Attorney who fought Finra — and won — wins seat on board

Attorney who fought Finra — and won — wins seat on board
Carreno victorious in small-firm election; fended off enforcement action last year
AUG 09, 2012
By  DJAMIESON
Consider it a new twist on an old addage. Kevin Carreno beat Finra. Now, he's joining it. Mr. Carreno, owner and general counsel of International Assets Advisory LLC in Orlando, won the small-firm seat on the board of the Financial Industry Regulatory Authority Inc. The victory comes less than a year after Mr. Carreno successfully fended off a Finra enforcement case against him. In fact, he used his success in the case to gather support during his campaign. The attorney beat out two other candidates, Stephen Kohn, president of Stephen A. Kohn & Associates Ltd. in Lakewood, Colo., and Dock David Treece, a partner at Toledo, Ohio-based Treece Financial Services Corp. Votes for the seat, representing firms with less than 150 brokers, were tallied today at Finra's annual meeting. Finra's 21-person board has seven elected industry representatives, three from small firms. The small-firm candidates campaigned on issues of burdensome regulations and the need for Finra to get its fiscal house in order. Mr. Carreno took some heat from his opponents for being a lawyer. In the end, however, he attracted enough votes among the 4,000 smaller firms registered with Finra' to win the open seat. The final tally showed Mr. Carreno received 710 votes, followed by Mr. Kohn with 497 and Mr. Treece with 243. "I think more people were in favor of having someone who can understand the affects of regulation and rule proposals," Mr. Carreno said.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave