covering the Materials sector. He has almost 20 years of equity research experience in both the buy-side and sell-side. Martin joined Veritas in 2022 after working at Westwood Investment Advisors for 8 years, as Vice President, covering the Materials and Industrials sector. Prior to Westwood Martin spent 2 years as a Materials analyst at AGF and 7 years as a sell side analyst for Deutsche Bank and Credit Lyonnais.

Michelle Mercer


Corporate Secretary & Client Relationship Manager, Partner
Support Team

Michelle is responsible for accounting, payroll, and the day-to-day office management at Veritas. Michelle is one of the founding partners at Veritas. Prior to joining Veritas in 2000, Michelle worked as an assistant in the research group for a large brokerage. Michelle has a diploma in social work.

Nancy Cardoso


Media Manager, Partner
Support Team

Nancy  is responsible for publishing our reports,  client communications, and website maintenance. Nancy joined Veritas in 2005.  

Nigel D'Souza

B.Sc., CFA
Investment Analyst, Partner
Financial Services

Nigel is an Investment Analyst in Financial Services and joined Veritas in 2016. He is a member of our Investment Committee, which chooses stocks for our V-List model portfolio. Refinitiv StarMine ranked him #2 for earnings estimate accuracy for Banks in 2020. He was also ranked 6th overall for stock picking across all industries and analysts by StarMine in 2019, and #1 for the Banks that year. 

Prior to joining Veritas, Nigel operated a training program for professionals, providing coursework on financial modelling and how to conduct equity research. He also worked at State Street as an associate in Alternative Investment Solutions. Nigel continues to provide career development, financial modeling and equity research workshops at several Canadian Universities and acts as a judge for student case competitions. He achieved top quintile performance in a number of global financial modeling competitions.

Nigel holds a Bachelor of Science degree from the University of Toronto, graduating with high distinction, and he is a CFA charterholder.

Roshan Paunikar

CFA, MBA, B.Tech
Research Associate
Financial Services

Roshan joined Veritas Investment Research in August 2022 as a Research Associate for Financial Services sector. Prior to joining Veritas, he worked at JM Financial Institutional Securities Ltd as a Research Analyst focused on Indian equity markets covering Cement, Hotels and Industrials sector. Roshan is a CFA charter holder and holds an MBA degree from IIM Bangalore (India). He also holds a B.Tech degree from NIT Bhopal.

Scott Adams

MA
Vice President, Partner
Communications & Strategy

Scott is the Vice President of Communications and Strategy. Before joining Veritas in 2019, he was Director of Digital Subscription Acquisition at the Globe & Mail. He was previously Executive Editor of the Report on  Business, Managing Editor of Globe Investor and spent years as a journalist covering capital markets and investments for The Globe & Mail, National Post and Dow Jones Newswires. 

Scott has his Master of Arts, Journalism from Western University. 

Shalabh Garg

CFA, MBA, B.Eng
Investment Analyst
Financial Services

Shalabh is primarily responsible for covering the Real Estate Investment Trust (REIT) sector. Shalabh supported the Financial Services analyst as a Research Associate between November 2019 and July 2022 and helped expand the coverage for banks and insurers. Before joining Veritas in 2019, he worked at Nomura Services and was responsible for business analysis of projects related to the front-office trading desk.

Shalabh is a CFA charterholder and holds an MBA degree from the Schulich School of Business, graduating as a member of the Dean's Honour List. He also holds a Bachelor of Engineering degree from the University of Mumbai.

William Guy

BCom, GDA
Research Associate
Diversified Industrials & Energy

Will is a Research Associate in the Diversified Industrials and Energy sectors. He recently graduated Queen's University with a Bachelor of Commerce and a Graduate Diploma in Accounting. He is returning to Veritas after interning at the firm in the summer of 2021. Will has completed the academic requirements to achieve his CPA and will continue to pursue the designation.