Daniel W. Ray
(415) 836-4046
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Dan Ray is a partner in the Forensic and Financial Consulting Services Group at Hemming Morse. He has extensive experience in conducting financial investigations across a broad range of industries.

During more than eight years as a special agent with the FBI, Dan specialized in the investigation of complex white-collar crime matters, including several of the largest savings and loan failures in California. Since joining Hemming Morse in 1995, he continues to conduct investigations involving corporations in a variety of industries including securities, insurance, banking and healthcare. He has assisted both prosecution and defense counsel, working as a consultant and expert witness in civil and criminal cases and testifying in federal, state and local courts.

Dan has extensive experience in Foreign Corrupt Practices Act (“FCPA”) matters, having twice served as an FCPA Compliance Monitor. In 2005, he was retained to serve for three years as the FCPA Compliance Monitor for Diagnostic Products Corporation (later becoming Siemens Healthcare Diagnostics) on behalf of the SEC and the Department of Justice. In 2012, Dan was once again retained to serve as an FCPA Compliance Monitor for a medical device company. Both of these engagements involved monitoring the worldwide operations of these publically traded companies. In addition, Dan has participated in several investigations and consulting matters involving the FCPA.

Dan has published several articles and lectures frequently on the topic of fraud and forensic accounting.



“Finding Fraud Through Interviewing… Detecting Deception (Part 2),” Webcast panelist, AICPA, 2012

“Finding Fraud Through Interviewing… Tales From Fraudsters and Those Who Catch Them (Part 1),” Webcast panelist, AICPA, 2012

“Internal Controls, Governance and Management Structure,” Panelist, The China Deal 2012: Legal and Economic Outlook for Inbound and Outbound Deals, Thompson Reuters, 2012

“From Suspicion to Conviction,” Institute of Internal Auditors, Hawaii Chapter, 2012

“Foreign Corrupt Practices Act – A Monitor’s Perspective,” Institute of Internal Auditors, Hawaii Chapter, 2012

“Interviewing for CPAs: Cutting Through the Rhetoric,” Combined Section Meeting, CalCPA, 2011

“From Suspicion to Conviction: Fraud Case Studies,” National Governmental and Not-For-Profit Training Program, AICPA, 2011

“Developing Your Fraud Investigation Through Percipient and Subject Interviews,” National Governmental and Not-For-Profit Training Program, AICPA, 2011

“The Role of Forensic Accountants,” GE Capital Americas Risk / Loss Mitigation Retreat, 2011

“The Foreign Corrupt Practices Act – A Monitor’s Perspective,” Annual Fraud Conference, ACFE, 2011

“For Profits Fraud in a Not-For-Profit World,” National Not-For-Profit Financial Executive Forum, AICPA, 2010

“Financial Fraud Investigations Methodology,” CalCPA, 2010

“The Foreign Corrupt Practices Act: An Independent Monitor’s Perspective,” The PIPEs Conference, 2009

“Foreign Corrupt Practices Act and Other Ethical Considerations,” The China Deal 2010 Conference, 2009

“The Role of the Monitor in Federal Cases,” Litigation Steering Committee, CalCPA, 2009

“Introduction to Financial Forensic Accounting,” Golden Gate University, 2009


San Francisco
Walnut Creek


American Institute of Certified Public Accountants

California Society of Certified Public Accountants
Former chair, Forensic Services Committee

Society of Former Special Agents of the FBI

Co-chair, Government Investigations and White Collar Crime Committee


Towson State University, Baltimore, Maryland, B.S., Business Administration, 1978