Who We Are

FON Advisors was formed by a group of senior aerospace and defense industry executives, intelligence operations officers, and operators from premier units in the DoD and US intelligence community.

Forged

FON Advisors leadership has been forged through collective shared experiences.

“No-Fail”

Built on an organizational culture that mirrors the problem solving methodology of high performance “No-Fail” military units.

UnParalleled

Collectively, the group provides unparalleled worldwide Defense and Intelligence experience and a global network.

What is FON?

Navy ships in the sea
Freedom of Navigation (FON) is a principle of customary international law that ships flying the flag of any sovereign state shall not suffer interference from other states, apart from the exceptions provided for in international law.
Old map of the world with a compass sitting on it
Throughout history, Freedom of Navigation operations have ensured the navigability of international waterways, enshrining freedom of sea trade for all. In modern business many similar limitations exist in the availability of certain financial strategies, resources, and international markets.

FON helps its clients break through traditional thinking and navigate the unique challenges of today’s high seas.

Our Team

Leadership


David Walsh profile image

David Walsh

Managing Partner, FON Advisors

Dave serves as the Managing Partner and is responsible for overall management and investment activities of the firm.

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Jason Frank profile image

Jason Frank

President, FON Advisors
CEO, FON Corporate Finance and FON Valuation Services

Jason serves as President of FON Advisors and CEO of FON Corporate Finance. He is a specialist in investment banking, entrepreneurship, strategy, and corporate finance with extensive corporate mergers and acquisitions experience.

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Henry Talbot profile image

Henry Talbot

COO, FON Advisors and CCO, FON Corporate Finance

Henry serves as the COO of FON Advisors and CCO of FON Corporate Finance. He is experienced in financial regulatory compliance, broker/dealer operations, and financial services training.

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George Hanley profile image

George Hanley

Chief Investment Officer, FON Advisors

George serves as the Chief Investment Officer of FON Advisors.

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Caitlin Botting profile image

Caitlin Botting

Chief of Staff, FON Advisors

Caitlin Botting serves as the Chief of Staff for FON Advisors.

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Cameron Hamilton profile image

Cameron Hamilton

Managing Director, FON Corporate Finance

Cameron serves as the Managing Director of the Defense and Government Services Group at FON Corporate Finance.

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Jouky Chang profile image

Jouky Chang

Managing Director and Practice Leader, FON Valuation Services

Jouky Chang serves as Managing Director and Practice Leader of FON Valuation Services.

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Ray Moran profile image

Raymond Moran, ASA, MRICS

Managing Director, FON Valuation Services

Raymond Moran, ASA, MRICS serves as Managing Director in the FON Valuation Services group.

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Strategic Advisors


Terry Athas

Partner

Terry currently serves as Senior Vice President at Alliant/Mesirow Insurance Services. He has over 37 years of experience in the financial services industry, and specializes in determining the unique financial needs of organizations and institutions at a variety of scales. Terry plays a significant role in growing Mesirow Financial’s Public Finance, Private Equity, and Investment Services Divisions. His clients range from institutions, such as pension funds, to manufacturing companies and law firms, and vary in size from small businesses to multi-billion dollar entities.

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John Cusack

Partner

John is the Global Co-Chairman of DLA Piper’s Finance group and Co-Chairman of DLA Piper’s Real Estate Capital Markets group. He has practiced in the area of corporate and finance law for over 25 years. Among his clients are banks and financial institutions, private equity funds, investment funds and corporations. He represents them in most types of finance transactions including private and public offerings of equity and debt, fund formation, and mergers, acquisitions and dispositions. John has extensive experience representing companies and financial institutions in the real estate and infrastructure market sectors. John also represents institutional investors and lenders in debt restructurings, workouts and bankruptcies in the real estate industry. John’s debt restructuring experience includes a wide range of real estate asset classes such as multi-family, residential, office, retail and hotels. He has worked with clients through numerous cycles of the real estate industry.

