Alabama Securities Commission director retires after 28 years in public service

MONTGOMERY, Ala. (WSFA) - The director of the Alabama Securities Commission has retired after nearly 30 years of service to the state, the commission says.

Joseph Borg bid farewell Tuesday as the only person in state history to provide such a level of service, the commission said, noting he’s also the only person ever elected to serve three terms as the president of the North American Securities Administrators Association, or NASAA.

Borg served in several capacities, including as a member on the NASAA Board of Directors, as Chair of the International Committee, Chair of Enforcement, and as Ombudsman. He was a member of the Board of Directors of the National White Collar Crime Center (NW3C) and the Investor Protection Trust (IPT), served as a member of the SIPC Modernization Task Force and the FINRA Dispute Resolution Task Force.

Borg’s expertise brought him before Congress on multiple occasions over the decades where he shared his opinions with both Senate and House Committees and Subcommittees, including Banking, Financial Services, Capital Markets, and Investigations.

In his 28 years of leadership, the ASC has returned nearly $275 million to the Alabama General Fund and had more than $265 million in restitution ordered to victims. The commission added that under Borg’s leadership, 378 fraudsters were convicted for felonies and were sentenced to a total of 2,734 years in prison.

“Joe has dedicated his career to protecting investors, pursuing justice for victims, and putting Alabama at the forefront of timely and effective securities regulation,” said ASC Chairman Dagnal Rowe. “His retirement is bittersweet for everyone at the Commission. We will miss his friendship, but recognize this diligent leader has more than earned the opportunity to spend uninterrupted days at Lake Martin.”

“Joe is a true servant of the people and has fought tirelessly on their behalf for almost thirty years,” added Alabama Attorney General Steve Marshall. “His retirement is well deserved, and I wish him many years of joy in this new season.”

The commission has appointed ASC’s Chief Deputy Director, Amanda Senn, as the new Director of the Alabama Securities Commission.

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