New Jersey's Top Securities Investigator, Richard Barry, Named
Enforcer of the Year by North American Securities Administrators Association
NEWARK – Richard Barry, Chief of Enforcement for the New Jersey Bureau of Securities, has been honored with the prestigious NASAA Enforcement Award for 2006 by the North American Securities Administrators Association.
NASAA is the oldest international organization devoted to investor protection. Its membership includes the securities administrators of all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada and Mexico. Each year, the association presents a single NASAA Enforcement Award to recognize outstanding work in the area of securities enforcement and investor protection.
“Rick Barry is a tremendous asset, not just for the New Jersey Bureau of Securities but for the cause of investor protection and fair and open securities markets,” said Franklin L. Widmann, Chief of the New Jersey Bureau of Securities and past President of NASAA. “He is a team player who has aggressively pursued investigations involving the most pressing issues impacting the securities industry and investors. It is fitting that his fellow securities regulators should award him this high honor.”
Barry, 54, a resident of Point Pleasant, has served as Chief of Enforcement for the New Jersey Bureau of Securities since 1986. In 1979, after a decade of traveling the U.S. and Caribbean surfing, he joined the Bureau as an Investigator. He worked one year as a trading surveillance investigator for the New York Futures Exchange between 1983 and 1984, but returned to the Bureau in 1984 as Chief Investigator. Barry is a graduate of Monmouth University.
In two decades as Chief of Enforcement for the New Jersey Bureau of Securities, Barry has spearheaded many major investigations. He led investigations of penny stock fraud, including the State’s investigation of F.D. Roberts Securities, Inc., involving the first use of the State’s civil racketeering statute in a securities case, and its investigation of Robert Brennan, whose high-profile bankruptcy fraud trial, which led to his imprisonment in 2001, was a direct outgrowth of two separate civil matters brought by the New Jersey Bureau of Securities and the SEC. Barry also investigated John Natale and Cambridge Capital Partners, a $70 million hedge fund fraud.
In the past two years alone, he led investigations that resulted in settlement payments to New Jersey totaling $68 million, including a $5 million settlement with American Express Financial Advisors and four record-setting cases involving allegations of market timing: a $25 million settlement with UBS Financial Services Inc., an $18 million settlement with Allianz Dresdner Asset Management of America, a $10 million settlement with Merrill Lynch Pierce Fenner & Smith Inc., and a $10 million settlement with Canary Capital Partners and managing principal Edward J. Stern.
Barry also has served on numerous committees of NASAA since 1987, including the NASAA Broker Dealer Committee, Market Manipulation Committee and Enforcement Committee.
The award plaque presented to Barry on January 8 at NASAA’s Winter Enforcement Conference declares that he has dedicated his life to securities regulation and has “consistently sought to protect New Jersey’s residents from securities fraud and abuse by making essential contributions to major investigations on cases of significance to New Jersey and state securities regulators.”