AMEX CEO Sodano's Dismissal Reversed
If Sodano were charged for industry misconduct in the capacity of a registered person, the issue of whether he was currently registered would have little relevancy (provided the charges were filed within two years of the termination of such registration). However, since Sodano was charged for industry misconduct in his role as a regulator, the law seemed to permit sanctions only upon a current regulator.
As my earlier blog disclosed, I found the dichotomy between Sodano’s treatment and that of the average registered representative to be absurd and disheartening.
I am dumbfounded (not all that uncommon though) that a “regulator” would get a pass that the “regulated” would not. As Paul teaches in 1 Timothy 3, Overseers should be above reproach.