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Current Issues in Securities Regulation: Part 1

SKU: FIN6800
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A comprehensive CLE course on a wide variety of issues related to FINRA regulations, its process, eligibility and compliance. The course will cover the rules governing alternative investments, REITS and private placements as well as the due diligence and industry practices when recommending specific securities. Common deficiencies noted during FINRA cycle examinations of institutional firms, and issues that result in a cautionary letter, facing compliance professionals, taking corrective action to respond to compliance issues as well as information regarding current and potential frauds. Advising specific types of investors, particularly seniors and those with diminished capacity will also be reviewed.

Lecturer Bios

William St. Louis

William St. Louis is the District Director of FINRA’s New York and Long Island offices and manages the sales practice examination and surveillance staff in those offices. Prior to assuming this role in June 2014, he was the Regional Enforcement Chief Counsel for FINRA’s North Region where he managed Enforcement staff in FINRA’s New Jersey, Boston, and Philadelphia offices.

He joined the company in 1998 and spent several years in a variety of Enforcement roles in New York including service as a Deputy Regional Chief Counsel. Mr. St. Louis earned a B.A. from Baruch College and a law degree from New York University School of Law. Prior to law school he worked in the Compliance Department of a regional broker-dealer.

Donald Lopezi

Don Lopezi is Senior Vice President and Regional Director of FINRA’s West Region. The West Region consists of the District Offices located in Denver, Los Angeles, San Francisco and Seattle. The West Region is responsible for conducting examinations, investigations and ongoing surveillance of broker-dealers and registered persons located in the western half of the United States. Previously, Don was the District Director of the FINRA San Francisco District Office. Prior to joining the San Francisco Office, Don was a Director of FINRA’s Examination EPG, among other things, authored and maintained examination policies and procedures used by FINRA’s examination staff, coordinated national special projects and initiatives, and oversaw the national examination program—the regulated firm-focused examination and surveillance activities conducted by FINRA’s Member Regulation Department. Don began his career as an Examiner in NASD’s Denver District Office in 1992 and, after serving as a Supervisor in the Denver District Office, joined the Washington, DC, office in September 2003. He graduated from the University of Colorado at Boulder with a B.S. degree in Accounting, and received his MBA from the University of Colorado at Denver.

Alexander “Alex” Schneble

Alexander “Alex” Schneble has been the Director of Private Wealth Management Compliance at Robert W Baird (“Baird”) since 2013. Mr. Schneble leads the compliance program for the firm’s retail brokerage and advisory business. He originally started at Baird in 2000 and in 2002, he transitioned to Northwestern Mutual Investment Services (“NMIS”) where he established firm policy for the new brokerdealer and investment adviser, helped shape the firm’s brokerage and advisory programs and was one of the key individuals responsible for building NMIS’ supervisory system. Mr. Schneble rejoined Baird in 2011 as the Director of Regulation and Policy responsible for assessing new regulations, industry trends and disciplinary actions. Upon transitioning to Private Wealth Management Compliance in 2013, he led the effort to redesign Baird’s supervisory system to strengthen its capabilities so it could continue to support the firm’s substantial growth and diverse product offerings.

Anthony Cavallaro, Esq.

Anthony Cavallaro is a senior vice president and the head of the Central Review Group of FINRA’s Office of Fraud Detection and Market Intelligence. He is responsible for managing two units that review and investigate regulatory filings, complaints and other matters received regarding violations of SEC and FINRA rules and regulations. Mr. Cavallaro reports to the Department’s Executive Vice President. Prior to his current role, Mr. Cavallaro was a vice president in the Member Regulation Department and also served in the Enforcement Department of FINRA where he managed two units that investigated and prosecuted violations of securities laws and regulations. Mr. Cavallaro was a vice president at the New York Stock Exchange and began serving at FINRA when NYSE Member Regulation and Enforcement consolidated with NASD to form FINRA in 2007. Prior to joining the NYSE in 1997, Mr. Cavallaro was an Assistant District Attorney in the New York County District Attorney’s Office where he was responsible for investigating and prosecuting various criminal matters including white-collar cases. Mr. Cavallaro received his law degree from St. John’s University School Law and a B.S. in finance from Fordham University, College of Business Administration. He is a military veteran and retired with the rank of major after 20 years of service in the US Army Reserve.

Joseph E. Price, Esq.

