Massey Takes NASAA Helm

David Massey, North Carolina’s deputy securities administrator, began a one-year term as president of the North American Securities Administrators Association on Tuesday.

NASAA has been prominent in auction-rate securities investigations, as many states have won settlements from broker-dealers on behalf of retail investors.

Massey, who has been North Carolina’s director of the securities division since 1997, said in April that at least six states are pursuing legal action against broker dealers that have failed to refund institutional investors for illiquid ARS.

Massey said in a statement Tuesday that NASAA will work to enforce the new Dodd-Frank Wall Street Reform and Consumer Protection Act. He is representing the NASAA on the Financial Stability Oversight Council, which is identifying systemic risks to the nation’s financial system.

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