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Stephen Smith

Partner

Prior to Glen Arbor Partners Inc, Stephen was a founding Principal and Chief Operating Officer of Bryanston Realty Partners LLC focused on real estate and corporate private equity investment. He was responsible for the day-to-day activities of the firm’s two investment funds, was a member of the investment committee and handled the firm’s relationships with its joint venture investors and partners. Total value of the firm’s acquisitions exceeded $5.5 Billion. Prior to founding Bryanston, Stephen was with LaSalle Investment Management – the $70 Billion investment management subsidiary of Jones Lang LaSalle Inc (NYSE:JLL) and served on LaSalle’s Global Management and Investment Strategy Committees. He was responsible for the firm’s capital relationships with and coordination of LaSalle’s global institutional investors, including many of the largest US and European pension funds as well as the largest sovereign funds from the Persian Gulf and Asia. Stephen is currently a member of the Board of Directors and the Executive Committee of Lurie Children’s Hospital of Chicago and a Partner and member of the Board of Directors of The MedProperties Group in Chicago. Stephen holds a M.B.A. from Kellogg School of Management and a B.A. in Economics from Brown University.

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Paul Becker

Partner

Paul is a former Intelligence Officer who served 30 years in peace, crisis and combat. In fall 2016 he led the Presidential Transition’s Intelligence Community Landing Team, which provided policy input, strategic guidance,and operational counsel to new administration Cabinet Secretaries. His military service includes Director of Intelligence for the Joint Chiefs of Staff (J2), the Pacific Command in Hawaii, the International Security Assistance Force Joint Command in Afghanistan, command of the Central Command’s Joint Intelligence Center and duty as an Assistant Naval Attaché to France. RADM Becker founded the Becker T3 Group LLC in 2016, a consulting firm focused on global risk management, business intelligence and cyber operations with expertise in Asia, the Middle East and Europe. Paul holds an MPA from Harvard’s Kennedy School of Government and a BS from the U.S. Naval Academy. He is a member of the Council on Foreign Relations, maintains a Top Secret Clearance with Sensitive Compartmented Information (TS/SCI) access and is a certified Executive Coach. He is a Senior Fellow with the Center for Naval Analyses and is a Professor of Practice at the University of Virginia’s Batten School of Leadership and Public Policy. Rear Admiral Becker is a recipient of the U.S. Intelligence Community’s, Department of Defense’s and Navy’s Distinguished Service Medals, the National Military Intelligence Association’s Leadership Award and the National Ethnic Coalition of Organizations’ Ellis Island Medal of Honor.

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Jason Frank profile image

Jason Frank

President, FON Advisors
CEO, FON Corporate Finance and FON Valuation Services

Jason serves as President of FON Advisors and CEO of FON Corporate Finance. He is a specialist in investment banking, entrepreneurship, strategy, and corporate finance with extensive corporate mergers and acquisitions experience. Prior to joining FON, Jason was CEO of Hilco Corporate Finance – a middle market investment bank providing M&A advisory (both buy- and sell-side), debt and equity placement, balance sheet advisory, and strategic advisory services and Managing Director of Hilco Enterprise Valuation Services – a leading provider of reliable opinions for financial institutions, investment firms and corporations on the realizable value of going concerns, intangible assets, intellectual property, and other specialized business assets for lending, transactional, accounting, financial reporting, tax, shareholder dispute, and litigation support purposes. Prior to joining Hilco, Jason was with P&M Corporate Finance, a unit of Plante and Moran, where he was involved in both buy- and sell-side M&A transactions, principally in the life sciences, financial, and business services sectors. Jason was with AON Risk Services, where he led the research and analysis team within the company’s M&A Professional Services group. His responsibilities included the analysis of financial and capital structures and interpretation of financial performance and constraints among Fortune 1000 companies. Earlier, Jason was Manager of Strategic Planning for Diamond Cluster International, a leading technology consultancy. While with Diamond, he helped facilitate a billion dollar acquisition transaction and subsequent integration of a European consulting firm. Jason has also served as a senior strategy analyst at Arthur Anderson global headquarters. Jason holds an MBA from the University of Chicago Graduate School of Business, and a BSBA from the University of Florida. He has various degrees in Finance, Strategy, Economics, Entrepreneurship, and Accounting. He is a non-practicing CPA. Jason is a licensed securities representative, holding his Series 7, 24, 63, and 79 registrations. He is an active member of the Young Presidents’ Organization, Business Valuation Association, Association for Corporate Growth, Turnaround Management Association, Commercial Finance Association, American Bankruptcy Institute, the Executives’ Club of Chicago, The Chicago Fire Foundation, and the Adam Don Foundation. Through these organizations, Jason has participated on several panels focused on finance, valuation, investing, and mergers & acquisitions, and has also written several articles for various professional publications.

