WASHINGTON – J. Bradley "Brad" Bennett, the Financial Industry Regulatory Authority's enforcement chief who oversaw many important municipal bond enforcement cases for nearly six years, plans to leave FINRA early next year and return to private practice.
Bennett is to be replaced by Susan Schroeder on an acting basis. Schroeder is currently FINRA's deputy head of enforcement.
"FINRA will undertake a search for a replacement head of enforcement that will consider both internal and external candidates," the self-regulator said in a release.
Bennett supervised many muni cases, including those involving brokers' unsuitable sales of Puerto Rico bonds to investors, dealers unfairly using bond proceeds to reimbursements themselves for membership fees to trade groups, and firms' auction rate securities disclosure failures.
Bennett spearheaded the reorganization of the enforcement team at FINRA to improve the effectiveness of its litigation function, according to the release. He supervises 300 enforcement staff and 14 district offices across the nation that investigate potential violations of FINRA, Municipal Securities Rulemaking Board, and other securities rules and laws.
"Brad has guided our enforcement team in collaborating with other FINRA staff on a number of important investor protection initiatives, such as the high-risk broker program and the senior helpline," said Robert Cook, FINRA president and chief executive officer. "I would like to thank Brad for his years of service to promote investor confidence in the securities markets and I wish him the best in his future endeavors." Before joining FINRA, Bennett was a partner at Baker Botts, specializing in financial and securities law violations. Prior to joining that firm in 2001 he was an attorney at Miller, Cassidy, Larocca & Lewin.
Bennett started his career at the Securities and Exchange Commission as a senior attorney in the enforcement division, with responsibility for cases covering all facets of securities law, including accounting, broker-dealer regulation, tender offers and insider trading.
Bennett received his undergraduate degree from St. Lawrence University and his J.D. from Georgetown University Law Center.
