Annuity Roundtable - Participant Biographies

Sponsored by NASD and Minnesota Department of Commerce
May 5th, 2006
National Press Club, Washington, DC

 

 

Brian K. Atchinson is President and CEO of the Insurance Marketplace Standards Association (IMSA), an independent non-profit organization promoting high ethical standards in the annuity, life insurance and long-term care insurance marketplace. Mr. Atchinson joined IMSA in 2001, bringing a blend of private sector and regulatory experience. From 1992 to 1997, Mr. Atchinson was Superintendent of the Maine Bureau of Insurance. During his tenure, he oversaw the regeneration of the workers' compensation market, including the creation of the nation's first "employers mutual" and the return of more than 100 companies to the state. In 1996, he was President of the National Association of Insurance Commissioners (NAIC), leading the states' effort with Congress and the White House to enact HIPAA and coordinating the review and approval of the Lloyds-Equitas restructuring. From 1989-1992, he served as Legal Counsel to Commissioner Susan Collins at the Maine Department of Professional and Financial Regulation, the agency responsible for regulation of banks, securities, insurance and professional licensing. In 1997, Mr. Atchinson joined Unum Life Insurance Company of America, managing international development and regulatory issues, serving as Vice President and Managing Counsel. He served on the USTR Sector Advisory Committee for services providing technical input regarding the introduction of financial services into the World Trade Organization General Agreement on Trade in Services. Earlier in his career, Mr. Atchinson was involved with the development of worldwide marketing programs for various organizations, including the International Olympic Committee, FIFA and the Commissioners Office of Major League Baseball. Mr. Atchinson has served on advisory boards of the National Academy of Sciences, Robert Wood Johnson Foundation and the Milbank Memorial Fund. He is an associate editor of the Geneva Papers on Risk and Insurance and a board member of the Insurance Regulatory Examiners Society (IRES) Foundation. In 2004, he was appointed a "Distinguished Fellow" of the International Association of Insurance Supervisors in recognition of his earlier work in the creation of that organization. He graduated, magna cum laude, from the University of Massachusetts at Boston, and earned his law degree from Syracuse University College of Law.

 

Scott Borchert has practiced in the field of administrative and regulatory law for over 20 years. Currently, he is the Director of Registration, Minnesota Department of Commerce, with responsibilities for the review of insurance and securities products sold in Minnesota as well as licensing of securities broker-dealers, registered representatives and investment advisers. He serves under Deputy Commissioner Patrick Nelson and Commerce Commissioner Glenn Wilson. Mr. Borchert has been a member of the North American Securities Administrators Association for 14 years, serving on its Board of Directors from 2001 to 2004. He is a certified mediator, a member of the Insurance Regulatory Examiners Society and the Minnesota Bar Association.

 

Joseph Borg has held the position of Director for the Alabama Securities Commission since 1994. As a result of his leadership the Commission has an established reputation as one of the most aggressive enforcement agencies in the United States. He previously served as President of the North American Securities Administrators Association (NASAA, 2001-2002) and is presently serving on its Board of Directors. He was elected to the position of President-elect for NASAA and will serve as President beginning September 2006. This is the second time that Mr. Borg will hold this prestigious position. Only one person has ever served two terms as president in the 87-year history of NASAA. He has testified before various committees of Congress in such areas as micro-cap securities fraud, criminal elements in the markets, and information sharing among regulators. His active participation led to the establishment of state-level task forces to investigate Wall Street firms and promotion of legislation to increase the severity of punishment for white-collar crime offenders. He served as in-house corporate counsel to First Alabama Bank (n/k/a Regions Bank, 1979-1984), has been an Adjunct Professor of Law at Faulkner University Jones School of Law teaching Securities Law and Banking (1982-2002), and has been a Partner in the Montgomery law firm of Capouano, Wampold, Prestwood & Sansone (1984-1994). He is admitted to practice in Alabama, Florida, New York, U.S. Federal District Courts in Alabama and Florida, the 5th and 11th Circuit Courts of Appeal and the U.S. Supreme Court.

