BDL Compliance Consulting
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Listed in Investments, Securities
- 200 S Wacker Dr #3100, Chicago, IL 60606, USA
- 708-624-1982
- www.bdlcc.com
- brian@bdlcc.com
Company Name: BDL Compliance Consulting
Education and Credentials:
BRIAN LENART, CPA, CEO
BDL Compliance Consulting
200 S. Wacker Drive – Suite 3100
Chicago, IL 60606
Ph: (708) 624 -1982
Background Summary
I am a former Chief Compliance Officer and CPA with 38 years experience in the securities industry and extensive experience in broker/dealer regulatory compliance as well as experience in the investment advisory and futures fields. I have extensive experience in testimony both as an expert witness and as a former regulator. I am a former Senior Compliance Examiner with the National Association of Securities Dealers (NASD), now FINRA, and maintain far-reaching relationships throughout the regulatory world. I have held positions such as Chief Compliance Officer, Financial & Operations Principal (FINOP), Chief Financial Officer and Operations Manager at multiple broker/dealers and hold the following registrations in securities, investment advisory and futures: FINRA Series 7, Series 24, Series 27, Series 3, Series 4, Series 53, Series 55, Series 65, Series 79, Series 99, Series 63 as well as an Illinois Insurance Producers License. I was formerly the Chief Compliance Officer for Marsh & McLennan Securities, William M. Mercer Investment Consulting and William M. Mercer Securities as well as multiple other firms. I have owned and operated my own compliance consulting business called BDL Compliance Consulting since 2002. I am a regular guest on an established Chicago financial and sports radio talk show where I explain and discuss compliance issues and the financial services industry in general. I have also been interviewed and quoted in Bloomberg News on various compliance issues as well as Reuters. My website is BDLCC.COM.
I have had extensive experience with expert witness engagements and testimony having been involved in numerous cases concerning a wide array of securities industry issues and topics. Some of the issues I have addressed as an expert witness include but are not limited to the following: Insider Trading, Ponzi Schemes, Due Diligence, Supervision, Suitability, Fraud, Fiduciary Duties, Best Execution, Commission Disputes, Policies & Procedures, Outside Business Activities, Directed Brokerage & Commission Recapture Programs, Wrap Fees, Finders Fees, Books & Records, Margin Issues, Short Sale Issues, Brokerage Operations, Industry Practices & Customs, Registration Issues, Form U-4 and Form U-5 Disclosure. Some of the securities and product types that I have addressed as an expert witness include but are not limited to: Equities, Options, Fixed Income, Private Placements, Mutual Funds, Variable Annuities, Hedge Funds, Commodity Pools, Futures Products, Structured Products, Collateralized Debt Obligations (CDO), Credit Default Swaps (CDS), Government Securities, Market Making, and Exchange Traded Funds. Additionally, I function not only as an expert witness but also as an advisor with these engagements, noting issues, rules, regulations and industry practices that may have been overlooked. Many of the cases I have been engaged with also require written reports that I also provide.
March 2002 – Present – BDL Compliance Consulting
Position: CEO
Provide regulatory consulting services as well as compliance and FINOP outsourcing for the securities industry, futures industry and the investment advisory industry. Additionally, I provide expert witness services. I am a CPA and former NASD Examiner with 38 years experience in the securities industry. Provide leadership, advice and consultation for new broker/dealers completely through the NASD membership approval process as well as ongoing and specific issue regulatory consulting for existing broker/dealers, investment advisors and futures firms. I provide a unique insight into the regulatory system and a specialized knowledge of a very complex apparatus of securities laws, rules and regulations. My website is WWW.BDLCC.COM
January 2000 – May 2002 – Advanced Equities, Inc.
Position: Chief Compliance Officer & Chief Financial Officer
Chief Financial Officer (CFO) & Chief Compliance Officer (CCO) for a mid-size investment banking and venture capital broker/dealer. Second in charge reporting directly to the Chief Executive Officer. Also function as the CCO for the firm’s affiliate investment advisor as well as the CFO for the parent holding company. Responsible for all regulatory compliance and financial matters. Serve as the FINOP, SROP/CROP, Municipal Principal and Variable Annuity Principal for the firm. Oversee the firm’s extensive private placement activity and its market making operation. Designed, implemented and documented a compliance program and operating procedures for all the firm’s activities.
January 1999 – January 2000 – IAC Securities, Inc.
Position : Chief Compliance Officer & Chief Financial Officer
Chief Compliance Officer (CCO) for a broker/dealer owned by Irish Life of North America with approximately 350 registered representatives. Second in charge reporting directly to the President. Also CCO for affiliate wholesaler broker/dealer (First Variable Capital Services) and 2 affiliate Registered Investment Advisor firms. Designed, implemented and documented a compliance program and operating procedures for all firms. Also function as firm Financial & Operations Principal (FINOP).
