Finra board challengers gain support

A slate of challengers for three small-firm seats on the Financial Industry Regulatory Authority Inc. board have gathered enough support to seek a spot on the ballot for the upcoming board election.
JUN 30, 2010
A slate of challengers for three small-firm seats on the Financial Industry Regulatory Authority Inc. board have gathered enough support to seek a spot on the ballot for the upcoming board election. The outside candidates have gathered the required 432 signatures from small broker-dealers to apply for their names on the ballot. The election is slated for August 2 during Finra's annual meeting. The challengers for the small-firm seats will take on three candidates already picked by a Finra nominating committee. Before being added to the ballot, the signatures must be certified by Finra. The challengers are Joel Blumenschein, president of Freedom Investors Corp., Jed Bandes, president of Mutual Trust Company of America Securities Inc., and Ken Norensberg, chief executive of Four Points Capital Partners LLC. "We just went over the [432 signature] mark yesterday," said John Busacca, a co-founder of the Securities Industry Professional Association, which is orchestrating the election challenge. The Finra nominating committee candidates are: Lisa Roth, chief executive of Keystone Capital Corp.; Donald Steel, president of Planned Investment Co. Inc., and Mari Buechner, chief executive of Coordinated Capital Securities Inc. Mr. Busacca said the positive response from executives of member firms, who must sign their names to a petition to get outside candidates on the ballot, reflects continued concern over growing regulatory burdens. The challengers say the nominating committee candidates aren't independent enough to challenge Finra management. One of the nominating committee candidates disputes that. "The way to get things done is to get inside and make some noise, and that's what I've done," said Ms. Roth, chairwoman of Finra's small-firm advisory board.

Latest News

Retirement plan defaults leave key participant decisions unresolved
Retirement plan defaults leave key participant decisions unresolved

New Allspring research finds 401(k) participants want guidance on income and rollovers, not just portfolio automation.

Global equity release market set to triple, with US leading growth
Global equity release market set to triple, with US leading growth

Aging homeowners hold record housing wealth - but most advisors still aren't bringing it into retirement plans

Retiree alleges advisor withheld $600K through real estate LLC web
Retiree alleges advisor withheld $600K through real estate LLC web

$1.7M invested from an inheritance. Then the phone went dead.

SEC accuses Linqto chiefs of 'Wizard of Oz' investor deception
SEC accuses Linqto chiefs of 'Wizard of Oz' investor deception

The pre-IPO platform sold $430M in units while allegedly rigging prices behind the scenes.

GLP-1 users are trading retirement savings for their prescriptions
GLP-1 users are trading retirement savings for their prescriptions

A Nationwide survey finds 47% of GLP-1 users have never discussed the drugs’ financial impact with an advisor, even as many dip into savings.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor