FINRA Names Richard Ketchum Chief Executive

FINRA Names Richard Ketchum Chief Executive - 2/24/2009

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FINRA Names Richard Ketchum Chief Executive
Marcy Gordon - The Associated Pres

BusinessWeek. February 24, 2009
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EXCERPT: The brokerage industry's self-policing organization on Tuesday named veteran regulator Richard Ketchum as its new chief executive officer. He promised tough action against financial fraud at a time when investor confidence is shaken. Ketchum will take over March 16 as head of the Financial Industry Regulatory Authority, which was formed in 2007 by the merger of the National Association of Securities Dealers and elements of the oversight operations of the New York Stock Exchange. Ketchum was a leading architect of the merger. He is currently chief executive of the other oversight body, NYSE Regulation Inc., and is chairman of FINRA's board of governors, which includes representatives from the public and the financial services industry. Ketchum, 58, who will continue as FINRA board chairman, takes the helm at a time when the organization has come under scrutiny. FINRA and the Securities and Exchange Commission have been criticized over the Bernard Madoff scandal and their failure to detect the $50 billion fraud scheme allegedly conducted by the money manager over many years.

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