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

Featured video

Events

What's the top issue on advisers minds?

Laura Pierson from Carson Group discusses how the old topic of 'Human Capital' is hot again because of millennials.

Latest news & opinion

New ways to pay for college

Experts respond to real-life scenarios of people struggling to afford higher education.

How technology is reshaping the advice business

Artificial intelligence, Amazon and robo-advisers are some of the topics on the minds of tech experts.

Best- and worst-performing sector funds and ETFs this year

A rising tide may lift all ships, but a bull market doesn't lift all stock sectors. Here are the best- and worst-performing sectors this year, with the top and bottom fund in each sector.

Betterment slapped with $400,000 fine from Finra

Robo-adviser cited for violating customer protection rule and not maintaining its books and records correctly.

Supreme Court ruling on SEC judges unlikely to upend advice industry

But it could give rise to new hearings for some advisers who are already in litigation with the agency such as Dawn Bennett.

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