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David Walsh profile image

David Walsh

Managing Partner FON Advisors

Dave serves as the Managing Partner and is responsible for overall management and investment activities of the firm. Prior to FON, he was the CEO of Prescient Edge Holdings, the parent company of four intelligence services and technology firms he managed through periods of rapid organic growth both domestically and throughout the European Union. The Prescient companies specialize in National Security Operations, Technology, and Research & Development services to a range of government and corporate customers to include the US Intelligence Agencies, the Defense Advanced Research Projects Agency, the U.S. Special Operations Command, and several government research laboratories. Dave has broad experience providing contractor support to mission critical operations delivering Human Intelligence and Counterintelligence services to the DoD and US Intelligence Agencies and the creation of best practices and policies pertaining to insider threat protection and the advancement of intelligence tradecraft. Dave works to commercialize unique Research and Development efforts inside the U.S. Department of Defense and the Intelligence Community. Prior to entering the private sector, he was engaged in sensitive counterterrorism operations in the United States, Middle East, Africa, and Latin America. He holds a B.S. in Economics from the United States Naval Academy, serves on the Board of Directors of Guitars over Guns, and is a founding partner of Social Venture Partners Miami.

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Henry Talbot profile image

Henry Talbot

COO FON Advisors and CCO FON Corporate Finance

Henry serves as the COO of FON Advisors and CCO of FON Corporate Finance. He is experienced in financial regulatory compliance, broker/dealer operations, and financial services training. Prior to joining FON, he was a vice president with Deloitte’s investment bank where he managed a wide variety of broker/dealer compliance functions, including cross-border engagements, FINRA and state regulatory filings, electronic correspondence oversight, principal review of engagement deliverables and marketing materials, and annual branch audits. Prior to his time with Deloitte, he held compliance, operations, training and sales positions with some of the largest financial institutions in the US. His responsibilities included: oversight of SEC, FINRA and NFA/CFTC filings for broker/dealers, asset management companies and RIAs; creation and maintenance of WSPs and internal policies and procedures; development and delivery of new hire operations onboarding for ~3500 financial advisors nationwide and oversight, creation and delivery of broker/dealer operations training for a large US bank’s back office broker/dealer operations department. Henry earned a BA in both economics and philosophy from Northwestern University and is a licensed securities representative, holding his Series 7, 63, 65, 79 licenses and his Series 24, 9 &10 principal licenses.

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George Hanley profile image

George Hanley

Chief Investment Officer FON Advisors

George serves as the Chief Investment Officer of FON Advisors, guiding the growth strategy and investment activities of the firm. He has extensive experience founding and building successful companies in the financial and commercial real estate industries.

Prior to joining FON, George founded Hanley Group Capital in 1985, which grew to trade commodity, currencies, fix income and equity markets across the globe, along with becoming the largest volume trader of agricultural option products in the world for over 20 years.  He sold HGC to INTL FCStone (INTL) in 2010, became CEO of INTL, and served as a board observer and advisor. George served on the Business Conduct Committee at the Chicago Board of Trade, part of CME group for over 10 years. This committee was the “Supreme Court” of the exchange, ruling on global disputes between the largest financial companies in the world.

