Colorado Securities Commissioner Gerald Rome to retire; DORA Executive Director appoints Chris Myklebust to the role

DENVER  - (Nov. 26, 2018) -  Colorado Department of Regulatory Agencies (DORA) Executive Director Marguerite Salazar announced today that Colorado Securities Commissioner Gerald “Jerry” Rome will be retiring from the position at the end of November. She also announced that she has appointed DORA Deputy Executive Director Chris Myklebust as Colorado Securities Commissioner, effective Dec. 3, 2018.

Gerald “Jerry” Rome

Gerald-Rome-web1.jpgGerald Rome was appointed Securities Commissioner on June 2, 2014 by former DORA Executive Director Barbara Kelley. Since, Rome has been responsible for the administration of the Colorado Securities Act, the Colorado Commodity Code, the Colorado Municipal Bond Supervision Act, and the Local Government Investment Pool Trust Fund Administration and Enforcement Act. Rome also successfully worked to pass and implement the Colorado Crowdfunding Act and the Act to Prevent the Exploitation of Vulnerable Adults.

As the head of the Colorado Division of Securities at DORA, during his tenure, the Division brought dozens of enforcement actions that resulted in restitution orders for investors in excess of $20 million, and in excess of 24 enforcement cases that resulted in criminal convictions. These convictions also resulted in a combined 159 years of prison time for perpetrators of securities-related crimes in Colorado, and more cases are currently pending. In addition, the examination program designed and executed several highly effective examination initiatives, including a tiered exam process for smaller firms. The initiatives resulted in doubling the number of significant licensing actions.

"Jerry has truly demonstrated what it means to be a civil servant for the people of Colorado throughout his career in securities industry regulation," stated Salazar. "From his steadfast pursuit of justice for victims of fraud to his work implementing programs and legislation aimed at prevention of crimes of fraud, theft and exploitation, Jerry never wavered from his mission to protect Coloradans. We wish him all the best in his well-deserved retirement."

From 2004 to 2013, Rome was the Deputy Securities Commissioner for the Colorado Division of Securities. Prior to 2004, he served for five years as the Division’s chief legal counsel in all of its civil enforcement matters as First Assistant Attorney General for the Colorado Attorney General’s Office. From 2010 to 2013, he was an adjunct professor at the University of Denver, Daniels College of Business, teaching real estate securities law.

In addition, Rome served for many years on the Board of Directors of the North American Securities Administrators Association (NASAA). "We certainly wish Commissioner Rome all the best in his retirement, but on a personal note we will miss him as a NASAA member, as a colleague, and as a friend," commented NASAA President Mike Pieciak. "Jerry did great work in Colorado and for our organization and we will miss his knowledgeable counsel."

"It has been a privilege to work at the Division of Securities for the past 18 years, especially with the talented and dedicated staff of the Division," said Rome. "I have been very fortunate to work on behalf of retail investors here in Colorado, a dream job for me, on diverse and challenging enforcement cases, and with a robust and efficient examination program. I look forward to following the Division’s continuing achievements on behalf of Colorado investors in years to come."


Chris Myklebust

DORA’sChris-Myklebust-web-1.jpg Deputy Executive Director, Chris Myklebust, is the former State Bank and Financial Services Commissioner at DORA, overseeing two separate financial divisions -- the Division of Banking and the Division of Financial Services.

Before working for the state, he worked in the securities industry as a consultant performing asset transitions for a large international brokerage firm. His background also includes work for large and small advisory firms in the areas of operations, compliance, legal and investment portfolio design.
 
"Chris brings a depth of experience not only with Colorado’s financial and securities industries, but he also understands the importance of creating a fair regulatory environment so that innovation can thrive while working to keep consumers and investors safe," noted Executive Director Salazar. "His focus on policy regarding blockchain technology and the ways it might affect the future of financial transactions and its impact on businesses and consumers will be vital as more and more cryptocurrencies in the form of securities are offered to Coloradans to invest in."
 
"I'm thrilled to be part of the incredible legacy that the Division of Securities has built around protecting consumers in Colorado," said Myklebust. "I appreciate the many people providing fair and honest services within Colorado's regulated securities industry. To benefit the reputation of those compliant businesses and to protect consumers, the Division of Securities will continue to respond vigorously to those that engage in illegal activities and seize upon opportunities to prey on people. I'm honored to begin my work with the sophisticated people at the Division of Securities who are especially passionate about protecting our most vulnerable citizens."
 
Myklebust was appointed as Colorado’s State Bank Commissioner in July 2015. Prior, he had served as the State Commissioner of Financial Services from 2006-2015. During this time, he addressed challenges brought on by the Great Recession and worked to provide a path to traditional banking solutions for the fledgling legal marijuana industry. In April 2017, he was appointed as Commissioner for both the Division of Banking and the Division of Financial Services. He left DORA on November 30, 2017 to start his own business before returning as DORA's Deputy Executive Director in May 2018.
 
While serving as State Bank and Financial Services Commissioner, Myklebust had executive authority to ensure the safety of over $9.7 billion in deposits by 1.5 million consumers in Colorado’s credit unions, savings and loan associations and life care institutions, and $50 billion in deposits in Colorado’s commercial banks and trust companies. Myklebust negotiated solutions on complex policy and financial issues, as well as administered the enforcement of federal and Colorado laws, rules and regulations and compliance examinations for both divisions. He also managed relationships with a variety of stakeholders such as boards of directors, legislators, attorneys, federal regulatory agencies, consumers and industry associations.
 
Myklebust’s appointment as Colorado Securities Commissioner is effective as of Dec. 3, 2018.

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The Department of Regulatory Agencies (DORA) is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado. Consumer protection is our mission. Visit www.dora.colorado.gov for more information or call 303-894-7855 / toll free 1-800-886-7675
 

Media Contacts:
 
Rebecca Laurie
Department of Regulatory Agencies
p: 303-894-2338 | c: 720-724-0612