Joseph Borg (regulator)

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Joseph Borg
Born 1951 (age 65–66)
New York City
Nationality American
Alma mater Hofstra University School of Law
Occupation Financial regulation
Employer State of Alabama
Title Securities Commissioner
Term 1994–present

Joseph P. Borg (born 1951) is an American financial regulator who has served as the Securities Commissioner of Alabama since 1994. In this position, he is responsible for prosecuting financial crimes which affect Alabama residents. He has also served as the president of the North American Securities Administrators Association for two terms.[1] He was described in a 2002 Forbes article as "Wall Street's Worst Nightmare".[2] Smart Money magazine listed Borg in its listing of "The Power 30- The Top Financial Players" citing his 98% conviction rate and calling him "one of the toughest 'stock cops' in America" [Smart Money November, 2011]

Early life[edit]

Borg was born in New York City to Maltese immigrants Philip J. Borg and Dorothy Borg (née Chircop).[3] He attended Hofstra University School of Law and then worked as a personal injury lawyer. He moved from Queens to Montgomery, Alabama to work as a defense lawyer in product–liability cases.[2] Borg soon made partner in a Montgomery law firm and later worked as a corporate lawyer for First Alabama Bank.[1]

Securities regulation[edit]

Borg represented the victim of a microcap fraud case in 1993.[2] In 1994 Borg was named the Securities Commissioner of Alabama. He currently oversees approximately fifty employees. In Alabama, the office of Securities Commissioner is a non–partisan post, and consequently Borg has served under five Governors of Alabama. Under Borg's administration, the Alabama Securities Commission has a successful conviction rate of ninety five percent. He primarily prosecutes ponzi schemes, unregistered brokers, and penny stock dealers, prosecuting any cases in which Alabama residents are directly affected, regardless of where the offending company is located.

Borg claims that Allen Stanford avoided selling his fraudulent certificates of deposit in Alabama for fear of being caught.

Borg was first elected as the president of the North American Securities Administrators Association for the 2001–02 term.[4] The NASAA is a nonprofit organization which represents regulators from across North America. He also served in this role for the 2006–07 term and now serves on their board of directors.[5][6]

Political views[edit]

Borg has been critical of the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority for not imposing tougher sanctions on financial criminals.[1] He has also argued that financial regulatory power in the U.S. should not be concentrated in one agency. Rather, he proposes that regulatory agencies across the country should attempt to work together more effectively.[1]

References[edit]

  1. ^ a b c d Eaglesham, Jean (24 January 2011). "In Alabama, Beware the Borg". The Wall Street Journal. p. C1. Retrieved 25 January 2011. 
  2. ^ a b c Freedman, Michael (12 August 2002). "Wall Street's Worst Nightmare". Forbes. Retrieved 25 January 2011. 
  3. ^ Grima, John (22 March 2005). "Successful Maltese migrants". The Times. Malta. Retrieved 25 January 2011. 
  4. ^ "NASAA Installs New President, Board of Directors". Goliath Business Directory. PR Newswire. 19 September 2006. Retrieved 25 January 2011. 
  5. ^ "NASAA Board Of Directors". About NASAA. North American Securities Administrators Association. Retrieved 25 January 2011. 
  6. ^ IE Staff (3 October 2007). "NASAA installs new president, board of directors". Investment Executive. Retrieved 25 January 2011. 

External links[edit]