Gerald RomeGerald Rome, 66, will retire as state securities commissioner on the end of November, ending an virtually two-decade run investigating and prosecuting financial crimes throughout the state, in keeping with an announcement Monday from the Colorado Division of Regulatory Affairs.
Rome aggressively pursued cases after taking extreme spot on the Colorado Division of Securities in June 2014. He gained restitution orders in additional of $20 million and had two dozen enforcement actions that resulted in felony convictions with a blended 159 years in sentences, in keeping with DORA counts.
That doesn’t embrace pending cases. Closing week, Rome launched he had ordered 18 cryptocurrency suppliers to cease their preliminary coin decisions and register them as securities, a switch designed to protect merchants throughout the state.
All through his tenure, he moreover carried out stronger protections in opposition to elder fraud and crafted pointers on crowdfunding. He was licensed counsel for the division from 1999 to 2004, when he grew to turn into deputy commissioner under Fred Joseph.
“I have been very fortunate to work on behalf of retail merchants proper right here in Colorado, a dream job for me, on numerous and troublesome enforcement cases, and with a powerful and setting pleasant examination program,” Rome said in an announcement.
Rome was not with out critics, along with people who argued he blocked skilled efforts to raise private equity. Wayne Dolcefino of Dolcefino Consulting in Houston has gone after Rome for gathering solely a small amount on the judgments the division has gained, leaving defrauded merchants with solely paper victories.
Chris MyklebustBut Marguerite Salazar, govt director of DORA, lauded Rome’s “steadfast pursuit of justice for victims of fraud” and said he not at all wavered in his mission to protect Coloradans. He moreover was revered nationally.
“Jerry did good work in Colorado and for our group, and we’ll miss his educated counsel,” said Mike Pieciak, president of the North American Securities Administrators Affiliation, in an announcement.
DORA’s deputy director, Chris Myklebust, will alternate Rome because the model new securities commissioner on Dec. three. Myklebust beforehand headed the Division of Financial Suppliers and the Division of Banking, the place he was best recognized for making an attempt to implement a workaround for marijuana firms throughout the state blocked from the banking system under federal pointers.
He briefly left state employment in late November 2017 until Would possibly of this yr, when Salazar appointed him as her deputy at DORA.