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Glen Garofalo is a Bates Group Testifying Expert and the Managing Member of GFG Financial Services Consulting, LLC, concentrating in the areas of Margin Lending, Risk Management and Operational Services. He is a former Director of Credit Regulation for the Financial Industry Regulatory Authority where he served from March of 2007 through August of 2016 (prior to July '07 his position was actually held under the NYSE Regulation Inc. organization prior to its' merger with the NASD, which became FINRA), and was responsible for administering and providing technical guidance and education on the credit and margin rules of FINRA, the SEC, and the Federal Reserve Board (i.e., Regulation T and U). At FINRA, Mr. Garofalo was responsible for building and implementing the SRO’s Portfolio Margin program, where he managed over the review and approval of over 35 Member Firm applications.
In addition, Mr. Garofalo steered membership and industry committees, formed for the purpose of discussing margin rules and regulations and the interpretation and updating thereof. In addition to his time at FINRA, Mr. Garofalo held senior management roles in the Margin Operations and Prime Brokerage divisions at Cantor Fitzgerald & Co., Bear, Stearns & Co., Paine Webber Inc., and Kidder, Peabody & Co., Inc. He currently sits as a Board Member of the SIFMA Credit and Margin Forum. Glen holds a BS in Business Administration from Seton Hall University.
Bates Group LLC, Testifying Expert, 2018 - Present
GFG Financial Services Consulting, LLC, Managing Member, Cranford, NJ, 2018 – Present
INTL FCStone Financial Inc., Portfolio Margin Operations Advisor/Independent Contractor, New York, NY, 2018 - 2020
Cantor Fitzgerald & Co., Managing Director/Head of Margin Prime Services, New York, NY, 2016 – 2018
Financial Industry Regulatory Authority (FINRA), Director/Credit Regulation/Subject Matter Expert, New York, NY, 2007 - 2016
Bear, Stearns & Co., Inc., Associate Director/Credit Manager, New York, NY, 1997 - 2007
Paine Webber Inc., Assistant Vice President / Unit Manager – Margin Department, Weehawken, NJ, 1995 - 1997
Kidder, Peabody & Co., Inc., Administrative Officer /Section Manager – Margin Department, New York, NY, 1987 - 1995
Bachelor of Science (BS), Business Administration, Seton Hall University, South Orange, NJ
FINRA Series 7
Securities Industry Institute at Wharton program
Active Board Member of the SIFMA Credit and Margin Section
Served as an industry expert for the NYSE Hearing Panel