April 1997 – January 1999 – Marsh & McLennan Securities Corp./William M. Mercer Securities Corp/ William M. Mercer Investment Consulting.
Position : Chief Compliance Officer, FINOP
Chief Compliance Officer for two broker/dealers and one registered investment adviser owned by Marsh & McLennan Companies. Responsible for all compliance and regulatory matters relating to broker/dealers and affiliate RIA (William M. Mercer Investment Consulting Inc.). Designed, implemented and documented a compliance program and operating procedures for all entities. Directed and guided broker/dealers through NASD new member regulatory approval process to engage in securities business activities.
June 1992 – April 1997 – National Association of Securities Dealers (NASD)
Position : NASD Senior Compliance Examiner
Conduct extensive financial & sales practice audits of NASD member broker/dealer firms. Investigate allegations of fraudulent & misleading sales practices, net capital deficiencies, misappropriation of funds, churning, insider trading, stock manipulation, private securities transactions, unsuitable investments, unauthorized transactions, registration problems, advertising violations as well as other serious securities laws and rules violations. Other duties performed include but are not limited to:
• Conduct thorough financial reviews of NASD member broker/dealers by performing SEC Rule 15c3-1 Net Capital Computations, SEC Rule 15c3-3 Reserve Computations and Balance Sheet preparation as well as General Ledger review and Income Statement analysis. Review broker/dealer books and records for accuracy and compliance with securities laws, rules and regulations.
• Perform trade reporting and trade execution analysis and review.
• Advise firms in matters of regulatory compliance concerning financial and operational aspects of the securities industry as well as sales practice aspects.
• Analyze and review required monthly and quarterly financial filings for NASD member broker/dealers.
• Prepare detailed reports of each audit or investigation and testify at NASD disciplinary hearings.
• Analyze & review annual audits of NASD member broker/dealers conducted by independent accountants.
• Consult and assist individuals and companies who are engaging in the process of starting up a new broker/dealer.
December 1989 – September 1991 – Continental Brokerage Services, Inc.
Position : Operations Manager
Managed a staff of up to 8 people as Operations Manager for Continental Bank’s wholly owned broker/dealer. Responsible for all operational aspects of the firm’s business. Second in charge reporting directly to the President of the firm. Cleared multi-million dollar institutional trades effectively without errors or losses. Also held stockbroker responsibilities trading for the bank’s clientele consisting of large institutions and wealthy, large net worth individuals.
February 1988 – November 1989 – Mesirow Financial
Position : Supervisor of Securities Registration Department
Supervised a staff of up to 7 people with responsibility for all securities transfers and registrations. Effectively processed legal item transfers as well as SEC Rule 144 stock transfers.
July 1979 – February 1988 – Kemper Financial Services, Inc.
Position : Stockbroker
Position as full service stockbroker specializing in gold mining stocks. Functioned as a commissioned stockbroker who built a book of clients through cold calling, referrals and other forms of prospecting. Also developed a business selling mutual funds as well as other types of equities, bonds and insurance products. This position was attained after passing the NASD Series 7 examination on my own initiative through self-study.
Position : Operations Specialist, Head Margin Clerk
Effectively functioned in all broker/dealer back office operations positions including Margins, Stock Transfer, Purchase & Sales (P&S), DVP&RVP, DTC Receipts & Deliveries, DTC Balancing, Bond Receipts & Delivery, Dividends and Internal Audit.