Joseph E. Price is Senior Vice President, Corporate Financing/Advertising Regulation, at the Financial Industry Regulatory Authority. The FINRA Corporate Financing Department regulates capital-raising activities of broker-dealers; including equity, debt, REIT, closed-end fund, limited partnership offerings and private placements. The FINRA Advertising Regulation Department regulates broker-dealer sales materials, mutual fund advertisements, social media and other communications with the public. Mr. Price previously worked in various capacities at the Securities and Exchange Commission. He was an assistant general counsel and a special counsel in the Office of General Counsel and he was the Deputy Chief of the Office of Disclosure and Investment Adviser Regulation in the Division of Investment Management. Prior to working at the SEC, he was a litigator in the Bureau of Competition at the Federal Trade Commission. Mr. Price also worked as a compliance investigator at the Coffee, Sugar & Cocoa Exchange. He was an Adjunct Professor at Georgetown University Law Center from 1994 to 2002, where he taught “Current Issues in Securities Regulation” and “Disclosure under the Federal Securities Laws.” He graduated with distinction in economics from the University of Wisconsin and received his law degree from Fordham University.

Elizabeth Page

Elizabeth Page is the Vice President and Director of FINRA’s Boston District office. In this role, she is responsible for the regulatory programs that oversee the FINRA firms and registered representatives within New England and portions of Canada and Europe. Prior to her position in Boston, Ms. Page was the Deputy Director in the FINRA’s Chicago District office and has served in a variety of staff and management roles including managing and conducting onsite examinations of the main offices and branches of FINRA firms, investigations of customer complaints and terminations for cause and applications for membership.

Ms. Page has a Bachelor degree in Finance and a Master of Business Administration degree from the University of Denver.

Cameron Funkhouser

Cameron Funkhouser is Executive Vice President of FINRA’s Office of Fraud Detection and Market Intelligence. He has been with FINRA, formerly known as NASD, since 1984, serving in various roles of increasing responsibility with a focus on the surveillance of securities traded on The Nasdaq Stock Market, New York Stock Exchange, American Stock Exchange and the over-the-counter markets. Mr. Funkhouser has extensive experience conducting securities fraud investigations and is regularly called upon by civil and criminal law enforcement authorities to provide training, technical assistance, investigative/litigation strategy consulting and expert testimony.

Currently, he is responsible for overseeing the Office of Fraud Detection and Market Intelligence, which includes the Insider Trading and Fraud Surveillance units responsible for monitoring the trading activity of more than 10,000 publicly traded securities, FINRA’s Complaint Center and FINRA’s Whistleblower program. Mr. Funkhouser and his staff have been responsible for uncovering numerous cases of Internet fraud, insider trading, market manipulation, Ponzi schemes and other white collar misconduct, which have been successfully investigated and prosecuted by FINRA, the Securities and Exchange Commission and other law enforcement agencies across the country and internationally. He graduated from Georgetown University with a bachelor’s degree in business and George Mason University with a law degree. Mr. Funkhouser is a member of the Virginia State Bar.

Susan Schroeder, Esq.

Susan Schroeder is the Deputy Chief of FINRA’s Department of Enforcement, responsible for Enforcement’s home office in New York. Prior to joining FINRA, she was a partner in WilmerHale’s Securities Litigation and Enforcement practice, where she specialized in SEC, FINRA, and state enforcement actions. She began her legal career as a litigation associate at Kirkland & Ellis. She received her J.D. from NYU School of Law, her M.A. from the University of California at Davis, and her B.A. from Georgetown University. She is a member of the New York bar.

Christopher Kelly

Christopher Kelly serves as the Regional Chief Counsel for the North Region of FINRA’s Enforcement Department. As Regional Chief Counsel, Mr. Kelly oversees the work of the Enforcement Staff in the Boston, New Jersey, and Philadelphia District Offices. Prior to joining FINRA, Mr. Kelly served as Deputy Chief of the Criminal Division at the U.S. Attorney’s Office for the District of New Jersey. In that role, Mr. Kelly supervised more than 35 Assistant U.S. Attorneys in the Office’s white collar units: Economic Crimes, National Security, Healthcare and Government Fraud, and Cybercrime.

