New York Hunts Investor-Protection Head After Minor Exits
New York Attorney General Eric Schneiderman is looking for a new head of his investor-protection bureau after its chief, Marc B. Minor, resigned about two weeks ago.
Minor, 45, said in a phone interview he’s moving to Boston and looking for work because his wife, a retail executive, got a new job there. He joined Schneiderman’s office in 2011 from the New Jersey attorney general’s office, where he led its bureau of securities, according to a statement at the time.
“The attorney general appreciates Marc’s hard work in leading the investor-protection bureau for more than two years,” Matt Mittenthal, a spokesman for Schneiderman, said in an e-mail. New York is interviewing candidates to replace Minor, he said.
Minor said he worked on a task force set up on orders of President Barack Obama last year to coordinate prosecutions of fraudulent mortgage activity that contributed to the financial crisis. Schneiderman brought the group’s first case in October, suing JPMorgan Chase & Co. (JPM) on claims that Bear Stearns deceived mortgage-bond investors about defective loans backing securities. JPMorgan, which bought Bear Stearns in March 2008, has contested the case.
Minor said he also was involved in New York’s 2011 suit against Bank of New York Mellon Corp. that accused it of defrauding clients in currency trades. The firm has called the claims unwarranted.
He ran New Jersey’s securities division from 2009 to 2011, according to the New York attorney general’s statement. Before that, he worked for the Financial Industry Regulatory Authority, the Wall Street-funded group that regulates the brokerage industry.
The JPMorgan case is People of the State of New York v. J.P. Morgan Securities, 451556-2012, New York State Supreme Court (Manhattan). The BNY case is People of the State of New York v. Bank of New York Mellon Corp., 114735-2009, New York state Supreme Court (Manhattan).
To contact the reporter on this story: Zeke Faux in New York at email@example.com