Joseph P. Borg (born 1951) is an American financial regulator who has served as the Securities Commissioner of Alabama since 1994. In this position, he is responsible for prosecuting

financial crimes Financial crime is crime committed against property, involving the unlawful conversion of the ownership of property (belonging to one person) to one's own personal use and benefit. Financial crimes may involve fraud (cheque fraud, credit card frau ...

which affect Alabama residents. He has also served as the president of the

North American Securities Administrators Association The North American Securities Administrators Association (NASAA), founded in Kansas in 1919, is the oldest international investor protection organization. NASAA is an association of state securities administrators who are charged with the responsi ...

for two terms. He was described in a 2002 ''

Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...

'' article as "Wall Street's Worst Nightmare". Smart Money magazine listed Borg in its listing of "The Power 30- The Top Financial Players" citing his 98% conviction rate and calling him "one of the toughest 'stock cops' in America"

mart Money November, 2011 Mart may refer to: * Mart, or marketplace, a location where people regularly gather for the purchase and sale of provisions, livestock, and other goods * Mart (broadcaster), a local broadcasting station in Amsterdam * Mart (given name) * Mart (Sy ...

Early life

Borg was born in

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

to Maltese immigrants Philip J. Borg and Dorothy Borg (). He attended

Hofstra University School of Law The Maurice A. Deane School of Law at Hofstra University (commonly known as Hofstra Law) is a law school located in Hempstead, New York on Long Island, affiliated with Hofstra University. Founded in 1970 and accredited by the ABA in 1971, th ...

and then worked as a

personal injury lawyer A personal injury lawyer is a lawyer who provides legal services to those who claim to have been injured, physically or psychologically, as a result of the negligence of another person, company, government agency or any entity. Personal injury la ...

. He moved from

Queens Queens is a borough of New York City, coextensive with Queens County, in the U.S. state of New York. Located on Long Island, it is the largest New York City borough by area. It is bordered by the borough of Brooklyn at the western tip of Long ...

Montgomery, Alabama Montgomery is the capital city of the U.S. state of Alabama and the county seat of Montgomery County. Named for the Irish soldier Richard Montgomery, it stands beside the Alabama River, on the coastal Plain of the Gulf of Mexico. In the 202 ...

to work as a defense lawyer in product–liability cases. Borg soon made

partner Partner, Partners, The Partner, or, The Partners may refer to: Books * ''The Partner'' (Grisham novel), by John Grisham, 1997 * ''The Partner'' (Jenaro Prieto novel), 1928 * ''The Partners'' (book), a 1983 book by James B. Stewart * ''Partner'' (m ...

in a Montgomery law firm and later worked as a corporate lawyer for First Alabama Bank.

Securities regulation

Borg represented the victim of a microcap fraud case in 1993. Borg was first elected as the president of the North American Securities Administrators Association for the 2001–02 term. The NASAA is a nonprofit organization which represents regulators from across North America. He also served in this role for the 2006–07 term and now serves on their

board of directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

Political views

Borg has been critical of the U.S. Securities and Exchange Commission and the

Financial Industry Regulatory Authority The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets. FINRA is the successor to the National Associati ...

for not imposing tougher sanctions on financial criminals. He has also argued that financial regulatory power in the U.S. should not be concentrated in one agency. Rather, he proposes that regulatory agencies across the country should attempt to work together more effectively.

References

External links

Alabama Securities Commission
{{DEFAULTSORT:Borg, Joseph 1951 births American people of Maltese descent finance fraud financial regulation in the United States lawyers from Montgomery, Alabama living people Maurice A. Deane School of Law alumni people from Queens, New York