RESEARCH PAPERS
Forensic Finance Approaches for Analyzing Market Manipulation
June 26, 2025
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In this paper, we explore cumulative price change, price impact, implementation shortfall, and event studies approaches to the United States v. Hwang (Archegos) case. Ultimately, these methods can apply to any case that involves trading markets, such as to analyzing potential pump-and-dump schemes on cryptocurrency markets.
How Recoverable are Cryptocurrencies? How to Unmask Crypto Fraud and Deception.
May 15, 2025​
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Despite the perception of anonymity, most digital asset transactions are only quasi-anonymous and, through forensic analysis, traceable. Integra FEC utilizes proprietary tracing tools, advanced analytics, and extensive investigative experience to unmask crypto fraud and recover hidden assets by identifying cryptocurrency addresses, tracing transaction flows across blockchains and exchanges, and analyzing exchange records to uncover illicit activity and asset locations. This process reveals that the auditable nature of the blockchain, while seemingly private due to the use of pseudonyms, ultimately provides a financial trail that allows experts to expose deception and assist in asset recovery.
Were ETH and EOS Repeatedly Recycled during the EOS Initial Coin Offering?
August 31, 2021
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Through forensic investigation led by Integra President Dr. John Griffin, Integra flagged investors engaging in potentially unusual circular trading patterns. The flagged accounts on the Ethereum blockchain repeatedly sent Ether, a token, from exchanges to buy EOS at the crowdsale wallet, and then quickly returned EOS to the same exchanges. In total, the flagged accounts contributed 1.2 million ETH ($815 million USD) to what was then the largest ICO in history (which raised 7.4 million Ether - $4.4 billion USD - between June 26, 2017 and July 1, 2018).
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Underreporting in Nursing Home Quality Measures
August 25, 2020​
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Research conducted by Integra Med Analytics, a sister company of Integra FEC, finds that Medicare-certified nursing homes often underreport health quality measures. Integra Med Analytics' research compares self-reported publicly available Skilled Nursing Facility (“SNF”) quality measures from The Centers for Medicare & Medicaid Services ("CMS") to Medicare hospital claims data. Integra's analysis indicates that self-reported nursing home quality measures are often under-reported or unrelated to hospital data. ​ Self-reported nursing home measures for pressure ulcers, urinary tract infections, and falls are uncorrelated with similar measures derived from hospital claims data.​
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A Systematic Examination of Paycheck Protection
Program Loans for Potential Fraud
August 10, 2020
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Research prepared by Integra FEC systematically examined Paycheck Protection Program (PPP) loans for potential misrepresentations in applications. This report analyzed reported financial data from Form 990 against PPP loan level data released by the U.S. Small Business Administration ("SBA"). Nonprofits receiving loans beyond what their Form 990 financials would justify were flagged as suspicious. Based on a conservative analysis, at least 3.61 percent of PPP nonprofit loans can be considered as highly suspicious. This represents 1,068 nonprofits and over $558 million in total loans issued, of which $212 million were beyond what could be justified by the nonprofits' Form 990s.