 

Wendy L. Carlson, J.D., C.P.A., has served Chief Financial Officer and General Counsel of American Equity since 1999. Before joining American Equity, Ms. Carlson served as outside corporate counsel for the company from its inception in 1995. She was previously a partner in the firm of Whitfield & Eddy, PLC, where she practiced law in the areas of business, tax, insurance and securities from 1985 to 1999. Ms. Carlson is also a Certified Public Accountant. Ms. Carlson received her J.D. degree from Notre Dame Law School, Notre Dame, Indiana, in 1985. She earned her B.S.B.A. degree, magna cum laude, from Drake University, Des Moines, Iowa, in 1982, with majors in Accounting and Computer Information Systems. Ms. Carlson is a member of the following professional associations: the American, Iowa State and Polk County Bar Associations; and the Iowa Society of Certified Public Accountants.

 

Mark S. Casady is currently Chairman, President and Chief Executive Officer of LPL Financial Services. Before joining the firm in 2002, Mr. Casady was Managing Director, Mutual Fund Group for Deutsche Asset Management, Americas, formerly Scudder Investments. He joined Scudder in 1994 and held roles as Managing Director, Americas; Head of Global Mutual Fund Group; Head of Defined Contribution Services; and was a member of the Scudder, Stevens and Clark Board of Directors and Management Committee. Prior to that, Mr. Casady held roles at Concord Financial Group as Institutional Sales Manager; and at Northern Trust as Vice President, Investments, Strategic Business Planner and Head of Global Custody Operations in their London office. He has also served on the Executive Committee of the Investment Company Institute Board of Governors. Mr. Casady received his Bachelor of Science at Indiana University in 1982 and his MBA from DePaul University in 1984. Mr. Casady holds Series 7, 24 and 63 licenses.

 

Robert R. Glauber has served as NASD's Chairman and Chief Executive Officer since September 2001, after becoming its CEO and President in November 2000. NASD is the largest self-regulatory body in the securities industry and the leading private-sector provider of financial regulatory services in the world. Since 1996, Mr. Glauber has been an active member of the NASD Board. During the development of the plan to spin-off NASDAQ, he chaired the Board's Fairness Committee to provide an independent assessment of the spin-off plan. The Fairness Committee carefully reviewed and considered the objectives, terms and conditions of the spin-off plan, which was modified in a number of important respects based on recommendations of the Committee. In addition to his role as Chairman of the Fairness Committee, Mr. Glauber served as Chairman of the NASD Board's Finance Committee. Mr. Glauber served as Under Secretary of the Treasury for Finance from 1989 to 1992. Prior to that, he was a Professor of Finance at the Harvard Business School. After leaving the Treasury, he was a lecturer at Harvard's Kennedy School of Government. In 1987 Mr. Glauber served as Executive Director of the Task Force on Market Mechanisms ("Brady Commission") appointed by President Reagan to study the October 1987 stock market crash. As Under Secretary of the Treasury for Finance, Mr. Glauber was the senior officer responsible for Treasury's domestic policy. Major policy initiatives during this period included the bailout of the S&L industry and a total overhaul of S&L regulation; legislation to modernize commercial bank regulation by permitting interstate branching and broader bank services; and revision of the auction procedures for selling Treasury securities in response to the Salomon Brothers bidding scandal. Mr. Glauber received his B.A. from Harvard College in Economics and his doctorate from the Harvard Business School. He joined that school's faculty in 1964, specializing in Corporate Finance and Investment Banking. In his last years on the Business School faculty, he was faculty chairman of the school's Advanced Management Program for senior executives. Mr. Glauber presently serves as a director of Moody's Corporation. He previously served on the boards of the Federal Reserve Bank of Boston, a number of the Dreyfus mutual funds, and the Investment Company Institute. He is a member of the Council on Foreign Relations, the Boston Committee on Foreign Relations, the International Advisory Board of the Korean Financial Supervisory Service, and is past president of the Boston Economic Club.

 

Sharon Hermanson is currently a Senior Policy Advisor in AARP's Public Policy Institute. She conducts and oversees research and develops policy options for the Association and its more than 35 million older members regarding financial services issues, including banking, securities and insurance issues. Financial disclosures is a current area of emphasis. Previous to her work as Senior Policy Advisor, Dr. Hermanson was the Legislative Representative for AARP's Pennsylvania state office, where her expertise included financial issues impacting older persons at the state level. Her educational background includes bachelor's and master's degrees from Iowa State University and a Doctorate from Penn State University. Her academic background includes gerontological research, teaching, and numerous publications at Temple University and Penn State University.

