David V. Shields
Wellington Shields & Co LLC
Graduated from University of Pennsylvania (Wharton, BS Economics) and entered the brokerage business in London while attending London School of Economics (MSc Econ). In 1966 purchased a seat on the New York Stock Exchange and in 1975 registered as an independent broker/dealer with the SEC. In 1982 co-founded Shields & Company, a broker dealer and RIA. Shields merged with H.G. Wellington & Co. in 2009 to form Wellington Shields & Co. LLC. Current business is a mix of institutional and high net worth retail clients and managed accounts with 60 brokers and six offices.
From 1980 to 1986 served as President of Alliance of Floor Brokers of the NYSE, and in 1982 was appointed a Governor of the NYSE and served until 1986. In 1986 elected to the Board of Directors of the New York Stock Exchange, as the first floor broker to fill a seat created specifically for agency representation. During a six year tenure (3 terms) committee service included the NYSE Committee for Review, Audit Committee and Market Performance Committee among others. Often served as an expert witness and have been involved in many trading floor mediations and hearing panels, as well as lobbying Capitol Hill and regulators on industry issues. Currently serving on FINRA's Small Firm Advisory Board and on the Board of National Organization of Investment Professionals as a past chairman.
Small firms been swept into a regulatory morass designed for much larger, national full line firms. The requirement of small, in many cases niche, firms to comply with a broad range of regulations that are in place for products and services that the small firms do not provide, has led to regulatory overkill that is truly anti-competitive. Fines and penalties have out stripped offenses. Rather than encouraging entrepreneurship, regulators seem to feel bigger is better, put a belt and suspenders on everything and the cost to the small firms be damned.
Large firms print phone books for compliance manuals and can afford a battery of compliance officers and lawyers to fend off overzealous regulators. Small firms should not have written supervisory procedures for things they do not do. Minor offenses should not be treated as felonies. Of course the public must be served, but regulatory overkill with commensurate costs and little if any demonstrated benefit depletes the resources of honest endeavor to public disadvantage. Over regulation layers in costs that must ultimately be passed through to the customer.
It is time to modify a rules based environment and move toward principles based governance. Exams should be risked oriented and compliance should take precedence over enforcement with the focus on public protection.
Jeffrey P. Halperin
MetLife Securities, Inc.
I am currently a Vice President in MetLife's Compliance Department where I have worked with increasing responsibility for the last 14 years. My responsibilities include being MetLife's Global AML Compliance Officer. In that role, I ensure that the MetLife companies, including its 5 affiliated broker-dealers, have controls in place to prevent and detect money laundering activity and report suspicious activity to appropriate regulators.
I am also Chief Compliance Officer for MetLife's insurance-dedicated mutual funds and institutional investment advisers, the compliance officer for MetLife's Investments Department, and I am responsible for the MetLife Bank compliance department.
While at MetLife, I have worked with our broker-dealers on a variety of matters including the review of sales and marketing material, responding to customer complaints, and managing regulatory examinations. Prior to MetLife, I was senior counsel at a state securities department where I brought enforcement cases against individuals and firms that violated state securities laws.
I have been an active member of the industry throughout my 20-year career, participating in working groups, writing qualification exam questions, and speaking at conferences. I also represented MetLife as the first insurance company delegate on the Bank Secrecy Act Advisory Group, the congressionally-mandated working group that provides counsel to the Financial Crimes Enforcement Network on its regulatory initiatives.
I'd like to be considered for a seat on the District Business Conduct Committee to allow me to continue to participate in the securities industry outside of my firm. I think my expertise in the AML regulatory area as well as my general knowledge of the securities industry make me well-suited to consider appropriate disciplinary action in FINRA enforcement matters.
Throughout my career as both a regulator and compliance officer, I have been involved in determining whether registered representatives have engaged in activity that may violate an industry rule or company policy and I think I bring a rational, thoughtful approach to all such considerations. I openly listen to the facts of any particular matter and make judgments based upon the evidence presented and the prior discipline that we've taken for similar fact patterns. If elected to the committee, I will bring the same objective approach to the consideration of District 10 cases.
In addition, I think my role as a senior compliance officer at MetLife and its affiliated broker-dealers, including MetLife Securities, where I regularly promote a strong culture of compliance and ethics make me qualified to consider FINRA disciplinary cases on behalf of District 10 member firms.
