Springfield, IL-(Effingham Radio)- Strengthens Illinois’ Securities Department with Four Expert Hires
Illinois Secretary of State Alexi Giannoulias has strengthened the state’s Securities Department with four high-level hires charged with protecting and safeguarding the financial interests of Illinoisans and their investments.
The office has hired a new Deputy Director, Chief of Enforcement, Chief of Examinations, and Senior Investigator, each of whom bring a wealth of knowledge in financial law, litigation and investigations to their respective positions.
“Adding these individuals to our Securities team is a huge win for the people of Illinois,” Giannoulias said. “Their combined experience and expertise will bolster an already formidable Securities Department and better position our office to tackle complex financial cases involving cryptocurrency and root out fraud.”
In addition, Giannoulias was also reappointed earlier this month as Co-Chair of the Securities Committee of the National Association of Secretaries of State, and his Department Director Chet Taylor was elected to the Board of Directors of the North American Securities Administrators Association.
The Illinois Secretary of State’s Securities Department regulates the investment industry in Illinois, registering more than 250,000 securities salespeople and 25,000 investment advisor representatives statewide, while cracking down on instances of fraud, scams and financial abuse. The Securities Department has 37 employees and generates more than $60 million each year in fees, fines and penalties for the state.
Like that of the U.S. Securities and Exchange Commission (SEC), the Illinois Securities Department’s budget is funded by its collection of fees from the securities industry and money recovered from administrative fines to fund its operations, rather than relying on taxpayer dollars.
By devoting more resources to increase the number of attorneys, investigators, and examiners and enhancing its financial literacy efforts, the state will better safeguard citizens’ financial interests and small investors. Additionally, these efforts pay for themselves while bringing in more revenue.
The new hires include:
Kristine Kolky joins the Securities Department as its Deputy Director. In this role, Kris oversees monitoring and investigating claims of financial exploitation, targeting seniors and other vulnerable individuals. She also provides educational resources to help residents prevent and report financial fraud.
Prior to joining the department, Kris was a partner at Taft, Stettinius & Hollister in Chicago, where she specialized in complex commercial litigation. Kolky graduated from the University of Michigan before earning her law degree from DePaul University School of Law.
Victor Turla joins the Securities Department as Chief of Enforcement. In this role, Victor oversees investigations involving violations of Illinois securities law, initiating enforcement actions and ensuring compliance with laws and regulations.
Prior to his appointment, Victor served for 11 years with the Illinois Attorney General’s office, including three years as Deputy Bureau Chief in the Special Prosecutions Bureau. While there, he handled complex criminal and financial investigations. Victor earned his undergraduate degree at the University of Illinois Urbana-Champaign and received his Juris Doctor from Saint Louis University School of Law.
Frank Ronis will serve as Chief of Examinations, overseeing department’s efforts to examine the books, records, and sales practices of Illinois-registered investment firms to assess compliance under state and federal laws.
Frank began his securities career as an examiner with the Illinois Securities Department, followed by more than two decades as a Senior Examiner with the Securities & Exchange Commission. He holds a B.B.A degree from Roosevelt University, an M.B.A. from Dominican University, and is a Certified Fraud Examiner.
Jordan Frieberg assumes the role of Senior Securities Investigator with the department. As an investigator, Jordan conducts complex investigations of possible violations of the anti-fraud provisions of the Illinois Securities Law. Jordan has extensive expertise related to cyber and crypto fraud, including a deep understanding of the new forms of technology that scammers leverage to swindle Illinois residents. Jordan has been responsible for taking down numerous fraudulent websites that had attempted to scam investors through the sale of fake investments.
Jordan spent nearly three years as an investigator with the Arizona Securities Division. He earned a master’s degree from Michigan State University in Law Enforcement Intelligence and Analysis, and an undergraduate degree from the University of Minnesota in Criminal Justice.
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