 

Frank Keating took over as President and CEO of the American Council of Life Insurers on January 14, 2003, the morning after leaving office as Oklahoma's 25th governor. As president and CEO, Governor Keating is the chief representative and spokesman for the life insurance industry in Washington, DC. He and his staff work as advocates for nearly 400 life insurance companies that account for 75 percent of the life insurance and annuity markets in the United States. During the early months of his tenure at ACLI, Governor Keating was profiled in National Journal as a new leader "pumping life into the ACLI." He is traveling the country meeting with numerous executives from member companies. His Washington meetings have included key members of Congress and the Bush Administration. His plans also include being a visible public spokesman for the life insurance industry and the products it offers. He received his undergraduate degree from Georgetown University and a law degree from the University of Oklahoma. His 30-year career in law enforcement and public service included stints as an FBI agent, federal and state prosecutor and state legislator. He served Presidents Reagan and Bush in the Treasury, Justice and Housing Departments. In 1993 he returned to Oklahoma to run for Governor. He won a three-way race by a landslide and was easily reelected in 1998, becoming only the second governor in Oklahoma history to serve two consecutive terms. Governor Keating won national acclaim in 1995 for his compassionate and professional handling of the Oklahoma City bombing. His accomplishments as Governor include winning a public vote on right-to-work, tort reform, tax cuts, major road building and education reform.

 

Clifford E. Kirsch is Vice President and Senior Corporate Counsel at the Prudential Insurance Company of America. Prior to that, he was First Vice President and Associate General Counsel at Paine Webber's asset management subsidiary. From 1985 to 1994, he was on the staff of the U.S. Securities and Exchange Commission, Division of Investment Management, in Washington, DC. At the SEC, he held several positions including Assistant Director in the Office of Insurance Products and was a recipient of the Manuel F. Cohen Younger Lawyer Award. Mr. Kirsch previously taught at Georgetown University Law Center and Catholic University School of Law. He serves as chair for two annual American Law Institute/American Bar Association Course Offerings-Investment Management Regulation and Investment Adviser Regulation. He also is Chairman of the NASD's Variable Insurance Products Committee. Mr. Kirsch has written on various topics relating to investment companies, investment advisers and the securities activities of insurance companies and banks. His publications include: Investment Adviser Regulation (Practising Law Institute, 1996, updated annually); The Financial Services Revolution: Understanding the Changing Roles of Banks, Mutual Funds and Insurance Companies (Irwin, 1996); Regulation and Distribution of Variable Insurance Products (Aspen, 1999, updated annually); Financial Product Fundamentals (Practising Law Institute, 1999, updated annually); Mutual Fund Regulation (Practising Law Institute, 2002, updated annually) and Investment Management Regulation (Fathom Publishing, 2003), a law school casebook.

 

Mark J. Mackey is President and CEO of the National Association for Variable Annuities (NAVA), the not-for-profit organization dedicated to increasing the public's knowledge and acceptance of annuities and variable insurance products. With more than 20 years of experience, Mr. Mackey has gained a national reputation as an expert and spokesperson for the variable insurance industry. He has spearheaded NAVA's national public education campaign, appearing on TV and being interviewed frequently on radio. Mr. Mackey is a regular commentator in publications such as The Wall Street Journal, USA Today, New York Times, FORTUNE magazine and National Underwriter. Mr. Mackey has been involved with NAVA since its earliest days, serving as a board member and chairing its Education and Regulatory Affairs committees, prior to becoming the Association's first full-time president and CEO. In addition to serving as NAVA's president and CEO, Mr. Mackey is also a member of the NAVA Board of Directors and serves on the association's Executive Committee.

 

