{"id":646,"date":"2010-02-09T16:25:48","date_gmt":"2010-02-09T16:25:48","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2010\/02\/amerivet_securities_inc_allege"},"modified":"2022-03-09T15:59:50","modified_gmt":"2022-03-09T21:59:50","slug":"amerivet-securities-inc-allege","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/amerivet-securities-inc-allege\/","title":{"rendered":"FINRA to Assess Amerivet Securities Inc. Allegations that Certain SRO Executives Received Excessive Pay in 2008"},"content":{"rendered":"

\t\t\t\tAt a closed-door meeting scheduled for February 10, the Financial Industry Regulatory Authority board of governors will preside over a closed-door meeting to assess allegations made by Amerivet Securities Inc<\/a>. that certain FINRA executives, including chief executive Mary Schapiro, received excessive pay. The brokerage firm submitted a letter to the board last year demanding that action be taken to recover this compensation, as well as the SRO’s unprecedented portfolio losses” in 2008.<\/p>\n

A release, filed by Amerivet’s securities litigation lawyers, alleged that in 2008, under Shapiro’s leadership, FINRA failed to warn investors about auction-rate securities risks, paid senior FINRA executives close to $30 million, failed to discover that R. Allen Stanford and Bernard Madoff were engaged in Ponzi scams, and sustained close to $700 million in losses.<\/p>\n

FINRA Executives’ Pay<\/strong><\/h2>\n

Schapiro was paid $3.3 million in bonuses and salaries in 2008. Per her accumulated retirement plan benefits, She also received approximately $7.2 million.<\/p>\n

Another 12 current and ex-FINRA executives made over $1 million in 2008, including ex-chief administrative officer Michael D. Jones, who received $4.3 million in severance, compensation, and accumulated benefits after over 10 years at the SRO. Elisse Walters, now with the SEC, was paid $3.8 million ($2.4 million was supplemental retirement benefits), and Douglas Schulman, now with the IRS, was paid $2.7 million in salary, retirement benefits, and bonuses after over eight years of service.<\/p>\n

FINRA has called Amerivet’s statements “part of an ongoing publicity campaign” involving a counsel and a party who have been in “litigation with FINRA.”<\/p>\n

Related Web Resources:<\/strong>
\nFinra execs overpaid? The board wants to know, Investment News, February 20, 2010
\nFINRA<\/a><\/p>\n

FINRA Board of Governors
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

At a closed-door meeting scheduled for February 10, the Financial Industry Regulatory Authority board of governors will preside over a closed-door meeting to assess allegations made by Amerivet Securities Inc. that certain FINRA executives, including chief executive Mary Schapiro, received excessive pay. The brokerage firm submitted a letter to the board last year demanding that […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3903,3752,3739],"tags":[],"class_list":["post-646","post","type-post","status-publish","format-standard","hentry","category-amerivet-securities-inc","category-financial-firms","category-finra"],"yoast_head":"\nFINRA to Assess Amerivet Securities Inc. 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