Craig B. Jampol
Managing Director—Head of Syndicate
Sterne, Agee & Leach, Inc.
Capital markets expert with over 30 years experience in both equity and fixed-income capital markets. My career started in 1980 in the municipal bond underwriting and trading department at Gruntal & Co. Promoted to equity syndicate manager at Gruntal in 1984. Recruited in 1994 by SoundView Technology Group to create and head their equity capital markets business. Promoted to Partner in 1997. Joined Sterne, Agee & Leach in 2008 to head their syndicate department. I have also been associated with L.F. Rothschild, Caris & Company, and W.R. Hambrecht. I serve on the FINRA Corporate Finance Committee, and District 10 Committee.
I am proud of my accomplishments and reputation during the past 32 years employed in our financial services industry. I feel strongly in maintaining the highest ethical standards, and appreciate the 4 words that appear on the bottom of FINRA's letterhead—'Investor Protection. Market Integrity'. I want to continue to help protect, and serve for our industry.
US Regulatory Controls & Examinations Compliance
RBC Capital Markets, LLC
Arlene Klein joined RBC Capital Markets, LLC in 2010 and is currently Head of US Regulatory Controls and Examinations Compliance. Before RBC, Ms. Klein was Director, Regulatory Affairs-Americas at Barclays Capital and was previously the Director and Head of Investment Banking and Equity Syndicate Compliance at Lehman Brothers. From 2004-2007, Ms. Klein was the Governance, Risk and Process Executive for the Private Bank of the Wealth Management Division and later the Head of Global Supervision Strategy and Governance for the Global Corporate and Investment Banking Division of Bank of America, respectively. She held several positions while at Prudential Securities from 1992-2004 and was an Attorney for the SEC Division of Market Regulation from 1990-1992. Ms. Klein is currently the Vice Chairperson for the Securities Industry/Regulatory Council on Continuing Education. She is a member of the Financial Women's Association, Institute of International Bankers Compliance Officers and the Bank Regulatory Subcommittee of the Securities Industry and Financial Markets Association Compliance and Legal Society. Ms. Klein is admitted to the New York and Connecticut Bar and holds the FINRA Series 7, 24 and 79. Ms. Klein graduated cum laude from Baruch College and received a B.B.A. in Finance and Investments. She obtained her J.D. from Cardozo Law School. In 2011 she received the Baruch College Alumnus of Distinction Award for Outstanding Career Achievement.
As an experienced Compliance professional and former regulator working in the securities industry for over twenty years, I am running for a seat on the District 10 Committee. In my role as regulator for the SEC, I examined self-regulatory organizations and made recommendations for improvement. As an in-house lawyer, I handled corporate, regulatory and strategic matters. My industry experience is quite broad and includes business, Compliance and legal roles in Private Client Group Risk Management, Private Banking, Global Capital Markets, Supervision, Investment Banking and Research Compliance, as well as bank and broker-dealer regulatory affairs. I have been a member of the Securities Industry/Regulatory Council on Continuing Education for nearly four years during which I served as Regulatory Element Chairperson in 2011. I am currently the Council Vice Chairperson for 2012. In this capacity, I liaise with fellow industry groups and regulators and help provide an industry perspective on training content to promote effective and meaningful continuing education for the securities industry. With the ever-changing complexity and globalization of financial services, it is critical to understand the regulatory landscape. If elected as a member of the District 10 Committee, I intend to continue to represent the industry with a solid perspective of large and small firms, an awareness of current and emerging issues, and an ethical approach to best serve the investing public.
Royal Alliance Associates, Inc.
I have been the CCO of Royal Alliance Associates, Inc., a full service retail Broker-Dealer with approximately 2,000 registered reps., since April 2012. Prior to joining Royal Alliance, I was the CCO of SunAmerica Capital Services, Inc. for approximately two years. Prior to that I was the Chief Compliance Officer and General Counsel of Twenty-First Securities, a full service retail boutique Broker-Dealer. I have a wide breadth of industry related experience serving in a variety of compliance/legal related roles at firms such as Marsh & McLennan, New York Life and Prudential, in addition to the above. I have also served as a FINRA arbitrator since 2006.
I have a wide range of experience at several different types of Broker-Dealers. I would relish the opportunity to work collaboratively on behalf of our industry with FINRA to help ensure that the policy makers understand the issues facing the securities industry and the challenges that new policies/rulemaking may present to Firms of all sizes.