James R. Mumford graduated from Iowa State University in 1960 with a degree in Agriculture Economics. He graduated from Harvard University Law School in 1963. Mr. Mumford has worked in the insurance industry since 1965 when he joined the law firm of Henry and Henry in Des Moines. In 1970 he became counsel with Equitable Life Insurance Company of Iowa. In 1976 he started a law firm specializing in insurance-related matters. He worked extensively in insurance-related matters in private practice including work on variable annuity and indexed annuity products, pension and tax matters, and financial and corporate governance matters. In 1997, he joined ING Americas as Chief Counsel, Corporate Affairs and also later undertook the duties of Chief Counsel, Special Projects. During that time he was general counsel of several ING insurance subsidiaries, headed ING's financial services privacy compliance with Gramm-Leach-Bliley Act and furnished oversight on ING state government relations activities. He also represented ING in many American Council of Life Insurer (ACLI) activities. In 2003, he retired from ING and became Of Counsel with Nyemaster, Goode, West, Hansell & O'Brien Law Firm in Des Moines, Iowa. In 2005, he was appointed First Deputy Commissioner of the Iowa Insurance Division. Mr. Mumford was active in the National Organization of Life and Health Guaranty Association (NOLHGA), where he was a member of its legal committee for five years (chair two years), member of its audit committee for three years (chair one year), member of its executive committee for three years (chair one year), member of its Board of Directors for six years (chair one year), member of its financial modernization committee for three years and co-chaired its Guaranty Association Modernization Task Force for two years. Mr. Mumford has been active in the Iowa State Bar Association where he has been a member of many of its committees and participated in many of its seminars, tax schools and annual meetings. He has chaired its Bar Insurance Plans Committee, its Law Practices Management Section, its E-commerce Section, and was a long-time member of its Technology Committee. In his practice, Mr. Mumford was active with the National Association of Insurance Commissioners (NAIC) on behalf of his clients. He was also active representing member companies of the ACLI chairing its task force on the Uniform Producers Model Act and the ACLI Solvency Committee for two years during which time it drafted the insolvency portion of the ACLI's version of the optional federal charter. He was a member of many other ACLI task forces and committees over the years. Mr. Mumford represents the Iowa Insurance Division by currently serving on various NAIC Working Groups and Task Forces.

 

Annette L. Nazareth was appointed by President George W. Bush to the U.S. Securities and Exchange Commission and sworn in on August 4, 2005. Prior to being appointed a Commissioner, Ms. Nazareth served as the Commission's Director of the Division of Market Regulation, a position she held from March of 1999 until August of 2005. As Director, Ms. Nazareth had primary responsibility for the supervision and regulation of the U.S. securities markets, principally through the regulation of brokers and dealers, exchanges, clearing agencies, transfer agents and securities information processors. Significant initiatives adopted by the Commission during her tenure include: execution quality disclosure rules, implementation of equities decimal pricing, short sale reforms, implementation of a voluntary regime for consolidated supervision of broker-dealer holding companies and modernization of the national market system rules. She joined the Commission staff in 1998 as Senior Counsel to Chairman Arthur Levitt and served briefly as the Interim Director of the Division of Investment Management. Since 1999, Ms. Nazareth has served as the Commission's representative on the Financial Stability Forum (FSF). The FSF promotes international financial stability through information exchange and international cooperation in financial supervision and surveillance. The FSF brings together on a regular basis national authorities responsible for financial stability in significant international financial centers. Prior to joining the Commission staff, Ms. Nazareth held several positions in the financial services industry. As a Managing Director of Smith Barney from 1997 to 1998, she was deputy head of the Capital Markets Legal Group. As a Senior Vice President and Senior Counsel of Lehman Brothers, Ms. Nazareth was the chief legal advisor to the Fixed Income Division from 1994 to 1997. From 1986 to 1994, she served as Managing Director and General Counsel of Mabon Securities Corp. and its predecessor business, Mabon, Nugent & Co. She began her career as an associate with the law firm of Davis Polk & Wardwell in 1981, where she worked with commercial banks, investment banks and corporations on mergers and acquisitions, syndicated loans and public and private securities offerings. She received her J.D. from Columbia University School of Law, where she was a Harlan Fiske Stone Scholar and her A.B., magna cum laude and Phi Beta Kappa, from Brown University.

 

Patrick Nelson was appointed by Governor Tim Pawlenty in January, 2003 to serve as Deputy Commissioner for the Minnesota Department of Commerce, Market Assurance Division (formerly the Enforcement Division). Mr. Nelson came well prepared to meet the challenges of his new role since he had served as Deputy Commissioner for the Department's Insurance and Registration Division from 1991 to 1999. In regulating the insurance, real estate and securities industries, he is committed to implementing the Pawlenty Administration's Market Assurance philosophy by establishing a fair and competitive marketplace for Minnesota's industries while improving consumer protection. Mr. Nelson earned his undergraduate degree from St. John's University in Collegeville, MN; a law degree from Hamline University School of Law in St. Paul; and a Masters in Securities Law from Georgetown University School of Law in Washington, DC.

