Securities America names new CEONews added by ProWEB Media on July 27, 2010
Gary Linnell

ProWEB Media

Joined: December 27, 2005

Securities America Inc. has named Jim Nagengast as its new chief executive.

Nagengast, who has been the company's president since 2008, replaces Steve McWhorter, who announced his retirement earlier this year.

Nagengast says he feels "optimistic" about the company's future, suggesting that consolidation within the industry will create new opportunities.

Many broker/dealers are going to be faced with the question of whether to remain in the business, he said.

Securities America is currently dealing with a lawsuit brought by the Massachusetts Securities Division, which alleges that the company failed to reveal pertinent information to investors about high-risk notes issued by Medical Capital Holdings Inc., which was charged with fraud by the Securities and Exchange Commission last year.

According to Nagengast, "We feel strongly we did our due diligence -- a significant amount -- before approving" the first five Medical Capital series of notes.
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