State financial regulator named to national post

A Vermont state official will be taking a national job next year.

Department of Financial Regulation Commissioner Michael Pieciak has been named the president-elect of the North American Securities Administrators Association.

Pieciak was appointed to the DFR post by Gov. Peter Shumlin in 2016 and was reappointed by Gov. Phil Scot. As deputy commissioner, Pieciak led an investigation into the Kingdom Con EB-5 fraud case in 2014. projects. He worked with the Securities and Exchange Commission on the probe, which ultimately resulted in charges of fraud against the Jay Peak developers. Pieciak was also one of several current and former state officials listed in a recent lawsuit by EB-5 investors, saying the state was "grossly negligent" in monitoring the program.

He says he looks forward to bringing Vermont's regulatory approach to his national role. He begins next September.