 

Jim Poolman is currently serving in his second term as North Dakota Insurance Commissioner, focusing his efforts on working for and protecting insurance consumers across North Dakota. Commissioner Poolman has worked hard over the last two legislative sessions to pass numerous bills that accomplish that mission. During Mr. Poolman's administration, he has sponsored key consumer-protection legislation, passed by the 2001, 2003 and 2005 legislatures, including: heightened privacy protections for personal health and financial information; the creation of an insurance fraud unit within the insurance department; restrictions on the use of consumer credit information by insurance companies; prohibitions against corporations purchasing life insurance on its employees without the employee's permission; restrictions on the use of CLUE reports in underwriting; and stricter regulations that require disclosure of the pharmaceutical discounts provided to pharmaceutical plans, ensuring that those benefits get passed on to consumers. In addition to the legislative milestones that protect consumers, Mr. Poolman has also worked to maintain a healthy and competitive marketplace for the insurance industry. In the face of catastrophic weather conditions, Mr. Poolman has not only successfully kept insurers in the marketplace, but has also brought in new business. He continues to work closely with industry to ensure that consumers have a broad range of insurance companies from whom to purchase insurance. Mr. Poolman also has worked to improve the Department's response time with regard to company product filings, so that innovative products and services can reach North Dakota consumers more quickly than ever before. Today, the turn-around time on all company filings is less than 60 days, with an average turn-around time a mere fraction of that time-a marked improvement from when Mr. Poolman took office. Commissioner Poolman has also taken an active role in the National Association of Insurance Commissioners (NAIC). He sits on the National Insurance Producer Registry (NIPR) Board of Directors. In addition, Commissioner Poolman is Chair of both the Producer Licensing Working Group and Life Insurance and Annuities Committee. He is Vice-Chair of both the Government Affairs and the Valuation of Securities Task Forces. Mr. Poolman believes that by participating in the NAIC, North Dakota has a stronger voice in creating and implementing insurance regulations that effect every North Dakota insurance consumer. In 1992, he graduated from the University of North Dakota in Grand Forks with a bachelor's degree in Business Administration. Following his graduation from the University of North Dakota, Mr. Poolman was elected to the North Dakota House of Representatives, where he served four terms. While serving in the Legislature he assumed a leadership role in the National Conference of State Legislatures as Vice-Chairman of the NCSL's Agriculture and International Trade Committee. Long active in public service and community affairs, Mr. Poolman served two terms as Chairman of the Red River Valley Red Cross Board of Directors. He has been involved in the Grand Forks Chamber of Commerce and the University of North Dakota Alumni. Mr. Poolman has served on the Board of Directors for Child Care Resource and Referral and the Sertoma Club. Currently, he serves on the board of directors of the Big Brothers Big Sisters of Bismarck-Mandan, and is the Government Campaign Drive Chairman for the Missouri Slope Areawide United Way. Before taking office in January 2001, Mr. Poolman was employed with the Bremer Bank. As a Trust Officer, he assisted corporations with tax deferred employee benefit plans, individual retirement planning and asset management.

 

Mary L. Schapiro is Vice Chairman of NASD, the world's largest private-sector securities regulator, and President of the Regulatory Policy and Oversight Division. She is a member of the NASD Board of Governors. As the primary regulator of 5,100 U.S. securities brokerage firms and the nearly 700,000 registered brokers who do business with the public, the Regulatory Policy and Oversight Division has responsibility for writing rules that govern the conduct of virtually all aspects of the securities business, including sales practices and financial and operational integrity; examining firms for compliance with those rules; and enforcement of NASD rules, the rules of the Municipal Securities Rulemaking Board and the federal securities laws. The Division also reviews regulated firms' advertisements and corporate financing arrangements, administers qualifications exams and continuing education to registered persons, provides a range of educational resources and tools for investors, and provides comprehensive regulatory services to The Nasdaq Stock Market and The American Stock Exchange. Ms. Schapiro joined NASD in 1996 as President of NASD Regulation and was named Vice Chairman in 2002. Before assuming her present duties, Ms. Schapiro was appointed Chairman of the federal Commodity Futures Trading Commission (CFTC) in 1994 by President Clinton. The CFTC is responsible for regulating the U.S. futures markets, including financial, agricultural and energy markets. As Chairman, she participated in the President's Working Group on Financial Markets with the Secretary of the Treasury and the chairmen of the Federal Reserve Board and the Securities and Exchange Commission (SEC). Prior to assuming the CFTC chairmanship, Ms. Schapiro served for six years as a Commissioner of the SEC. She was appointed in 1988 by President Reagan, reappointed by President Bush in 1989 and named Acting Chairman by President Clinton in 1993. Ms. Schapiro is an active member of the International Organization of Securities Commissions (IOSCO) and was elected Chairman of the IOSCO Consultative Committee in 2002 and 2004. A 1977 graduate of Franklin and Marshall College in Lancaster, Pa., Ms. Schapiro earned a Juris Doctor degree (with honors) from George Washington University in 1980. She is a member of the Board of Trustees of Franklin and Marshall College. She is a member of the Boards of Directors of Cinergy Corp. and Kraft Foods. Ms. Schapiro was named the Financial Women's Association Public Sector Woman of the Year in 2000.

