Joseph M. Pimbley

Joseph M. Pimbley

Joseph “Joe” M. Pimbley is a Testifying Expert at Bates and the Principal of Maxwell Consulting, a firm he founded in 2010, as well as Editor of the Journal of Derivatives. Joe is expert in complex financial instruments, financial risk management, valuation, structured products, derivatives, banking, securities trading, investment analysis, quantitative algorithms, and numerical coding in several languages. His recent and current engagements include valuation and credit underwriting for structured and other financial instruments, electronic trading, and litigation testimony and consultation.

Joe’s earlier Wall Street roles included positions as quantitative analyst, risk manager, derivative trader, and portfolio manager reaching the level of Executive Vice President for Head of Institutional Risk in New York. His experience during that period included leadership of business groups, information technology, enterprise risk management, and quantitative modeling teams. Prior to his financial career, Joe worked as a semiconductor device physicist and assistant professor of applied mathematics.

Joe has a Ph.D. in Theoretical Physics and is a co-author of Banking on Failure (2014), Simple Money (2013), and Advanced CMOS Process Technology (1989). He has published more than 70 finance articles, nearly 100 articles on technical topics, presented more than 70 finance seminars, and authored numerous patents for engineering inventions. More detailed information about Joe’s extensive publishing experience available upon request.


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Joseph M. Pimbley

A Consultant and subject matter expert in these services:

  • Securities and Financial Services Litigation & Consulting
    • Retail
      • Securities and Financial Services Litigation & Consulting
      • Annuities
      • Asset Backed Securities (ABS)
      • Auction Rate Securities (ARS)
      • Auto-Callable Securities
      • Callable Yield
      • Capital Markets
      • CDOs
      • Complex Products
      • Currencies
      • Equities
      • Fixed Income
      • Fraud
      • Futures
      • Hedge Funds
      • High Frequency Trading
      • High Yield Bonds
      • Investment Advisory
      • Investment Management
      • Margin
      • Markets
      • Mortgages
      • Mortgage Backed Securities (MBS)
      • Municipal Securities
      • Municipal Trading and Underwriting
      • Options
      • OTC Derivatives
      • P&L Analysis
      • Private Equity
      • Portfolio Management
      • Preferred Securities
      • Quantitative Analysis
      • Real Estate Investment Trusts - REITs
      • Securities Lending Accounts
      • Software/IP Analysis
      • Structured Products/Structured Notes
      • Volatility Linked/Leveraged Products
      • Wealth Management
      • Yield Enhancement Strategies - YES
      • Auction Rate Securities (ARS)
      • Asset Backed Securities (ABS)
      • Banking
      • Capital Markets
      • CDOs
      • CLOs
      • CMBs
      • Corporate Bonds
      • Corporate Finance
      • Complex Products
      • Corporate Debt
      • Currencies
      • Equities
      • Exchanges
      • Financial & Asset Management
      • Fixed Income
      • Futures
      • Fraud
      • Hedge Funds
      • High Frequency Trading
      • Investment Advisory
      • Investment Management
      • Margin
      • Mortgage Backed Securities (MBS)
      • Municipal Securities
      • Municipal Trading and Underwriting
      • Options
      • OTC Derivatives
      • Private Equity
      • Preferred Securities
      • Quantitative Analysis
      • REITS
      • Risk Management
      • Software/IP Analysis
      • Structured Products
      • Trading
      • Data, Analyses & Analytics
      • AML & Financial Crimes
    • Institutional
      • Securities and Financial Services Litigation & Consulting
      • Annuities
      • Asset Backed Securities (ABS)
      • Auction Rate Securities (ARS)
      • Auto-Callable Securities
      • Callable Yield
      • Capital Markets
      • CDOs
      • Complex Products
      • Currencies
      • Equities
      • Fixed Income
      • Fraud
      • Futures
      • Hedge Funds
      • High Frequency Trading
      • High Yield Bonds
      • Investment Advisory
      • Investment Management
      • Margin
      • Markets
      • Mortgages
      • Mortgage Backed Securities (MBS)
      • Municipal Securities
      • Municipal Trading and Underwriting
      • Options
      • OTC Derivatives
      • P&L Analysis
      • Private Equity
      • Portfolio Management
      • Preferred Securities
      • Quantitative Analysis
      • Real Estate Investment Trusts - REITs
      • Securities Lending Accounts
      • Software/IP Analysis
      • Structured Products/Structured Notes
      • Volatility Linked/Leveraged Products
      • Wealth Management
      • Yield Enhancement Strategies - YES
      • Auction Rate Securities (ARS)
      • Asset Backed Securities (ABS)
      • Banking
      • Capital Markets
      • CDOs
      • CLOs
      • CMBs
      • Corporate Bonds
      • Corporate Finance
      • Complex Products
      • Corporate Debt
      • Currencies
      • Equities
      • Exchanges
      • Financial & Asset Management
      • Fixed Income
      • Futures
      • Fraud
      • Hedge Funds
      • High Frequency Trading
      • Investment Advisory
      • Investment Management
      • Margin
      • Mortgage Backed Securities (MBS)
      • Municipal Securities
      • Municipal Trading and Underwriting
      • Options
      • OTC Derivatives
      • Private Equity
      • Preferred Securities
      • Quantitative Analysis
      • REITS
      • Risk Management
      • Software/IP Analysis
      • Structured Products
      • Trading
      • Data, Analyses & Analytics
      • AML & Financial Crimes
  • Data, Analyses & Analytics
  • AML & Financial Crimes
    • Fraud & Risk Management
    • Valuation