Over the years, George has been involved with several successful businesses, including:

  • He founded the Hanley Foundation in 1998 and serves as its President.  The foundation was created to advance transformative education and support environmental and gender empowerment solutions;
  • In 1999 he cofounded Blink Trading, one of the first companies to trade electronically across exchanges in Europe and the U.S. Hanley sold Blink in 2002 to Getco (GETCO);
  • In 2001 he cofounded Infinium Capital Management (ICM). He served as Chairman and helped grow the firm into one of the largest-volume electronic market making firms in the world. He sold out his interest in ICM in 2012;
  • In 2015 he became a principal at R2 Companies, a large commercial real estate firm in Chicago focused on renovating old factory and warehouse space into modern office spaces. George serves on the investment committee of R2’s Yield Fund and their R2 Flagship Fund;
  • In 2019 he cofounded Left Bank Capital which specializes in Opportunity Zone multi-family projects across the US; and
  • In 2020 he joined the board of managers of Altavod Movie Studio, a cutting-edge content streaming company.

George is a graduate of the University of Dayton, where he currently serves on its board of trustees. He is also a member and former chair of the Investment Committee and Executive Committee. Among other contributions there, he established the Hanley Sustainability Institute, the Hanley Investing Center, and the Hanley Sustainable Investing fund. He also established an experiential trading floor at the University of Illinois in 2008.

George has presented and lectured at Northwestern University, University of Dayton, Loyola University of Chicago, University of Illinois, Notre Dame, NYU, and the Harvard Club of NYC.

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Caitlin Botting profile image

Caitlin Botting

Chief of Staff FON Advisors

Caitlin Botting serves as the Chief of Staff for FON Advisors. Prior to joining FON, Caitlin was the Director of Member Engagement for Stand Together (formerly the Seminar Network), a network of philanthropic organizations dedicated to helping all Americans improve their lives and achieve their full potential. She was responsible for developing and executing appreciation and engagement strategies for donors who contributed more than $100,000 annually. Before joining Stand Together, Caitlin spent five years as Chief of Staff at Prescient, a global risk management and intelligence services firm. At Prescient, she served as a strategic advisor to senior leadership and was responsible for executing the day-to-day operations across a portfolio of five companies in the U.S. and Ireland. Caitlin holds a M.A. in Government from Johns Hopkins University and a B.A. in International Affairs from George Washington University.

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Cameron Hamilton profile image

Cameron Hamilton

Managing Director FON Corporate Finance

Cameron serves as the Managing Director of the Defense and Government Services Group at FON Corporate Finance. Prior to joining FON, he spent nineteen years with The McLean Group where he was involved in more than 75 successful sell- and buy-side M&A and capital formation engagements. His deals include the sale of ACES, Inc. to Everwatch (an Enlightenment Capital portfolio company), representing Engility in its divestiture of its USAID work to RTI, advising SPARC in the sale of its software services business to Booz Allen Hamilton, INDUS Corporation in its sale to Tetra Tech, dTS in its sale to Palladium, NetCentrics in its sale to Haystax Technologies (an Edgewater Funds portfolio company), SigInt Technologies in its sale to Novetta Solutions (an Arlington Capital portfolio company), UltiSat in receiving an investment from LLR Partners, DAI in acquisition of HTPSE, CompSec in its sale to DC Capital Partners, iLuMinA Solutions and OAK Management in their sales to ECS Federal, NETCONN Solutions in its sale to General Dynamics, Casals & Associates in its sale to Dyncorp, Haselwood Enterprises and DPK Consulting in their sales to TetraTech, and Arrowhead Global Solutions in its sale to Caprock Communications, among others. Before joining The McLean Group, Mr. Hamilton led customer ROI analysis and supported multiple capital raises and acquisitions for ClearCross, Inc., a leading international trade compliance software vendor. Cameron holds an AB in economics from Princeton University, where he was a member of nationally ranked varsity swimming and water polo teams. He regularly competes in triathlons, is a two-time age group national champion, has qualified for multiple world championships in his age group at the sprint, Olympic and half-Ironman distances and has completed four Ironman distance races on three different continents.