Prior to his promotion to the position of Deputy Chief, Mr. Kelly served as the Chief of the Economic Crimes Unit at the U.S. Attorney’s Office, where he oversaw the Office’s prosecution of complex economic crimes, including crimes involving insider trading, securities fraud, tax evasion, bank fraud, corporate fraud and embezzlement. Mr. Kelly also served as the lead prosecutor on several complex matters, including U.S. v. Tiger Asia, one of the first ever criminal prosecutions of a hedge fund. Mr. Kelly graduated from Duke University and Harvard Law School. Prior to joining the U.S. Attorney’s Office, he was an associate at the law firm Dechert LLP. Mr. Kelly also clerked for the Honorable Joseph E. Irenas, U.S. District Court Judge for the District of New Jersey.

Alan J. Berkeley, Esq.

Alan J. Berkeley is a corporate and securities regulatory lawyer whose practice encompasses corporate, Board and management counseling and crisis response, corporate transactions (including mergers, acquisitions, financing transactions for privately-held and public companies), regulatory and enforcement matters before the Securities and Exchange Commission and other securities regulatory bodies, and other corporate governance and compliance matters. He is a registered foreign lawyer with the Solicitors Regulation Authority in England and Wales and is registered as a foreign legal consultant in Brazil. Mr. Berkeley has more than 40 years of experience as counsel in corporate and business transactions and securities regulatory and enforcement matters. He has extensive professional association and academic activities, including many years as member of the adjunct faculty at Georgetown University and George Washington University law schools specializing in business planning and as a well-recognized speaker on professional and client education programs. Mr. Berkeley has been listed in The Best Lawyers in America in the category of Corporate Law since 2001. He has a J.D. from Georgetown University and B.S. from Cornell University.

Erin K. Linehan, Esq.

Erin K. Linehan, Esq. is Associate General Counsel – Compliance, Head of Dispute Resolution and Senior and At-Risk Investor Protection at Raymond James Financial, Inc. Prior to her present role, Ms. Linehan was a Senior Litigator in the Legal Department at Raymond James for 12 years. Most of her practice was focused on securities customer complaint arbitrations; however, she also handled internal investigations, intellectual property litigation, recruiting disputes, collections, and employment issues. Ms. Linehan is a frequent speaker and presenter for the company on lessons learned and best practices, for both new and experienced financial advisors, supervisors, and business managers. Additionally, Ms. Linehan also helps lead the Senior Investor Task Force for the firm. Ms. Linehan is originally from New York and received her B.S. from Cornell University. She graduated from Tulane Law School, cum laude, with a specialization in European Legal Studies. She has her Series 7, 9 and 10 licenses, is a FINRA Arbitrator and a member of SIFMA’s Senior Investor Working Group. In 2016, Ms. Linehan founded and currently leads an organization of women lawyers in the Southeast who practice in the financial services area called Southeast Women in Financial Services.

Brian Kovack, Esq.

Brian Kovack is Co-Founder and President of Kovack Financial, a national full-service independent broker-dealer and registered investment advisor based in Fort Lauderdale, Florida. In this role, Mr. Kovack oversees the firm’s day-to-day operations and serves as a strategic partner to its 400 affiliated independent financial advisors across the country. Most recently, Mr. Kovack was elected to the Financial Industry Regulatory Authority (FINRA) Board of Governors and is serving a three-year term to end in August, 2018. Prior to the current FINRA Board, in 2006 Mr. Kovack was elected to serve as the Industry Representative on the NASD Board of Governors and the FINRA Interim Board of Governors. In addition, he completed a three-year term on the FINRA District 7 Committee, and served a one-year term on the FINRA Regulatory Advisory Committee in 2013. Mr. Kovack received a Bachelor of Science in Finance from the University of Florida, where he played varsity football for Coach Steve Spurrier, earning two Letters and SEC Academic Honor Roll awards. He earned a Master of Accounting and Juris Doctorate (JD) degrees from Nova Southeastern University and has been a member of the Florida Bar and American Bar Association since 2000. In 2004, Mr. Kovack graduated from the FINRA Institute at Wharton Program at the University of Pennsylvania, where he earned the Certified Regulatory and Compliance Professional™ (CRCP™) designation. He has served as a FINRA Dispute Resolution arbitrator since 2003 and has been a Hearing Officer for FINRA disciplinary hearings. Mr. Kovack maintains the Series 7, 24, 27, 53, 63 and 65 licenses.

