CMA operates out of five offices with a staff of 18, 11 of whom have been tested and licensed as Series 50 Municipal Advisors with both the U.S. Securities and Exchange Commission (“SEC”) and the Municipal Securities Rulemaking Board (“MSRB”).  Following are resumes of some of the firm’s key, professional staff members.


Richard R. Tortora, Esq.

President and Principal

Richard manages the firm’s Great Neck office and is responsible for providing financial advisory services to the firm’s largest and most sophisticated clients. Over the course of his 33-year career in public finance, he has been involved in financings totaling over $50 billion. He has worked with numerous counties in New York State including Albany, Erie, Monroe, Rockland, Suffolk, Sullivan and Westchester. As a former bond attorney, he has expertise in the New York State Local Finance Law, the General Municipal Law and other laws pertaining to municipalities and school districts.  Prior to co-founding CMA, he managed the northeast practice of Evensen Dodge, Inc., an independent financial advisory firm, for 9 years and prior to that he managed The Bank of New York’s financial advisory practice for 5 years.

Richard routinely speaks at industry conferences on a variety of public finance topics.  In the past, he has addressed members of the public finance community on topics including “Credit Ratings and their Relationship to the Cost of and Access to Capital”, “The Use of Owner Controlled Insurance Programs to Reduce Project Costs,” “Roles and Responsibilities of Players in a Financing,” “Identifying and Executing Refundings,” and “Debt Management.” He has taught “Bonds 101” at the State’s Fall Finance School for newly elected government officials and at the Municipal Bond Club of New York for many years. 

Richard holds a law degree from St. John’s University School of Law and a B.A. degree from Fordham University in Political Science/Public Administration. He is a former Board member of the New York State Government Finance Association (“GFOA”).  Richard is a member of the NY Association of School Business Officials (“ASBO”), NY GFOA, and the National Association of Municipal Advisors (“NAMA”). He has been licensed by the MSRB and SEC as a Registered Municipal Advisor.


Rick Ganci, M.A.

Executive Vice President and Principal

Rick is Executive Vice President and Principal of CMA. He oversees the firm’s Western New York and Southern Tier offices and serves as lead financial advisor to many of the firm’s largest and most sophisticated clients including the cities of Buffalo, Rochester and Syracuse, the counties of Monroe and Niagara, the Erie County Fiscal Stability Authority, Buffalo and Fort Erie Public Bridge Authority and over 70 villages, towns and school districts. Over the course of his career at CMA, Rick has been involved in the issuance of over 1,500 bond, note and lease financings with a total par of over $12 billion.  Prior to joining CMA, Rick was a banking officer in the treasury division of one of the nation’s largest commercial banks.

Rick completed his undergraduate work at Hobart College in Geneva, New York where he received a B.A. degree in economics and later received his master’s degree in economics from the University of Buffalo. He is a member of the Board of Governors of the New York State GFOA and a member of the GFOA Banking and Investment Management Committee and has presented to association members on “Best Practices in Debt Management” and Investment of Public Funds by Local Governments in New York State”. Rick has also recently presented on Capital Project Planning for School Districts at various seminars.  Rick has been licensed by the MSRB and SEC as a Registered Municipal Advisor.


Margaret Guarino, M.A.

Managing Director

Margaret manages CMA’s Strategic Consulting Services Group, which provides its clients with management support in several areas that are vital to their ongoing success. Grant related activities for CMA clients are supported by the Strategic Consulting Services Group. Margaret joined CMA in 2015 after a successful 40+ year career as a banker with Bank of America/Merrill Lynch. Her career in banking was preceded by positions as the head of a not-for-profit housing corporation and Senior Vice President at the Public Development Corporation of New York City under New York City Mayor Ed Koch.

Over the past two years, Margaret has worked closely with the cities of Long Beach and Glen Cove, the towns of Islip and Riverhead and the US Virgin Islands to prepare multi- year financial plans that address, among other things, operations, existing and future debt, efficiency and management practices as well as comprehensive credit rating presentations and deficit reduction plans that include revenue enhancement initiatives and expenditure reduction opportunities.

Margaret earned both undergraduate and graduate degrees in City and Regional Planning from Pratt Institute of Technology. She has three adult sons and lives with her husband on Long Island.


Richard McCarthy, MBA, CPA

Senior Director

Rick is a Senior Director at CMA, specializing in financings related to the treatment of solid waste, wastewater and drinking water. He was formerly the President of Environmental Capital, LLC, a registered Municipal Advisor firm, which he founded in 1990.