July 1978 – July 1979: Mesirow Financial Services – Operations Clerk
August 1977 – July 1978: AG Becker & Co – Funds Evaluation Analyst
Education
B.A. in Political Science from Quincy College – May 1977
Accounting Studies at Depaul University – 1988 – 1992
Becker CPA Review – 1994
NASD Phase I, Phase II & Phase III regulatory training, Washington D.C. 1992 & 1993
NASD computer based regulatory training – 1995 & 1996
CBOE Options Institute training – 1993
Certifications & Registrations
Certified Public Accountant (CPA)
FINRA Series 7 Registration
FINRA Series 24 Registration
FINRA Series 27 Registration
FINRA Series 3 Registration
FINRA Series 4 Registration
FINRA Series 53 Registration
FINRA Series 55 Registration
FINRA Series 65 Registration
FINRA Series 63 Registration
FINRA Series 79 Registration
FINRA Series 99 Registration
Illinois Insurance Producers License
Memberships
Illinois CPA Society (ILCPA)
American Institute of Certified Public Accountants (AICPA)
National Society of Compliance Professionals (NSCP)
BDL Compliance Consulting
200 S. Wacker Drive – Suite 3100
Chicago, IL 60606
Ph: (708) 624 -1982
Background Summary
I am a former Chief Compliance Officer and CPA with 38 years experience in the securities industry and extensive experience in broker/dealer regulatory compliance as well as experience in the investment advisory and futures fields. I have extensive experience in testimony both as an expert witness and as a former regulator. I am a former Senior Compliance Examiner with the National Association of Securities Dealers (NASD), now FINRA, and maintain far-reaching relationships throughout the regulatory world. I have held positions such as Chief Compliance Officer, Financial & Operations Principal (FINOP), Chief Financial Officer and Operations Manager at multiple broker/dealers and hold the following registrations in securities, investment advisory and futures: FINRA Series 7, Series 24, Series 27, Series 3, Series 4, Series 53, Series 55, Series 65, Series 79, Series 99, Series 63 as well as an Illinois Insurance Producers License. I was formerly the Chief Compliance Officer for Marsh & McLennan Securities, William M. Mercer Investment Consulting and William M. Mercer Securities as well as multiple other firms. I have owned and operated my own compliance consulting business called BDL Compliance Consulting since 2002. I am a regular guest on an established Chicago financial and sports radio talk show where I explain and discuss compliance issues and the financial services industry in general. I have also been interviewed and quoted in Bloomberg News on various compliance issues as well as Reuters. My website is BDLCC.COM.
I have had extensive experience with expert witness engagements and testimony having been involved in numerous cases concerning a wide array of securities industry issues and topics. Some of the issues I have addressed as an expert witness include but are not limited to the following: Insider Trading, Ponzi Schemes, Due Diligence, Supervision, Suitability, Fraud, Fiduciary Duties, Best Execution, Commission Disputes, Policies & Procedures, Outside Business Activities, Directed Brokerage & Commission Recapture Programs, Wrap Fees, Finders Fees, Books & Records, Margin Issues, Short Sale Issues, Brokerage Operations, Industry Practices & Customs, Registration Issues, Form U-4 and Form U-5 Disclosure. Some of the securities and product types that I have addressed as an expert witness include but are not limited to: Equities, Options, Fixed Income, Private Placements, Mutual Funds, Variable Annuities, Hedge Funds, Commodity Pools, Futures Products, Structured Products, Collateralized Debt Obligations (CDO), Credit Default Swaps (CDS), Government Securities, Market Making, and Exchange Traded Funds. Additionally, I function not only as an expert witness but also as an advisor with these engagements, noting issues, rules, regulations and industry practices that may have been overlooked. Many of the cases I have been engaged with also require written reports that I also provide.
March 2002 – Present – BDL Compliance Consulting
Position: CEO
Provide regulatory consulting services as well as compliance and FINOP outsourcing for the securities industry, futures industry and the investment advisory industry. Additionally, I provide expert witness services. I am a CPA and former NASD Examiner with 38 years experience in the securities industry. Provide leadership, advice and consultation for new broker/dealers completely through the NASD membership approval process as well as ongoing and specific issue regulatory consulting for existing broker/dealers, investment advisors and futures firms. I provide a unique insight into the regulatory system and a specialized knowledge of a very complex apparatus of securities laws, rules and regulations. My website is WWW.BDLCC.COM
January 2000 – May 2002 – Advanced Equities, Inc.
Position: Chief Compliance Officer & Chief Financial Officer
Chief Financial Officer (CFO) & Chief Compliance Officer (CCO) for a mid-size investment banking and venture capital broker/dealer. Second in charge reporting directly to the Chief Executive Officer. Also function as the CCO for the firm’s affiliate investment advisor as well as the CFO for the parent holding company. Responsible for all regulatory compliance and financial matters. Serve as the FINOP, SROP/CROP, Municipal Principal and Variable Annuity Principal for the firm. Oversee the firm’s extensive private placement activity and its market making operation. Designed, implemented and documented a compliance program and operating procedures for all the firm’s activities.
January 1999 – January 2000 – IAC Securities, Inc.
Position : Chief Compliance Officer & Chief Financial Officer
Chief Compliance Officer (CCO) for a broker/dealer owned by Irish Life of North America with approximately 350 registered representatives. Second in charge reporting directly to the President. Also CCO for affiliate wholesaler broker/dealer (First Variable Capital Services) and 2 affiliate Registered Investment Advisor firms. Designed, implemented and documented a compliance program and operating procedures for all firms. Also function as firm Financial & Operations Principal (FINOP).
April 1997 – January 1999 – Marsh & McLennan Securities Corp./William M. Mercer Securities Corp/ William M. Mercer Investment Consulting.