 

Thomas M. Selman is Senior Vice President, Investment Companies/Corporate Financing at NASD. Mr. Selman joined NASD in 1996 as Director of the Advertising/Investment Companies Regulation Department. Prior to that time, he was Associate Counsel to the Investment Company Institute. From 1987 until 1992, Mr. Selman served in the SEC's Office of the General Counsel and from 1986 until 1987, he served as consultant to the European Union in Brussels, Belgium. He is the author of several articles, including "Regulating Mutual Fund Distributors: Is the Traditional Definition of 'Broker-Dealer' Obsolete?" Investment Lawyer, April 1998; and "Model for Reform: The Offer and Sale of UCITS in the United States," The International Lawyer, Fall 1992.

 

Richard Silver is Executive Vice President and General Counsel of AXA Financial, Inc., AXA Equitable Life Insurance Company, and MONY Life Insurance Company. Mr. Silver joined Equitable Life's Law Department in 1986 and was elected Vice President in 1988. In 1991, he was named President and Chief Operating Officer of Equico Securities, positions that he held through December 1994. In January 1995, Mr. Silver returned to the Law Department as Associate General Counsel and Chief Compliance Officer. He was elected Senior Vice President in February 1995, Deputy General Counsel of Equitable Life and AXA Financial in October 1996 and General Counsel of Equitable Life in November 1999. In September 2001, he was elected to his current positions. Prior to joining Equitable in 1986, Mr. Silver was a vice president and senior securities attorney with a subsidiary of Merrill Lynch & Co. He began his career as a corporate associate at the New York law firm of Cahill Gordon & Reindel. Mr. Silver holds a B.A. in Government and Politics from St. John's University and a J.D. from St. John's University School of Law where he was Publications Editor of the St. John's Law Review. Since 1995, he has served as an industry representative on the NASD's Independent Dealer/Insurance Affiliate Committee, which he currently chairs, as well as its Variable Insurance Product Committee and its Member Self-Compliance and Services Committee, and has served on various other committees and subcommittees of industry organizations.

 

John S. Simmers is Chief Executive Officer of ING Advisors Network. With his entrepreneurial approach to business and extensive knowledge and expertise in the securities industry, Mr. Simmers is a key executive member of ING Advisors Network and its four independent broker-dealer firms: Financial Network Investment Corporation, Multi-Financial Securities Corporation, PRIMEVEST Financial Services, Inc. and ING Financial Partners, Inc. In his role as Chief Executive Officer, he is responsible for the overall development and implementation of Network-wide initiatives and ongoing business development and operational strategies. He works closely with ING US Retail Financial Services leadership and the executive members of the Network's broker-dealer firms to lead the Network and the 10,000 independent financial professionals it serves to achieve sustained growth and success. He is also responsible for ensuring that the Network's vision, goals, and overall core values remain aligned with corporate ING, and that those affiliated with the Network have access to only high-quality products, services and best practices on which to build their businesses. Because Mr. Simmers has held several influential leadership roles on principal councils and associations within the securities industry, he has had the opportunity to serve on key decision-making teams and set strategic industry-wide standards. In 1983, he co-founded Financial Network Investment Corporation, a leading independent broker-dealer firm, where he served as Chief Operating Officer and member of its Board of Directors before his appointment to ING Advisors Network as Chief Operating Officer in 2000. Prior to this, he worked as Chief Operating Officer for a national independent broker-dealer firm and in a management capacity for National Association of Securities Dealers (NASD). Mr. Simmers is a graduate of Ohio State University. He is a Past President and Director of the California Association of Independent Broker-Dealers (CAIBD) and a former member of the Investment Adviser Committee and Independent Firms Committee for the Securities Industry Association (SIA). He served on the Compliance Council, Due Diligence Steering Committee and Broker-Dealer Advisory Council for the Financial Planning Association (FPA). For NASD, he was recently elected to the Board of Governors, he was Vice Co-Chairman of the District 2 South Business Conduct Committee, as well as a member of the District 2 Financial Responsibility Committee. He also served on national committees such as the Direct Participation Program Committee, the Insurance-Affiliated Member Committee and the Membership Committee. Currently, Mr. Simmers serves on the Board of Directors for the Financial Services Institute (FSI).