Professional Credentials

  • FINRA Registered Representative (Series 7, 24, 63, 79)
  • Accredited Valuation Analyst (AVA)

Professional Memberships

  • Small and Emerging Contractors Advisory Forum (SECAF) – Board Member and former Chairman
  • Northern Virginia Chamber of Commerce – former Board of Directors member
  • Armed Forces Communications and Electronics Association (AFCEA)
  • Intelligence and National Security Alliance (INSA)
  • Association for Corporate Growth (ACG)
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Jouky Chang profile image

Jouky Chang

Managing Director and Practice Leader FON Valuation Services

Jouky Chang serves as Managing Director and Practice Leader of FON Valuation Services. Jouky has more than 20 years of experience in the valuation of business interests and intangible assets for a variety of accounting, tax and other corporate related matters. He has prepared such valuations for purposes of business combinations, impairment testing, acquisitions and divestitures, fairness opinions, federal and state tax planning, estate and gift tax planning, litigation involving shareholder disputes, bankruptcy reorganizations, etc.

Prior to joining FON Valuation Services, Jouky was a Managing Director with Duff & Phelps’ Valuation Advisory Services and a part of its national Office of Professional Practice. Before that, he specialized in audits of investment dealers, pension fund managers, offshore mutual funds, and other financial services sector organizations with PricewaterhouseCoopers in Toronto, Canada.

From 2010-2012, Jouky served as a Professional Accounting Fellow in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission. Jouky’s focus was on valuation and fair value measurement matters. His responsibilities included following the activities of U.S. and international professional accounting standard setting bodies, consultations with registrants on accounting, valuation and reporting matters, and participation in rule proposals by the Commission and other standard setting bodies.

Jouky has served on the IMA Financial Reporting Committee, a member of The Appraisal Foundation’s Business Valuation Resource Panel, and the IVSC Business Valuation Standards Board.

Jouky has a B.B.A. with a minor in Economics from Wilfrid Laurier University (Waterloo, Canada). He is a CFA Charterholder and is a Chartered Professional Accountant (Chartered Accountant) in Canada.

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Ray Moran profile image

Raymond Moran, ASA, MRICS

Managing Director FON Valuation Services

Raymond Moran, ASA, MRICS serves as Managing Director in the FON Valuation Services group. Prior to joining FON, he was the CEO of MG Valuation, a firm operating in 17 countries worldwide. Ray specializes in valuations for cross-border mergers and acquisitions, and valuations in the Americas, Asia/Pacific and Europe. Prior to forming MG Valuation, Ray was Senior Vice President and Managing Director of American Appraisal Associates Asia/Pacific operations, and before that managed the firms US real estate and machinery & equipment groups. He was also a Manager with Coopers & Lybrand, in their National Practice Office. He serves on the board of the International Institute of Business Valuers (iiBV), and chairs its marketing committee, promoting business valuation education worldwide.

Ray is past editor of the American Society of Appraisers Machinery & Technical Specialties Journal, and past member of the RICS Americas Plant Machinery Committee. His professional designations include Accredited Senior Appraiser of the American Society of Appraisers, and Member of the Royal Institution of Chartered Surveyors. Ray is a frequent speaker and author on valuation issues, having spoken in a dozen countries throughout North America, Europe and Asia/Pacific. He has a BA in Valuation Sciences from Hofstra University, a degree program sponsored by the American Society of Appraisers. He regularly competes in triathlons and marathons, having completed his first Ironman distance triathlon at Ironman Maryland. He has raced half and full marathons and triathlons throughout North America, Europe and Asia/Pacific.

Professional Credentials

  • Accredited Senior Appraiser – American Society of Appraisers
  • Member, Royal Institution of Chartered Surveyors

Professional Memberships

  • International Institute of Business Valuers (iiBV) – Board Member and Chair – Marketing Committee
  • American Society of Appraisers – New York City Chapter
  • Turnaround Management Association – New York City Chapter
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