Position : Chief Compliance Officer, FINOP
Chief Compliance Officer for two broker/dealers and one registered investment adviser owned by Marsh & McLennan Companies. Responsible for all compliance and regulatory matters relating to broker/dealers and affiliate RIA (William M. Mercer Investment Consulting Inc.). Designed, implemented and documented a compliance program and operating procedures for all entities. Directed and guided broker/dealers through NASD new member regulatory approval process to engage in securities business activities.
June 1992 – April 1997 – National Association of Securities Dealers (NASD)
Position : NASD Senior Compliance Examiner
Conduct extensive financial & sales practice audits of NASD member broker/dealer firms. Investigate allegations of fraudulent & misleading sales practices, net capital deficiencies, misappropriation of funds, churning, insider trading, stock manipulation, private securities transactions, unsuitable investments, unauthorized transactions, registration problems, advertising violations as well as other serious securities laws and rules violations. Other duties performed include but are not limited to:
• Conduct thorough financial reviews of NASD member broker/dealers by performing SEC Rule 15c3-1 Net Capital Computations, SEC Rule 15c3-3 Reserve Computations and Balance Sheet preparation as well as General Ledger review and Income Statement analysis. Review broker/dealer books and records for accuracy and compliance with securities laws, rules and regulations.
• Perform trade reporting and trade execution analysis and review.
• Advise firms in matters of regulatory compliance concerning financial and operational aspects of the securities industry as well as sales practice aspects.
• Analyze and review required monthly and quarterly financial filings for NASD member broker/dealers.
• Prepare detailed reports of each audit or investigation and testify at NASD disciplinary hearings.
• Analyze & review annual audits of NASD member broker/dealers conducted by independent accountants.
• Consult and assist individuals and companies who are engaging in the process of starting up a new broker/dealer.
December 1989 – September 1991 – Continental Brokerage Services, Inc.
Position : Operations Manager
Managed a staff of up to 8 people as Operations Manager for Continental Bank’s wholly owned broker/dealer. Responsible for all operational aspects of the firm’s business. Second in charge reporting directly to the President of the firm. Cleared multi-million dollar institutional trades effectively without errors or losses. Also held stockbroker responsibilities trading for the bank’s clientele consisting of large institutions and wealthy, large net worth individuals.
February 1988 – November 1989 – Mesirow Financial
Position : Supervisor of Securities Registration Department
Supervised a staff of up to 7 people with responsibility for all securities transfers and registrations. Effectively processed legal item transfers as well as SEC Rule 144 stock transfers.
July 1979 – February 1988 – Kemper Financial Services, Inc.
Position : Stockbroker
Position as full service stockbroker specializing in gold mining stocks. Functioned as a commissioned stockbroker who built a book of clients through cold calling, referrals and other forms of prospecting. Also developed a business selling mutual funds as well as other types of equities, bonds and insurance products. This position was attained after passing the NASD Series 7 examination on my own initiative through self-study.
Position : Operations Specialist, Head Margin Clerk
Effectively functioned in all broker/dealer back office operations positions including Margins, Stock Transfer, Purchase & Sales (P&S), DVP&RVP, DTC Receipts & Deliveries, DTC Balancing, Bond Receipts & Delivery, Dividends and Internal Audit.
July 1978 – July 1979: Mesirow Financial Services – Operations Clerk
August 1977 – July 1978: AG Becker & Co – Funds Evaluation Analyst
Education
B.A. in Political Science from Quincy College – May 1977
Accounting Studies at Depaul University – 1988 – 1992
Becker CPA Review – 1994
NASD Phase I, Phase II & Phase III regulatory training, Washington D.C. 1992 & 1993
NASD computer based regulatory training – 1995 & 1996
CBOE Options Institute training – 1993
Certifications & Registrations
Certified Public Accountant (CPA)
FINRA Series 7 Registration
FINRA Series 24 Registration
FINRA Series 27 Registration
FINRA Series 3 Registration
FINRA Series 4 Registration
FINRA Series 53 Registration
FINRA Series 55 Registration
FINRA Series 65 Registration
FINRA Series 63 Registration
FINRA Series 79 Registration
FINRA Series 99 Registration
Illinois Insurance Producers License
Memberships
Illinois CPA Society (ILCPA)
American Institute of Certified Public Accountants (AICPA)
National Society of Compliance Professionals (NSCP)
Specialties:
Securities Regulation
Experience:
BRIAN LENART, CPA, CEO
BDL Compliance Consulting
200 S. Wacker Drive – Suite 3100
Chicago, IL 60606
Ph: (708) 624 -1982
Background Summary
I am a former Chief Compliance Officer and CPA with 38 years experience in the securities industry and extensive experience in broker/dealer regulatory compliance as well as experience in the investment advisory and futures fields. I have extensive experience in testimony both as an expert witness and as a former regulator. I am a former Senior Compliance Examiner with the National Association of Securities Dealers (NASD), now FINRA, and maintain far-reaching relationships throughout the regulatory world. I have held positions such as Chief Compliance Officer, Financial & Operations Principal (FINOP), Chief Financial Officer and Operations Manager at multiple broker/dealers and hold the following registrations in securities, investment advisory and futures: FINRA Series 7, Series 24, Series 27, Series 3, Series 4, Series 53, Series 55, Series 65, Series 79, Series 99, Series 63 as well as an Illinois Insurance Producers License. I was formerly the Chief Compliance Officer for Marsh & McLennan Securities, William M. Mercer Investment Consulting and William M. Mercer Securities as well as multiple other firms. I have owned and operated my own compliance consulting business called BDL Compliance Consulting since 2002. I am a regular guest on an established Chicago financial and sports radio talk show where I explain and discuss compliance issues and the financial services industry in general. I have also been interviewed and quoted in Bloomberg News on various compliance issues as well as Reuters. My website is BDLCC.COM.
