About Us
Our Story
Otaras is a regulatory and financial technology company formed for the specific purpose of developing powerful and streamlined workflow management, data management, and regulatory compliance solutions for all professionals across the municipal market.
We developed MuniVisor to help municipal advisors focus on important solutions rather than on forms. We collaborated with municipal compliance experts to create an interconnected, seamless, and professional experience that works for the industry.
Our Team

Matthew Roggenburg
Chief Executive Officer
Matthew Roggenburg
Chief Executive Officer
Matt is a 35-year veteran of the municipal market with broad industry experience. He held senior positions at JP Morgan Securities, PNC Capital Markets, UBS Securities, and Goldman Sachs. While at JP Morgan, he led the Municipal Capital Markets team, which developed industry-leading bespoke debt and derivative solutions for municipal clients. At PNC, he managed the East Coast public finance investment banking team. In addition, Mr. Roggenburg co-founded an MSRB-registered municipal advisory firm, Cityview Capital Solutions. During that time, he served on the MSRB’s Professional Qualifications Committee charged with the development of its municipal advisor qualification exam. Matt also spent several years in the municipal credit enhancement sector with an affiliate of MBIA, assisting with the formation of both Financial Security Assurance (now a part of Assured Guaranty) and Connie Lee Insurance Company. Mr. Roggenburg has held FINRA Series 7, 52, 53 and 63 Licenses. Matt is a graduate of The Wharton School of the University of Pennsylvania

Deepak Adinarayana
President & Chief Operating Officer
Deepak Adinarayana
President & Chief Operating Officer
Deepak is a founding member of Otaras. During his 18 years in technology and management consulting, Deepak held senior roles helping clients like Goldman Sachs, Bank of America, UBS, Morgan Stanley, Citi, PNC, etc. in developing and delivering software products, solutions and services in the Capital Markets and Wealth Management. Most recently, he was Director and Financial Services Practice Head at Iris Software where he took to market an enterprise product to automate presale processes in municipal bond underwriting. He has robust understanding of the financial advisory and underwriting business processes in the Municipal Market. He can discover needs/gaps in the market, understand business processes and follow through with technology solutions. Deepak is a graduate in Operations Research from The University of Texas at Austin.

Naveen Balawat
Chairman & Chief Technology Officer

Carol Hargrave
Chief Marketing Officer
Carol Hargrave
Chief Marketing Officer
Carol is a seasoned marketer with experience in startup marketing and in FinTech. Carol has held a variety of senior marketing and leadership roles. Most recently she was the Chief Marketing Officer at Klarna, a global provider of e-commerce payment solutions, based in Stockholm, Sweden. At Klarna Carol led a major growth initiative to help position the Klarna brand with both merchants and consumers. Prior to Klarna, Carol led high-achieving teams at Citibank, Bill Me Later and PayPal. She was part of the Bill Me Later team which was successfully acquired by PayPal in 2008. She has a proven track record across a variety of areas including business development, marketing strategy, B2B marketing and consumer marketing. Today, Carol advises a variety of startups in verticals that include FinTech, EdTech, and SaaS products. She enjoys building strategies for businesses to go-to-market and to develop their growth engines

John Buckman
Vice President of Legal Affairs
John Buckman
Vice President of Legal Affairs
John is a corporate attorney and the company’s Vice President of Legal Affairs. An entrepreneur at heart, John has lent a hand in founding a number of startup companies, while maintaining a strong foothold in legal transactional and compliance matters. During his 20+ year legal career, John has worked as an associate with two multi-national law firms and has represented a number of clients, including Fortune 100 companies. Mr. Buckman is ACAMS certified and is licensed to practice law in New Jersey and New York. He is a graduate of the University of Connecticut and Creighton University School of Law

Matthew Roggenburg
Chief Executive Officer
Matt is a 35-year veteran of the municipal market with broad industry experience. He held senior positions at JP Morgan Securities, PNC Capital Markets, UBS Securities, and Goldman Sachs. While at JP Morgan, he led the Municipal Capital Markets team, which developed industry-leading bespoke debt and derivative solutions for municipal clients. At PNC, he managed …

Deepak Adinarayana
President & Chief Operating Officer
Deepak is a founding member of Otaras. During his 18 years in technology and management consulting, Deepak held senior roles helping clients like Goldman Sachs, Bank of America, UBS, Morgan Stanley, Citi, PNC, etc. in developing and delivering software products, solutions and services in the Capital Markets and Wealth Management…

Naveen Balawat
Chairman & Chief Technology Officer
Naveen is a founding member of Otaras. Data enthusiast and a strong statistician, he specializes in building data-driven solutions/products using Machine Learning, Big Data and Analytics. During his 18 years in technology and management consulting, Naveen has run several large programs, rolled out industry utilities, led analytics teams and…

Carol Hargrave
Chief Marketing Officer
Carol is a seasoned marketer with experience in startup marketing and in FinTech. Carol has held a variety of senior marketing and leadership roles. Most recently she was the Chief Marketing Officer at Klarna, a global provider of e-commerce payment solutions, based in Stockholm, Sweden. At Klarna Carol led a major growth initiative to help position the…

John Buckman
Vice President of Legal Affairs
John is a corporate attorney and the company’s Vice President of Legal Affairs. An entrepreneur at heart, John has lent a hand in founding a number of startup companies, while maintaining a strong foothold in legal transactional and compliance matters. During his 20+ year legal career, John has worked as an associate with two multi-national law firms and has…
Advisory Board

