Bernerd Young

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Current News:

January 1, 2017

FINRA District 6 Committee: Melinda ("Mimi") LeGaye has joined FINRA's District 6 Committee as a small firm representative.

 

 

Recent Events:

 

 

Bernerd (Bernie) Young, Member at MGL Consulting, LLC, has more than 25 years’ experience in the financial services industry, encompassing securities compliance, regulatory, brokerage and banking disciplines. Mr. Young’s areas of expertise include securities regulation, FINRA Internal Operations, FINRA Disciplinary Process, Strategic Planning, Risk Identification/Management, and Investigation and Analysis.

Mr. Young was Chief Compliance Officer and Regulatory Liaison for Stanford Group Company, a major full-service regional brokerage firm with annual revenues of $200 million and 28 different locations. The firm included a high net worth private client group, 850 employees, and 225 financial advisors. It engaged in NASDAQ and OTC market making, technical research, policy research, equity research and investment banking. Mr. Young served as a member of the Holding Company Operating Committee and the Product Vetting Committee for new products and services. Prior to serving as Chief Compliance Officer, Mr. Young managed his own consulting practice providing consulting and compliance services to broker/dealers and investment advisors, as well as expert witness and litigation support services to the securities industry.

Mr. Young spent 19 years with FINRA (formerly NASD). He advanced to the position of District Director 6 (Dallas). As District Director, Mr. Young was responsible for the preparation, execution and disposition of the District Office portion of the national examination program, implementation of the Membership Application Program, and liaison to the District Nominating Committee, the District Committee, the Small Firms Advisory Board and Advisory Council. He has spoken at numerous SIFMA (formerly SIA) seminars, the 2001 SIA Small Firms Conference, SEC annual conferences, and the 2001 AARP National Conference, as well as FINRA national conferences and regional seminars.

Prior to serving as District Director, Mr. Young was an Associate Director for District 6 where he was responsible for the operations of the District office, including the preparation, execution and disposition of the District Office portion of the national examination program, implementation of the Membership Application Program, and delivery of preventative compliance programs to member firms, branch managers and registered representatives.

Mr. Young holds a Bachelor of Science from Carthage College in Kenosha, Wisconsin in business administration and economics. Due to Mr. Young's depth of experience in the securities industry, he was granted a waiver of the Series 7 (General Securities Representative) and 24 (General Securities Principal) examinations by FINRA and has been grandfathered for the Series 79 (Investment Banking) and 99 (Operations Professional) registrations. He has completed the Series 6, 66 and 22 examinations.

 

[1] In connection with his position with Stanford Group Company, the SEC brought an administrative proceeding against Mr. Young in 2012. The Commission’s decision against Mr. Young was issued in March 2016, included a “bar from association with any broker-dealer, investment adviser, municipal securities dealer or transfer agent (“regulated entity”). See https://www.sec.gov/litigation/opinions/2016/33-10060.pdf. On May 24, 2016, Mr. Young appealed this matter to the U.S. Court of Appeals for the District of Columbia Circuit. As of the date of this brochure, no decision has been reached by the appellate court. The SEC’s decision does not prevent Mr. Young from serving as a consultant to any regulated entity. MGL has obtained a legal opinion from Brian Rubin at Sutherland Asbill & Brennan, LLP regarding the permissibility of Mr. Young’s activities. For additional information or a copy of this legal opinion, please contact MGL at 281-367-0380.