The Blog Of The Securities Industry Professional Association

One Firm One Vote

While my blog has been burning up with nasty quotes and taunts I have decided to stand up and take it like a man.  The SIPA also is disappointed in the results and actions of the newest board members that we helped elect.  Obviously the tone of the comments being left for us says it all and although one member refers to us as a joke, I cannot disagree with his assertion that the candidates crowed and crowed about not being puppets of FINRA and how they were going to pull a Knute Rockne and ” FIGHT FIGHT FIGHT” for the small members but at the end of the day they seemed an awful lot like previous board members.  All talk, no action and the infamous proclamation that FINRA is open to change, wants to work on risk based not rules based blah blah blah…We’ve heard it all before about the Board and yet nothing changes does it?

We can only do so much here and we think its important to let the candidates know how you feel instead of just beating us up.  We are here to help the small firms and brokers out there and unlike other group sout there we believe in accountability and if our guys aren’t living up to their word then we will find others that will.  So here is the actual candidate debate video again.  Do you feel the candidates are living up to their word or do we have another example of caving in to FINRA by new board members?  Feel free to leave your comments and for ‘Mike” from California, please do not use all capitals when you are chewing off a piece of my ass and calling me all sorts of names.  There is only so much editing I can do and I can;t delete dozens of profanities every time.  Clean up your comment and I will gladly post to everyone how you think I am a ” F#ing Idiot and a $h#T for brains who thinks he knows all”

This backlash has resulted in this little piece of correspondence today from the Attorneys for Amerivet.  Perhaps this might be a way to ensure Board accountability?  Let us know your thoughts and please keep it clean!


Subj: Petition for Amendment of FINRA By-Laws to Effectuate “One Firm, One Vote” Governance Structure

We write you concerning the continued efforts of Amerivet Securities, Inc. aimed at critical substantive reform at FINRA, including a forthcoming petition for a by-law amendment to return to the “one firm, one vote” governance structure that previously existed at NASD.

We have reviewed the recent electronic correspondence from Richard Ketchum (dated September 28, 2010) and from the small firm Governors (dated October 7, 2010), which confirm that the FINRA Board, in rejecting the Amerivet proposals supported by a substantial majority of Members, has largely ignored the mandate of its Members. In an effort to understand why these reform proposals were rejected, Amerivet sent a letter to FINRA’s small firm Governors. Click here to view the letter.

In addition, Amerivet continues to fight for release of documents from FINRA about management’s numerous shortcomings. Shortly, Amerivet’s case seeking access to FINRA’s records (not money) will be heard before the Honorable Judge John M. Mott in the Superior Court for the District of Columbia. FINRA seeks to dismiss the case and stubbornly continues to attempt to block any access by Members to its records.

In the near future, Amerivet anticipates submitting a petition for amendment of the by-laws to return to “one firm, one vote” governance. If you are interested in sponsoring such a proposal or would like to receive communications from Amerivet and its counsel concerning reform efforts at FINRA, please email William Anderson at Alternatively, feel free to call him at (202) 789-2960.

Please note that Amerivet’s President, Lt. Col. Elton Johnson, Jr., is currently on active duty, deployed to southwest Asia. Although he is in regular contact with counsel, his access to phone and email can be sporadic. To maintain his mission focus and ensure that messages are returned in a timely fashion, he asks that you contact him only through counsel. We would appreciate hearing from you.

Sincerely Yours,

Jonathan W. Cuneo, Richard D. Greenfield & William H. Anderson

Attorneys for Amerivet Securities, Inc.

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October 18th, 2010


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