I have had extensive experience with expert witness engagements and testimony having been involved in numerous cases concerning a wide array of securities industry issues and topics. Some of the issues I have addressed as an expert witness include but are not limited to the following: Insider Trading, Ponzi Schemes, Due Diligence, Supervision, Suitability, Fraud, Fiduciary Duties, Best Execution, Commission Disputes, Policies & Procedures, Outside Business Activities, Directed Brokerage & Commission Recapture Programs, Wrap Fees, Finders Fees, Books & Records, Margin Issues, Short Sale Issues, Brokerage Operations, Industry Practices & Customs, Registration Issues, Form U-4 and Form U-5 Disclosure. Some of the securities and product types that I have addressed as an expert witness include but are not limited to: Equities, Options, Fixed Income, Private Placements, Mutual Funds, Variable Annuities, Hedge Funds, Commodity Pools, Futures Products, Structured Products, Collateralized Debt Obligations (CDO), Credit Default Swaps (CDS), Government Securities, Market Making, and Exchange Traded Funds. Additionally, I function not only as an expert witness but also as an advisor with these engagements, noting issues, rules, regulations and industry practices that may have been overlooked. Many of the cases I have been engaged with also require written reports that I also provide.
March 2002 – Present – BDL Compliance Consulting
Position: CEO
Provide regulatory consulting services as well as compliance and FINOP outsourcing for the securities industry, futures industry and the investment advisory industry. Additionally, I provide expert witness services. I am a CPA and former NASD Examiner with 38 years experience in the securities industry. Provide leadership, advice and consultation for new broker/dealers completely through the NASD membership approval process as well as ongoing and specific issue regulatory consulting for existing broker/dealers, investment advisors and futures firms. I provide a unique insight into the regulatory system and a specialized knowledge of a very complex apparatus of securities laws, rules and regulations. My website is WWW.BDLCC.COM
January 2000 – May 2002 – Advanced Equities, Inc.
Position: Chief Compliance Officer & Chief Financial Officer
Chief Financial Officer (CFO) & Chief Compliance Officer (CCO) for a mid-size investment banking and venture capital broker/dealer. Second in charge reporting directly to the Chief Executive Officer. Also function as the CCO for the firm’s affiliate investment advisor as well as the CFO for the parent holding company. Responsible for all regulatory compliance and financial matters. Serve as the FINOP, SROP/CROP, Municipal Principal and Variable Annuity Principal for the firm. Oversee the firm’s extensive private placement activity and its market making operation. Designed, implemented and documented a compliance program and operating procedures for all the firm’s activities.
January 1999 – January 2000 – IAC Securities, Inc.
Position : Chief Compliance Officer & Chief Financial Officer
Chief Compliance Officer (CCO) for a broker/dealer owned by Irish Life of North America with approximately 350 registered representatives. Second in charge reporting directly to the President. Also CCO for affiliate wholesaler broker/dealer (First Variable Capital Services) and 2 affiliate Registered Investment Advisor firms. Designed, implemented and documented a compliance program and operating procedures for all firms. Also function as firm Financial & Operations Principal (FINOP).
April 1997 – January 1999 – Marsh & McLennan Securities Corp./William M. Mercer Securities Corp/ William M. Mercer Investment Consulting.