Credentials

EXPERIENCE

Bates Group LLC, Testifying Expert, 2018 – Present

Maxwell Consulting, LLC, Principal, New York, NY, 2010 – Present  

Journal of Derivatives, Editor, New York, NY, 2018 – Present

777 Partners, LLC, Derivatives Strategist, remotely, New York, NY, 2021

Duff & Phelps, LLC, Managing Director, Financial Engineering, New York, NY, 2008 – 2010

ACA Capital Holdings (ACA), Executive Vice President, Head of Institutional Risk, New York, NY, 2002 – 2008

Sumitomo Mitsui Banking Corporation Capital Markets (SMBC CM), Senior Vice President, Credit Derivative Product Manager, New York, NY, 1997 – 2002

Financial Guaranty Insurance Company, Senior Risk Manager, Capital Markets Services, New York, NY, 1995 – 1997

Moody's Investors Service, Senior Analyst Structured Finance, Corporate Division, New York, NY, 1994 – 1995

Citicorp North America Global Finance, Assistant Vice President, Risk Analytics, New York, NY, 1993 – 1994

Rensselaer Polytechnic Institute, Assistant Professor in the Department of Mathematical Sciences, Troy, NY, 1987 – 1993

General Electric Corporate Research and Development Center, Staff Physicist, Schenectady, NY, 1980 – 1987

EDUCATION

Doctor of Philosophy (PhD), Theoretical Physics, Rensselaer Polytechnic Institute, Troy, NY

Master of Science (MS), Physics, Rensselaer Polytechnic Institute, Troy, NY

Bachelor of Science (BS), Physics, summa cum laude with minor in Mathematics, Rensselaer Polytechnic Institute, Troy NY

MEMBERSHIPS (PAST AND PRESENT)

GARP Risk Professional, Editorial Board member

Polytechnic University Center for Finance & Technology, Advisory Board

Sigma Pi Sigma, National Physics Honor Society

Institute of Electrical and Electronic Engineers (IEEE), Senior Member

Sigma Xi, scientific research society

Institute of Electrical and Electronic Engineers (IEEE), Election Devices Society

Society for Industrial and Applied Mathematics (SIAM)

American Association for the Advancement of Science (AAAS)

BOARD POSITIONS

Global Association of Risk Professionals, Editorial Board of Risk Professional, 2003 – 2018

Solve Advisors, Inc., Board of Directors, 2013 – 2021

Loud-Hailer, Inc., Board of Directors, 2015 – 2020

PROFESSIONAL ACTVITIVIES AND HONORS

Financial Risk Manager – Certified by the Global Association of Risk Professionals, 2014

Passed the Series 7 and Series 63 General Securities Representative Examinations, 1997

Member of the Polytechnic University Advisory Council of the Center for Technology & Financial Services, 1996

Elected to Senior Member of the IEEE, 1991

Chairman of the Annual Workshop on Mathematical Problems in Industry at Rensselaer Polytechnic Institute, 1989 – 1992

Chairman of the Center for Integrated Electronics VLSI Seminar Series at Rensselaer Polytechnic Institute, 1988 – 1990

General Electric Research and Development Center, Dushman Award for “outstanding technical contributions” to the VLSI Program, 1986

Rensselaer Polytechnic Institute, Karen and Lester Gerhardt Prize awarded annually for the best Ph.D. thesis from the Schools of Science and Engineering, 1985

Rensselaer Polytechnic Institute, H.B. Huntington Prize awarded annually for the best research by a student in the Physics Department, 1985

General Electric Research and Development Center, Dushman Award for “outstanding technical contributions” to the CID Imager Program, 1982

National Merit IBM Thomas J. Watson Scholarship, 1976

New York State Regents Scholarship, 1976

BOOKS AND BOOK CHAPTERS
  • Joe Pimbley and Laurel McDevitt, Banking on Failure, Maxwell Consulting, LLC, ISBN-10: 069227426X, 2014
  • Joe Pimbley and Laurel McDevitt, Simple Money, 2nd Edition, Maxwell Consulting, LLC, ISBN-10: 0615864627, 2013
  • J. M. Pimbley, M. Ghezzo, H. G. Parks and D. M. Brown, Advanced CMOS Process Technology, Academic Press, San Diego, 1989
  • S. D. Silverstein and J. M. Pimbley, “The Minimum Free Energy Method of Spectral Estimation,” chapter in Advanced Signal Processing, ed. S. Haykin, Prentice-Hall, 1991
  • J. M. Pimbley, “Transistors,” chapter in Magill's Survey of Science:  Applied Science, F. N. Magill, editor, Salem Press, Pasadena, ISBN 0-89356-705-1, 1993

