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Extensive Industry Leadership

From 2001 until his retirement in September 2015, he served as President and Vice Chairman of Clearing for Sterne Agee & Leach, a full-service broker-dealer based in Birmingham, Alabama. Sterne Agee provided clearing services for 110 introducing broker-dealers, and in this role, he was involved in every aspect of the execution and clearing process.

Clearing Operations

His daily responsibilities included:

  • Maintaining relationships between Sterne Agee’s clearing firm (CF) and its introducing broker-dealers (IBDs)
  • Overseeing the full clearing process, from new account openings to trade execution and post-trade settlement
  • Managing third-party service providers for back-office software and regulatory reporting
Securities Clearing Expert Witness

Industry Leadership & Regulatory Involvement

In addition to managing Sterne Agee’s clearing operations, he remained actively involved in key industry organizations:

  • Securities Industry Financial Markets Association (SIFMA) – Chairman of the Membership Committee and Clearing Firms Committee
  • Financial Industry Regulatory Authority (FINRA) – Served on various committees, including the Uniform Practice Code Committee and Financial Responsibility Committee
  • FINRA Board of Governors (2006–2015) – Elected to successive terms, serving on key committees such as the Audit Committee, Emerging Issues Committee, and the Regulatory Policy Committee (Chair, 2014–2015)

Regulatory Policy & Dispute Resolution

As Chair of FINRA’s Regulatory Policy Committee, he helped oversee rule development. He also chaired the FINRA National Adjudicatory Council (NAC), the appellate forum for enforcement actions, during his four-year elected term.

Uncovering Financial Fraud

He was appointed to the FINRA Board subcommittee tasked with investigating regulatory shortcomings in the detection of the Madoff and Stanford Ponzi schemes. With the assistance of a top law firm, we conducted a year-long review and provided recommendations to improve regulatory audits. Our findings were widely published and cited in Congressional hearings, influencing future regulatory practices.

Early Brokerage Experience

Beginning My Securities Career

He entered the securities industry in the early 1970s as a broker trainee with Reynolds & Company in Pompano Beach, Florida. Excelling in retail sales, he was selected for the firm’s Management Training Program and appointed Branch Manager of the Reynolds Boca Raton office.

Advancing in Retail Brokerage

During the following years, he gained extensive experience in:

  • Sales management and product suitability determinations
  • Regulatory liaison and compliance oversight
  • Client relationship management, including dispute resolution
Transition to Clearing Firm Management

In the 1980s, he expanded my expertise by managing a retail broker-dealer as part of Allen & Company of Florida’s ownership team. During this time, he led the firm’s search for a suitable clearing relationship, introducing him to the complexities of clearing firm operations.

Building a Successful Clearing Firm

After the sale of Allen & Company, he launched a clearing firm operation at Alan Bush Brokerage Company in Boca Raton. He started with a team of 10, developing a structured clearing enterprise that successfully launched in 1983. Under his leadership:

  • The firm grew to clear for 70 introducing broker-dealers
  • He oversaw two mergers, leading to the formation of FISERV Brokerage Services
  • He remained as EVP and a Board Director at FISERV until 2001

Partner With an Industry Expert

With decades of experience in clearing operations, brokerage management, and regulatory compliance, he provides expert witness and consulting services, including execution witness service. His expertise supports firms, legal teams, and regulatory agencies.

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