Position : Chief Compliance Officer, FINOP
Chief Compliance Officer for two broker/dealers and one registered investment adviser owned by Marsh & McLennan Companies. Responsible for all compliance and regulatory matters relating to broker/dealers and affiliate RIA (William M. Mercer Investment Consulting Inc.). Designed, implemented and documented a compliance program and operating procedures for all entities. Directed and guided broker/dealers through NASD new member regulatory approval process to engage in securities business activities.
June 1992 – April 1997 – National Association of Securities Dealers (NASD)
Position : NASD Senior Compliance Examiner
Conduct extensive financial & sales practice audits of NASD member broker/dealer firms. Investigate allegations of fraudulent & misleading sales practices, net capital deficiencies, misappropriation of funds, churning, insider trading, stock manipulation, private securities transactions, unsuitable investments, unauthorized transactions, registration problems, advertising violations as well as other serious securities laws and rules violations. Other duties performed include but are not limited to:
• Conduct thorough financial reviews of NASD member broker/dealers by performing SEC Rule 15c3-1 Net Capital Computations, SEC Rule 15c3-3 Reserve Computations and Balance Sheet preparation as well as General Ledger review and Income Statement analysis. Review broker/dealer books and records for accuracy and compliance with securities laws, rules and regulations.
• Perform trade reporting and trade execution analysis and review.
• Advise firms in matters of regulatory compliance concerning financial and operational aspects of the securities industry as well as sales practice aspects.
• Analyze and review required monthly and quarterly financial filings for NASD member broker/dealers.
• Prepare detailed reports of each audit or investigation and testify at NASD disciplinary hearings.
• Analyze & review annual audits of NASD member broker/dealers conducted by independent accountants.
• Consult and assist individuals and companies who are engaging in the process of starting up a new broker/dealer.
December 1989 – September 1991 – Continental Brokerage Services, Inc.
Position : Operations Manager
Managed a staff of up to 8 people as Operations Manager for Continental Bank’s wholly owned broker/dealer. Responsible for all operational aspects of the firm’s business. Second in charge reporting directly to the President of the firm. Cleared multi-million dollar institutional trades effectively without errors or losses. Also held stockbroker responsibilities trading for the bank’s clientele consisting of large institutions and wealthy, large net worth individuals.
February 1988 – November 1989 – Mesirow Financial
Position : Supervisor of Securities Registration Department
Supervised a staff of up to 7 people with responsibility for all securities transfers and registrations. Effectively processed legal item transfers as well as SEC Rule 144 stock transfers.
July 1979 – February 1988 – Kemper Financial Services, Inc.
Position : Stockbroker
Position as full service stockbroker specializing in gold mining stocks. Functioned as a commissioned stockbroker who built a book of clients through cold calling, referrals and other forms of prospecting. Also developed a business selling mutual funds as well as other types of equities, bonds and insurance products. This position was attained after passing the NASD Series 7 examination on my own initiative through self-study.
Position : Operations Specialist, Head Margin Clerk
Effectively functioned in all broker/dealer back office operations positions including Margins, Stock Transfer, Purchase & Sales (P&S), DVP&RVP, DTC Receipts & Deliveries, DTC Balancing, Bond Receipts & Delivery, Dividends and Internal Audit.
July 1978 – July 1979: Mesirow Financial Services – Operations Clerk
August 1977 – July 1978: AG Becker & Co – Funds Evaluation Analyst
Education
B.A. in Political Science from Quincy College – May 1977
Accounting Studies at Depaul University – 1988 – 1992
Becker CPA Review – 1994
NASD Phase I, Phase II & Phase III regulatory training, Washington D.C. 1992 & 1993
NASD computer based regulatory training – 1995 & 1996
CBOE Options Institute training – 1993
Certifications & Registrations
Certified Public Accountant (CPA)
FINRA Series 7 Registration
FINRA Series 24 Registration
FINRA Series 27 Registration
FINRA Series 3 Registration
FINRA Series 4 Registration
FINRA Series 53 Registration
FINRA Series 55 Registration
FINRA Series 65 Registration
FINRA Series 63 Registration
FINRA Series 79 Registration
FINRA Series 99 Registration
Illinois Insurance Producers License
Memberships
Illinois CPA Society (ILCPA)
American Institute of Certified Public Accountants (AICPA)
National Society of Compliance Professionals (NSCP)
BDL Compliance Consulting
200 S. Wacker Drive – Suite 3100
Chicago, IL 60606
Ph: (708) 624 -1982
Background Summary
I am a former Chief Compliance Officer and CPA with 38 years experience in the securities industry and extensive experience in broker/dealer regulatory compliance as well as experience in the investment advisory and futures fields. I have extensive experience in testimony both as an expert witness and as a former regulator. I am a former Senior Compliance Examiner with the National Association of Securities Dealers (NASD), now FINRA, and maintain far-reaching relationships throughout the regulatory world. I have held positions such as Chief Compliance Officer, Financial & Operations Principal (FINOP), Chief Financial Officer and Operations Manager at multiple broker/dealers and hold the following registrations in securities, investment advisory and futures: FINRA Series 7, Series 24, Series 27, Series 3, Series 4, Series 53, Series 55, Series 65, Series 79, Series 99, Series 63 as well as an Illinois Insurance Producers License. I was formerly the Chief Compliance Officer for Marsh & McLennan Securities, William M. Mercer Investment Consulting and William M. Mercer Securities as well as multiple other firms. I have owned and operated my own compliance consulting business called BDL Compliance Consulting since 2002. I am a regular guest on an established Chicago financial and sports radio talk show where I explain and discuss compliance issues and the financial services industry in general. I have also been interviewed and quoted in Bloomberg News on various compliance issues as well as Reuters. My website is BDLCC.COM.