 

Thomas F. Streiff is Director of Fund and Annuity Solutions at UBS Financial Services, Inc. His group is responsible for mutual funds, unit-investment trusts and annuities. Prior to joining UBS Financial Services, Inc., Mr. Streiff held senior financial service industry positions including 12 years as the co-founder and Chairman of NFC Consulting Group and subsequent President and CEO of Talbot Financial Services. Mr. Streiff also served as President of Financial Services for the U.S. operation of an Irish BancAssurance Company. In this role, he served as President of the company's broker-dealer and life insurance company. Mr. Streiff currently serves on the NASD Mutual Fund Task Force, and has appeared before the Government Accountability Office (GAO) and other federal agencies, as an expert, to provide his opinions on various topics. His opinions were widely used and quoted by the U.S. Supreme Court and the New York State Supreme Court in recent arguments and decisions regarding the powers of banking institutions. Mr. Streiff is co-author of three books: Annuities, Distributions from Qualified Plans, and Equity-Indexed Annuities. He has an undergraduate degree in Mechanical and Nuclear Engineering, magna cum laude, from the University of Utah, and an MBA from Pepperdine University. He is a Certified Financial Planner (CFP), a Chartered Life Underwriter (CLU), a Chartered Financial Consultant (ChFC) and a Certified Fund Specialist (CFS).

 

Patricia D. Struck is the Administrator of the Division of Securities of Wisconsin's Department of Financial Institutions and President of the North American Securities Administrators Association (NASAA). From 2001 through 2004, she chaired the NASAA's Investment Adviser Section, after serving on NASAA's Board of Directors from 1998 through 2001, as well as chairing the CRD Steering Committee. She served on the Investor Protection Trust from 1996 through 2004. Previously, Ms. Struck was an attorney with a large regional bank as well as a graduate of the American Bankers Association's National Trust School. She is a member of the Professional Ethics Committee of the State Bar of Wisconsin. She has been a visiting lecturer in securities law at the University of Wisconsin Law School and has chaired the Business Law Section of the State Bar of Wisconsin. She has a B.A. degree from Mount Holyoke College and a J.D. degree from the University of Wisconsin Law School.

 

Glenn Wilson serves as Commissioner of the Minnesota Department of Commerce, appointed by Governor Tim Pawlenty on December 27, 2002. Prior to his appointment, Mr. Wilson was serving as first Vice President of U.S. Bank Home Mortgage where his special project focus was affordable housing. Mr. Wilson was CEO and Chairman of Knutson Mortgage for more than 10 years. He restored profitability and built employee confidence while directing the company from a $500,000 per month loss to a $1.5 million per month profit. In 1985, President Reagan appointed Mr. Wilson as President of Ginnie Mae, where he directed, at that time, the largest residential secondary mortgage market program in the world. While there, he was able to attract investors to reduce interest rates on home loans. Mr. Wilson also served on the Founding Committee of the Mortgage Electronic Registration System. The cost-effective system electronically registers legal documents on residential real estate and makes them more accessible. This system is being implemented nationally in county Register of Deeds Offices. Mr. Wilson was also President and owner of a property management and real estate investment company in Nebraska, where he was recognized as a community leader in affordable housing. "Glenn Wilson's public and private experience is essential to fostering a strong regulatory enforcement of the laws while at the same time ensuring the well being of families, individuals and businesses," said Governor Pawlenty. As Commissioner, Mr. Wilson is focused on improving efficiency and service to consumers and the industries regulated by the Department of Commerce. He is intent on establishing a positive business tone while, at the same time, ensuring a fair and right approach to regulation.