As I have consistently stated, the Alabama Securities Commission has done a tremendous job over the past ten years protecting Alabama investors. The following is the last of the three-part series by Dan Lord, who is with the Commission, on the work of this important agency.
The Alabama Securities Commission Forges Another Banner Year For Investor Protection
Director Borg is an active participant in several notable international organizations advocating cooperative, coordinated regulation and enforcement to strengthen investor protection. Borg served four years as a delegate to an International Expert Group for the United Nations Commission on International Trade Law (UNCITRAL), to study international fraud and criminal misuse and falsification of identity. ASC also works extensively with other international bodies, such as the International Organization of Securities Commissions (IOSCO) and the Council of Securities Regulators of the Americas (COSRA). ASC’s expertise has been called upon six times during the past decade for testimony before committees of the U. S. Senate and U.S. House of Representatives.
The ASC has also developed and launched a new financial education and information resource aimed at helping Alabama’s active-duty and retired military members and their dependents stay on the right track financially and helps protect them and their families from investment fraud. On June 16, 2009, “Protect Alabama Troops” (PATS) debuted as an information-based resource, accessible on the ASC website, www.asc.alabama.gov, consisting of timely, appropriate and practical news, tips and advice for service members to make informed investment decisions and avoid becoming victims of financial fraud before, during and after deployment and in the transition to military retired or civilian life. Director Borg said, “It is this Commission’s honor and duty to make certain our military personnel have the knowledge and tools they need to safeguard their financial futures and to keep financial criminals away from their hard-earned paychecks.” The ASC has highly qualified staff members available to visit installations/units upon request and provide seminars on a variety of financially-related topics.
The ASC provides numerous free services to Alabamians. ASC personnel are available to provide information about topics such as understanding financial risks, types of investment and financial products, licensing/registration requirements, and “specialist” credentials, among many others. Investor education and fraud prevention training is offered to student groups, senior advocacy groups and government, civic and social organizations. Free investor education and fraud prevention materials are available upon request and citizens can access other valuable information on the Commission website. Investors are especially encouraged to “Investigate Before You Invest” by contacting ASC to check-out the background and proper registration of broker-dealers, agents, investment advisors, and investment advisor representatives, financial planners, the registration status of securities, or debt management programs. Knowing the background of the person or company you plan to trust with your money could be the difference between a safe and secure future and being a victim of a scam.
There is no doubt that our country and state’s financial landscape is undergoing dynamic changes that average citizens find vexing and fraught with unimagined pitfalls. “We are fully committed to sustaining the confidence of Alabama’s many investors who are such a crucial component to the recovery and long-term prosperity of our capital markets,” Borg said. “We will continue to serve our mission assertively in hopes that adversities recently experienced on Wall Street will be resolved and not revisited on succeeding generations of Alabama investors.”
When it comes to protecting our citizens’ long-term financial well-being, this hard-working and remarkably efficient group of professionals at the Alabama Securities Commission has a proven track record and consistently receives an A+ on its report card.
Alabama Securities Commission
April 2, 2010
We appreciate very much this information being furnished by Dan for our readers. The Commission, under Joe Borg’s leadership, has done a tremendous job for Alabama citizens. All Alabama citizens owe Joe and his team a vote of thanks!
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