FINANCE ARTICLES

  • Seventy-plus articles written for financial professionals on a wide range of topics in the capital markets from 1994 to the present.  This list is available upon request.  Five recent articles are cited below.
  • J. M. Pimbley, “Testing and Mapping an Empirical Exercise Boundary for the American Put Option,” J. Derivatives 29(1), 139-147, Fall 2021
  • J. M. Pimbley, “Efficient Routines for CDO Loss Calculations,” J. Structured Finance 26(1), 29-43, Spring 2020
  • J. M. Pimbley and G. Phillips, “The Myer Ruling and its Limitations,” Commercial Law Quarterly, 34(1), March-May 2020
  • J. M. Pimbley, “Simple Correlated Binomial Portfolio Loss Distribution,” J. Structured Finance 25(2), 75-86, Summer 2019
  • J. M. Pimbley, “T-Vasicek Credit Portfolio Loss Distribution”, J. Structured Finance 24(3), 65-78, Fall 2018

QUANT PERSPECTIVES

Monthly column for the Risk News and Resources publication of the Global Association of Risk Professionals

JOURNAL ARTICLES

Nearly 100 refereed articles in the fields of electrical, chemical, and nuclear engineering and semiconductor physics—list available upon request.

PRESENTATIONS

Seventy-plus public presentations for financial professionals on a wide range of topics in the capital markets from 1994 to the present.  This list is available upon request.  Four recent presentations are cited below.

  • J. M. Pimbley and R. Chang, “Rapid Monte Carlo Simulation – Hands-On Learning,” invited lecture for GARP 18th Annual Risk Management Convention, New York, March 2017; also Industry Webcast “Rapid Monte Carlo Simulation,” May 2016
  • J. M. Pimbley, “Mathematical Finance, Models, Simulation and Today’s Pressing Problem”, invited lecture for INFORMS 2016, Nashville, November 2016
  • J. M. Pimbley and S. R. Lindo, “Flight Simulator for Banking,” invited PRMIA Webcast, October 2015
  • J. M. Pimbley, “Data, Models & Concepts for Quantitative Finance”, GARP Webcast, August 2013 – includes autoregressive (AR) and other statistical time series analysis
PATENTS
  • J.M. Pimbley and H.R. Philipp, Radiation Transmissive Electrode Structure, 4,450,465, May 1984
  • C.-Y. Wei and J.M. Pimbley, Extended Drain Concept for Reduced Hot Electron Effect, 4,613,882, September 1986
  • R.D. Lillquist, J.M. Pimbley and T. L. Vogelsong, Vipervision Composite Visible/Thermal Infrared Imaging System, 4,679,068, July 1987
  • C.-Y. Wei and J.M. Pimbley, Graded Extended Drain Concept for Reduced Hot Electron Effect I, 4,680,603, July 1987
  • J.M. Pimbley, G. Gildenblat, C.-Y. Wei and J. Shappir, Hybrid Extended Drain Concept for Reduced Hot Electron Effect, 4,691,433, September 1987
  • C.-Y. Wei and J.M. Pimbley, Graded Extended Drain Concept for Reduced Hot Electron Effect II, 4,859,620, August 1989
  • Y. Nissan-Cohen, P.A. Frank, J.M. Pimbley, D.M. Brown, E.W. Balch, and K.J. Polasko, Adjustable Windage Method and Mask for Correction of Proximity Effect in Submicron Photolithography, 4,895,780, January 1990
  • J.M. Pimbley and D.M. Brown, Metallization Method for VLSIC Fabrication, current status unknown
  • S.D. Silverstein and J.M. Pimbley, Spectral Estimation Utilizing an Autocorrelation-Based Minimum Free Energy Method, 4,982,150, January 1991
  • S.D. Silverstein and J.M. Pimbley, Spectral Estimation Utilizing a Minimum Free Energy Method with Recursive Reflection Coefficients, 5,068,597, November 1991
  • H.M. Rougeot and J.M. Pimbley, Light Detector Scintillator Radioactive Image Pick-up Apparatus with Improved Light Collection, 1993-203755, August 1993
  • D.M. Brown, M. Ghezzo and J.M. Pimbley, Silicon Carbide MOSFET Integrated Circuit Devices, current status unknown
  • H.M. Rougeot and J.M. Pimbley, Photodetector Scintillator Radiation Imager Having High Efficiency Light Collection, 5,208,460, May 1993
  • R.F. Kwasnick and J.M. Pimbley, Method of Locating Common Electrode Shorts in an Imager Assembly, 5,463,322, October 1995
  • D.A. McDevitt-Pimbley and J.M. Pimbley, Systems and Methods for Traffic Guidance Nodes and Traffic Navigating Entities, 9,142,127, September 2015
  • D.A. McDevitt-Pimbley and J.M. Pimbley, Systems and Methods for Traffic Guidance Nodes and Traffic Navigating Entities, 9,478,130, October 2016