Gil Mogavero

Gil Mogavero is Managing Director and Chief Compliance Officer of JMP Securities. In addition to the Compliance program at JMP, he oversees the broker-dealer operations. Prior to joining JMP in 2000, Mr. Mogavero was Chief Financial Officer and Chief Administrative Officer at Mitchum, Jones & Templeton, a San Francisco-based brokerage firm, with oversight of compliance and operations. He previously spent a year at Robertson Stephens as vice president of operations. From 1987 through 1996, Mr. Mogavero served as head of compliance and operations at Volpe, Welty & Company, where he established the firm’s brokerage operations, compliance program and communications infrastructure. Earlier in his career, which began in 1973, Mr. Mogavero held compliance and operations positions at Donaldson, Lufkin & Jenrette and Oppenheimer & Co., among other financial institutions. He served on the Boards of San Francisco-based Industry Associations (Securities Operations Association, Association of Western Securities Managers) and various NASD/FINRA Committees. Currently, he serves on the FINRA Small Firm Advisory Committee and the Schwab Compliance Technologies Advisory Board (formerly Compliance 11).

Lance Burkett

Lance Burkett, District Director, FINRA Denver Office, began his securities industry career in 1993 as a Securities Fraud Investigator for the State of Arizona Securities Division, working exclusively on fraud cases involving broker-dealers. Later, at a FINRA member firm, he was responsible for supervising Producing Branch Managers and Field Representatives as the Field Compliance Director.

Throughout his tenure with FINRA, Mr. Burkett has held positions ranging from Compliance Examiner, responsible for examining FINRA member firms for general compliance, to District Director, responsible for the management and oversight of the regulatory programs within the Denver District office. In addition to his regulatory responsibilities, Mr. Burkett earned his Certified Regulatory and Compliance Professional™ designation through the FINRA Institute at Wharton and has developed content and presented at several FINRA Institute class offerings.

Stephen Kohn

Stephen Kohn has been employed in the financial services industry since 1984, to which he has devoted most of his working life. Founded in 1996, Mr. Kohn owns and operates a FINRA small member firm, Stephen A. Kohn & Associates, Ltd. (SAKL) located in Lakewood, Colorado. SAKL is a small, full service, independent broker/dealer, catering to the needs of 28 independent representatives and their clients, with office locations in seven states, registered in 35. Mr. Kohn has been elected, by the Small Firm Membership, to the FINRA Board of Governors, to represent their interests and issues at the highest levels. Mr. Kohn has been twice elected to the National Adjudicatory Council (NAC) by FINRA’s small firms, first in 2009 and again in 2014. His second term on the NAC, as one of two small firm members, runs until the end of 2017. The NAC is FINRA’s appellate division, hearing appeals to enforcement decisions and other issues. Mr. Kohn serves on the NAC’s Sanction Guideline Review and Revision Sub-Committee. This sub-committee has been convened to review the guidelines, ensure that sanctions in appeals that are upheld by the NAC are fair and appropriate and to recommend revisions to the Sanction Guidelines as needed. He is also an industry arbitrator and currently serves on the District 3 Committee. In his more than three decades in the Securities Industry, Mr. Kohn has been employed at a plethora of large and small firms as well as his own. Of all the firms at which he has been employed, only two are still in business and one of them is Stephen A. Kohn & Associates, Ltd. Mr. Kohn holds the following securities licenses: Series, 7, 24, 53, 63, 72, 73, 79 and 99. He graduated from C.W. Post College of Long Island University in 1964 with a BA degree. He has also served in the U.S. Coast Guard.

Tracy E. Calder

Ms. Tracy E. Calder serves as Managing Director and Deputy Chief Legal & Risk Officer of LPL Financial Holdings Inc. She has been Managing Director and Deputy Chief Risk Officer at LPL Financial LLC since January 25, 2016. Ms. Calder served as Managing Director and Chief Compliance Officer of J.P. Morgan Securities LLC from May 2015 to December 2015 and served as its Head of Brokerage and Fiduciary Compliance since August 2013. At J.P. Morgan, She led a compliance program that spanned the institutional and private client broker/dealer and RIA businesses. She served as Senior Vice President at Wells Fargo Advisors from March 2012 to July 2013, where she led the retail compliance program for the broker/dealer. She spent 18 years with UBS Wealth Management Americas in a variety of legal and compliance roles, including as Head of legal for the Wealth Management Advisor Group and as Chief Compliance Officer and Senior Deputy General Counsel for UBS Financial Services Inc. She earned a Bachelor of Arts in Political Science from Fordham University and a Juris Doctor in Law from the University of North Carolina School of Law.

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