Douglas A. Wright, the acting chief compliance officer of independent broker-dealer the Investment Center, Inc. has been elected to serve on the Financial Industry Regulatory Authority (FINRA) District Committee.
FINRA made headlines back in October for fining Merrill Lynch $6 million for failing to prevent naked short selling, while also issuing a warning on penny stocks for market participants during the same month.
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In his new role on the District Committee, Mr. Wright will serve on District 9. representing the mid-size broker-dealer firms for a period of three years from January 1, 2015.
According to Mr. Wright in a recent statement on the position, “I am honored to represent the mid-size broker-dealers of District 9. I look forward over the next three years to provide FINRA member input in its policies and rule making considerations, help educate member firms of FINRA’s mission to protect investors and serve on disciplinary panels as needed. For self-regulation to work effectively, it is critical to have member firms participate in the rule making process by providing valuable feedback while understanding investor concerns.”
“Everyone at The Investment Center is very proud that Doug was elected to the Committee. He has over 22 years of compliance experience and has been with our firm since 2001. Every day he strives for excellence and promotes ethical behavior to our advisors, clients and employees. To give back to your community and donate time to fill a seat on this Committee shows Doug’s dedication to the financial services industry. We are proud of his achievement,” added Ralph J. DeVito, president and CEO in an accompanying statement.