I have had extensive experience with expert witness engagements and testimony having been involved in numerous cases concerning a wide array of securities industry issues and topics. Some of the issues I have addressed as an expert witness include but are not limited to the following: Insider Trading, Ponzi Schemes, Due Diligence, Supervision, Suitability, Fraud, Fiduciary Duties, Best Execution, Commission Disputes, Policies & Procedures, Outside Business Activities, Directed Brokerage & Commission Recapture Programs, Wrap Fees, Finders Fees, Books & Records, Margin Issues, Short Sale Issues, Brokerage Operations, Industry Practices & Customs, Registration Issues, Form U-4 and Form U-5 Disclosure. Some of the securities and product types that I have addressed as an expert witness include but are not limited to: Equities, Options, Fixed Income, Private Placements, Mutual Funds, Variable Annuities, Hedge Funds, Commodity Pools, Futures Products, Structured Products, Collateralized Debt Obligations (CDO), Credit Default Swaps (CDS), Government Securities, Market Making, and Exchange Traded Funds. Additionally, I function not only as an expert witness but also as an advisor with these engagements, noting issues, rules, regulations and industry practices that may have been overlooked. Many of the cases I have been engaged with also require written reports that I also provide.
March 2002 – Present – BDL Compliance Consulting
Position: CEO
Provide regulatory consulting services as well as compliance and FINOP outsourcing for the securities industry, futures industry and the investment advisory industry. Additionally, I provide expert witness services. I am a CPA and former NASD Examiner with 38 years experience in the securities industry. Provide leadership, advice and consultation for new broker/dealers completely through the NASD membership approval process as well as ongoing and specific issue regulatory consulting for existing broker/dealers, investment advisors and futures firms. I provide a unique insight into the regulatory system and a specialized knowledge of a very complex apparatus of securities laws, rules and regulations. My website is WWW.BDLCC.COM
January 2000 – May 2002 – Advanced Equities, Inc.
Position: Chief Compliance Officer & Chief Financial Officer
Chief Financial Officer (CFO) & Chief Compliance Officer (CCO) for a mid-size investment banking and venture capital broker/dealer. Second in charge reporting directly to the Chief Executive Officer. Also function as the CCO for the firm’s affiliate investment advisor as well as the CFO for the parent holding company. Responsible for all regulatory compliance and financial matters. Serve as the FINOP, SROP/CROP, Municipal Principal and Variable Annuity Principal for the firm. Oversee the firm’s extensive private placement activity and its market making operation. Designed, implemented and documented a compliance program and operating procedures for all the firm’s activities.
January 1999 – January 2000 – IAC Securities, Inc.
Position : Chief Compliance Officer & Chief Financial Officer
Chief Compliance Officer (CCO) for a broker/dealer owned by Irish Life of North America with approximately 350 registered representatives. Second in charge reporting directly to the President. Also CCO for affiliate wholesaler broker/dealer (First Variable Capital Services) and 2 affiliate Registered Investment Advisor firms. Designed, implemented and documented a compliance program and operating procedures for all firms. Also function as firm Financial & Operations Principal (FINOP).
April 1997 – January 1999 – Marsh & McLennan Securities Corp./William M. Mercer Securities Corp/ William M. Mercer Investment Consulting.
Position : Chief Compliance Officer, FINOP
Chief Compliance Officer for two broker/dealers and one registered investment adviser owned by Marsh & McLennan Companies. Responsible for all compliance and regulatory matters relating to broker/dealers and affiliate RIA (William M. Mercer Investment Consulting Inc.). Designed, implemented and documented a compliance program and operating procedures for all entities. Directed and guided broker/dealers through NASD new member regulatory approval process to engage in securities business activities.
