Former Florida regulator Reilly heads to private sector

Jan 9, 2013 @ 4:19 pm

By Dan Jamieson

Longtime Florida regulator William Reilly has joined compliance consultant Oyster Consulting LLC.

Mr. Reilly will remain in Tallahassee, Fla., and work with broker-dealer and investment adviser clients of Glen Allen, Va.-based Oyster.

A 32-year veteran of Florida's bureau of securities, Mr. Reilly is well-known for leading the broker-dealer section of the North American Securities Administrators Association Inc., which represents state regulators.

Of the 25 years he was involved with NASAA, Mr. Reilly said he served as chairman or vice chairman of the section for about 15 years.

Mr. Reilly also has led examiner training programs for Florida and NASAA.

He gained expertise in training examiners after Florida lawmakers approved 56 new examiner positions following the collapse of ESM Government Securities Inc. of Fort Lauderdale in 1982, a fraud that cost cities and other investors around the country some $300 million.

“We went from a staff of 24 in Tallahassee to 80 to 90 overnight,” Mr. Reilly said.

So what's the biggest risk brokerage firms face currently?

“The one thing [would be] the area of selling away,” he said. Selling-away violations often involve failure-to-supervise charges and fraud, Mr. Reilly said.

“In the last few years, many firms that have had selling-away problems are no longer in business” after having to rescind trades and pay arbitration awards, he said.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

When can advisers expect an SEC fiduciary rule proposal and other regs this year?

Managing editor Christina Nelson and senior reporter Mark Schoeff Jr. discuss regulations of consequence to financial advisers in 2018, and their likely timing.

Recommended Video

Path to growth

Latest news & opinion

Cutting through the red tape of adviser regulation is tricky

Don't expect a simple rollback of rules under the Trump administration in 2018 — instead, regulators are on pace to bolster financial adviser oversight.

Bond investors have more to worry about than a government shutdown

Inflation worries, international rates pushing Treasuries yields higher.

State measures to prevent elder financial abuse gaining steam

A growing number of states are looking to pass rules preventing exploitation of seniors.

Morgan Stanley reports a loss of advisers after exiting the protocol for broker recruiting

The firm said it lost 47 brokers in the fourth quarter, the most in any quarter of 2017.

Morgan Stanley's wealth management fees climb to all-time high

Improvement reflect firm's shift of more clients into fee-based accounts priced on asset levels, which boosts results as markets rise.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print