Rick has worked in the area of public finance for over 35 years.  Prior to establishing Environmental Capital, he was a Vice President at Bear Stearns, in charge of solid waste financings from 1987 to 1990 and prior to that he was the manager of the Resource Recovery and General Obligation Bond Group in the Public Finance Department at Manufacturers Hanover Trust Company from 1982 to 1987.  Rick specializes in start-up financings and financings with new or unusual structures and has advised seven environmental authorities on their development and initial financings.  He serves as the financial advisor to twelve environmental authorities, to which he provides a variety of financial and strategic advice.  Rick has performed a wide variety of other financial advisory assignments for county, city and town clients, such as water, sewer and solid waste system consolidations, mergers and sales; the development of regional authorities; financial feasibility studies and utility rate studies.  He has pioneered the use of subsidized loans offered by the New York State Environmental Facilities Corporation for solid waste projects and for advance refundings. 

Rick received his Bachelor’s degree from Cornell University and his Masters of Business Administration from the University of Chicago.  He is a Certified Public Accountant and a licensed Series 50 Municipal Advisor.


Roy McMaster, M.A.

Vice President

Roy oversees the CMA Southern Tier office in Elmira, NY.  His career began in 1976 working with all types of New York municipalities including Towns, Villages and specializing in School Districts.  In addition to the Municipal Advisor services related to planning, marketing and managing over $3 billion in municipal borrowings, Roy also provides complete budget services for Towns and Villages and completion and electronic filing of the AUD (Annual Update Document.)  School District services include pre-vote tax analysis and public presentations related to referendum votes; capital project planning work sessions; 26 Merger Studies and aid projections; Cohort Survival Enrollment Projections; Debt Consent Order Applications to the Board of Regents and State Comptroller, and completion of the various State Aid forms specific to building project financing.

Roy earned a Bachelor of Science in Business Administration (accounting and economics) from The Ohio State University, 1963, a Master of Arts in Teaching from the University of New Hampshire, 1968, and a Certificate of Advanced Study (School Administration and Supervision) from SUNY Cortland, 1976.  He holds a NYS School District Administrator and School Administrator certification, 1976, and a NYS Permanent Teacher certification, Nursery-Grade 8, 1968.  He is a Series 50 Municipal Advisor.

Outside the work environment, his passion is flying (8,500 hours) sailplanes and other light aircraft as a Flight Instructor and Commercial Pilot, land, sea and glider.  He holds several World, National, and many State Soaring Records.


Anthony Nash

Vice President

Anthony heads up the firm’s quantitative group, which performs our most complex and detailed financial analysis and has earned the recognition of the New York State Comptroller’s office.  He structures competitively sold refunding bonds and escrow accounts.  He works with many of the firm’s larger, downstate clients preparing disclosure documentation and performing financial modeling including bond amortization schedules, tax impact analysis and cash flow analysis.

Anthony joined CMA in 2003 as a Summer Associate and became a full time Analyst in 2004 after graduating from SUNY Binghamton with a B.S. in Financial Economics.  He is a member of NYS GFOA and ASBO, and is a Series 50 Municipal Advisor.


Janet Morley

Vice President

Janet acts as CMA’s expert in providing credit rating services to our clients. Her duties at CMA include preparing credit rating presentations, analyzing data, conducting comparative analysis of comparable credits and preparing clients for their rating presentations. She also heads up CMA’s Lease Financing practice.

Janet has over 20 years of public finance experience in the banking and bond insurance industry.  She began her career in public finance as a banker at Fuji Bank and from there moved to municipal bond insurer MBIA.  At MBIA, Janet held management and senior positions related to credit analysis, deal structuring and remediation of troubled credits.  Following MBIA, Janet was engaged by Berkshire Hathaway to provide credit and industry expertise on a consulting basis.   Her career has focused on credit analysis across a broad spectrum of credit types including, but not limited to, general obligation, school districts, healthcare and special revenue.  She has extensive experience in the remediation of troubled credits and bond deals as well as the negotiation of covenants and terms related to bank and bond documents.  In addition, her current role on a Budget and Finance Advisory Task Force for a local municipality provides unique insight to the challenges being faced by local governments today.

Janet holds a B.S. degree in Economics from Lehigh University, from which she graduated magna cum laude.  She is a member of MAGNY, NFMA and the Northeast Chapter of Women in Public Finance. Janet has been licensed by the MSRB and SEC as a Registered Municipal Advisor.


Alex Kerr, M.Ed.

Vice President

Alex specializes in school district financings and serves as client manager on over 70 districts.  He  provides day-to-day transaction support, performs financial modeling including bond amortization schedules, tax impact analysis and cash flow analysis and assists in the preparation of Official Statements.  He has worked with clients on a variety of projects including the planning and issuance of advance refunding bonds, cash flow financings and debt issuance through the NYS Dormitory Authority

Alex completed his undergraduate work at Eckerd College where he received a B.A. in history and attended Dowling College where he earned a Masters Degree in Special Education.  He is a member of the New York State GFOA and ASBO. He has been tested and licensed as a Series 50 Municipal Advisor by the SEC and MSRB.