June 1992 – April 1997 – National Association of Securities Dealers (NASD)
Position : NASD Senior Compliance Examiner
Conduct extensive financial & sales practice audits of NASD member broker/dealer firms. Investigate allegations of fraudulent & misleading sales practices, net capital deficiencies, misappropriation of funds, churning, insider trading, stock manipulation, private securities transactions, unsuitable investments, unauthorized transactions, registration problems, advertising violations as well as other serious securities laws and rules violations. Other duties performed include but are not limited to:
• Conduct thorough financial reviews of NASD member broker/dealers by performing SEC Rule 15c3-1 Net Capital Computations, SEC Rule 15c3-3 Reserve Computations and Balance Sheet preparation as well as General Ledger review and Income Statement analysis. Review broker/dealer books and records for accuracy and compliance with securities laws, rules and regulations.
• Perform trade reporting and trade execution analysis and review.
• Advise firms in matters of regulatory compliance concerning financial and operational aspects of the securities industry as well as sales practice aspects.
• Analyze and review required monthly and quarterly financial filings for NASD member broker/dealers.
• Prepare detailed reports of each audit or investigation and testify at NASD disciplinary hearings.
• Analyze & review annual audits of NASD member broker/dealers conducted by independent accountants.
• Consult and assist individuals and companies who are engaging in the process of starting up a new broker/dealer.
December 1989 – September 1991 – Continental Brokerage Services, Inc.
Position : Operations Manager
Managed a staff of up to 8 people as Operations Manager for Continental Bank’s wholly owned broker/dealer. Responsible for all operational aspects of the firm’s business. Second in charge reporting directly to the President of the firm. Cleared multi-million dollar institutional trades effectively without errors or losses. Also held stockbroker responsibilities trading for the bank’s clientele consisting of large institutions and wealthy, large net worth individuals.
February 1988 – November 1989 – Mesirow Financial
Position : Supervisor of Securities Registration Department
Supervised a staff of up to 7 people with responsibility for all securities transfers and registrations. Effectively processed legal item transfers as well as SEC Rule 144 stock transfers.
July 1979 – February 1988 – Kemper Financial Services, Inc.
Position : Stockbroker
Position as full service stockbroker specializing in gold mining stocks. Functioned as a commissioned stockbroker who built a book of clients through cold calling, referrals and other forms of prospecting. Also developed a business selling mutual funds as well as other types of equities, bonds and insurance products. This position was attained after passing the NASD Series 7 examination on my own initiative through self-study.
Position : Operations Specialist, Head Margin Clerk
Effectively functioned in all broker/dealer back office operations positions including Margins, Stock Transfer, Purchase & Sales (P&S), DVP&RVP, DTC Receipts & Deliveries, DTC Balancing, Bond Receipts & Delivery, Dividends and Internal Audit.
July 1978 – July 1979: Mesirow Financial Services – Operations Clerk
August 1977 – July 1978: AG Becker & Co – Funds Evaluation Analyst
Education
B.A. in Political Science from Quincy College – May 1977
Accounting Studies at Depaul University – 1988 – 1992
Becker CPA Review – 1994
NASD Phase I, Phase II & Phase III regulatory training, Washington D.C. 1992 & 1993
NASD computer based regulatory training – 1995 & 1996
CBOE Options Institute training – 1993
Certifications & Registrations
Certified Public Accountant (CPA)
FINRA Series 7 Registration
FINRA Series 24 Registration
FINRA Series 27 Registration
FINRA Series 3 Registration
FINRA Series 4 Registration
FINRA Series 53 Registration
FINRA Series 55 Registration
FINRA Series 65 Registration
FINRA Series 63 Registration
FINRA Series 79 Registration
FINRA Series 99 Registration
Illinois Insurance Producers License
Memberships
Illinois CPA Society (ILCPA)
American Institute of Certified Public Accountants (AICPA)
National Society of Compliance Professionals (NSCP)
Years in Practice: 38
Number of Times Deposed/Testified in Last 4 Yrs: 40
March 2002 – Present – BDL Compliance Consulting
Position: CEO
Provide regulatory consulting services as well as compliance and FINOP outsourcing for the securities industry, futures industry and the investment advisory industry. Additionally, I provide expert witness services. I am a CPA and former NASD Examiner with 38 years experience in the securities industry. Provide leadership, advice and consultation for new broker/dealers completely through the NASD membership approval process as well as ongoing and specific issue regulatory consulting for existing broker/dealers, investment advisors and futures firms. I provide a unique insight into the regulatory system and a specialized knowledge of a very complex apparatus of securities laws, rules and regulations. My website is WWW.BDLCC.COM