Michael Ballinger
Publisher, The Bond Buyer

Greg Usry
Senior Municipal, Industry Executive
Greg spent over 30 years in municipal finance, including buy and sell side management. For the bulk of his career he was an investment banker and capital markets professional at JP Morgan and Citi. While at Citi Greg served on the Municipal Securities Division management committee and was responsible for all credit product structuring and origination…

Dave Sanchez
Senior Counsel, Norton Rose Fulbright
Dave is Senior Counsel at Norton Rose Fulbright US LLP. Previously, he was an Attorney-Fellow at the United States Securities and Exchange Commission. During this time, he was a principal drafter of both the final Municipal Advisor rule and the 2012 SEC Report on the State of the Municipal Securities Market which outlined the SEC’s ongoing agenda…

Pepper Hamilton LLP
Outside Counsel, Legal Advisory

Pepper Hamilton LLP
Outside Counsel, Legal Advisory
Matthew Roggenburg
Chief Executive Officer
Matt is a 35-year veteran of the municipal market with broad industry experience. He held senior positions at JP Morgan Securities, PNC Capital Markets, UBS Securities, and Goldman Sachs. While at JP Morgan, he led the Municipal Capital Markets team, which developed industry-leading bespoke debt and derivative solutions for municipal clients. At PNC, he managed the East Coast public finance investment banking team. In addition, Mr. Roggenburg co-founded an MSRB-registered municipal advisory firm, Cityview Capital Solutions. During that time, he served on the MSRB’s Professional Qualifications Committee charged with the development of its municipal advisor qualification exam. Matt also spent several years in the municipal credit enhancement sector with an affiliate of MBIA, assisting with the formation of both Financial Security Assurance (now a part of Assured Guaranty) and Connie Lee Insurance Company. Mr. Roggenburg has held FINRA Series 7, 52, 53 and 63 Licenses. Matt is a graduate of The Wharton School of the University of Pennsylvania

Greg Usry
Senior Municipal, Industry Executive
Greg spent over 30 years in municipal finance, including buy and sell side management. For the bulk of his career he was an investment banker and capital markets professional at JP Morgan and Citi. While at Citi Greg served on the Municipal Securities Division management committee and was responsible for all credit product structuring and origination…
Greg Usry
Senior Municipal Industry Executive
Greg spent over 30 years in municipal finance, including buy and sell side management. For the bulk of his career he was an investment banker and capital markets professional at JP Morgan and Citi. While at Citi Greg served on the Municipal Securities Division management committee and was responsible for all credit product structuring and origination; including credit facilities, issuer derivatives, reinvestments, structured notes and direct lending. Following the merger of Smith Barney and Salomon Brothers Greg was charged with building the firm’s derivatives and reinvestments desk.
Following his time at Citi Greg was a managing director at CapRok Capital where he advised MBIA (National) and ACA on their distressed portfolios, and was engaged by the Lehman Bankruptcy estate as an advisor and expert witness for their municipal structured reinvestment portfolio.
More recently Greg was a principal and head of origination for Rosemawr Management, a $1 billion municipal hedge fund focused on distressed and special situation investing. He also served as head of business development for MuniRisk, a start up financial technology company.
Greg has served on the MSRB new products committee and was the co-author of the derivatives market best practices. He held his series 24, 7, 53 and 63.
He is a past boardmember of Student Sponsor Partnership, the Clemson University Alumni National Council and currently serves as the Finance Chairman for the City of Rye, NY Greg graduated from Clemson University.

Dave Sanchez
Senior Counsel, Norton Rose Fulbright
Dave Sanchez
Senior Counsel, Norton Rose Fulbright
Dave is Senior Counsel at Norton Rose Fulbright US LLP. Previously, he was an Attorney-Fellow at the United States Securities and Exchange Commission. During this time, he was a principal drafter of both the final Municipal Advisor rule and the 2012 SEC Report on the State of the Municipal Securities Market which outlined the SEC’s ongoing agenda with respect to regulation of municipal securities disclosure.
A former Adjunct Professor at Georgetown, where he taught “The Securities Law of Public Finance,” Dave continues to lecture at conferences across the country about regulatory matters in municipal finance. Dave earned his J.D. from Harvard Law School and a B.A. in Social Psychology from the University of New Mexico.
Dave is Senior Counsel at Norton Rose Fulbright US LLP. Dave has more than 25 years of experience in all aspects of the municipal finance market including providing advice with respect to the regulation of broker-dealers and municipal advisors, as well as acting as bond and disclosure counsel to municipal entity and obligated person clients. Dave has served as general counsel to a municipal broker-dealer where he created and oversaw the implementation of policies to ensure compliance with federal, state and local laws including the rules and regulations promulgated by the SEC, MSRB, FINRA, FPPC and other regulatory agencies.
Previously, he was an attorney-fellow in the Office of Municipal Securities at the United States Securities and Exchange Commission from 2010-2013. During this time, he was a principal drafter of both the final Municipal Advisor rule and the 2012 Commission Report on the State of the Municipal Securities Market which outlined the Commission’s ongoing agenda with respect to disclosure matters in the municipal finance market. From 2004 – 2009, Dave served as an associate general counsel at Assured Guaranty.
Dave’s clients include regulated entities as well as, cities, counties, school districts, special districts and State agencies. Previously, he was a Deputy City Attorney for the City and County of San Francisco.
A former adjunct professor at the Georgetown Law Center where he taught “The Securities Law of Public Finance,” Dave is also a frequent speaker at industry conferences on municipal advisor and broker-dealer regulatory compliance issues, as well as SEC enforcement and disclosure issues related to the municipal market.