Finra enforcement chief Brad Bennett to resign
Susan Schroeder, deputy head of enforcement, will take his place on an acting basis while regulator conducts a search for permanent replacement
Dec 15, 2016 @ 10:53 am | By Mark Schoeff Jr. | Investment News
Finra pursued broad, sweeping cases and also ramped up its crackdown on smaller violations during the six-year tenure of J. Bradley Bennett as the organization’s chief of enforcement.
The Financial Industry Regulatory Authority Inc., the broker-dealer self-regulator announced on Thursday that Mr. Bennett, 54, will step down early next year.
Finra has named Susan Schroeder, deputy head of enforcement, as acting chief while it conducts a search for Mr. Bennett’s replacement.
Mr. Bennett will leave behind a unit that acts more like the enforcement arm of the Securities and Exchange Commission, which oversees Finra, according to a former Finra official.
“He brought cases within Finra’s expertise and responsibility but on a scale of size, sanction and sophistication that can compete with the federal regulators, such as the SEC,” said Dan Nathan, a partner at Morvillo LLC and Finra director of regional enforcement from 2006-11.
Mr. Bennett has led the 300-member Finra enforcement staff since January 2011. Last year, Finra levied $191.7 million in fines and restitution.