Wedbush Securities, an independent broker-dealer, has hired financial services veteran Michael McMaster as its senior vice president and chief compliance officer.
In his new role, McMaster will be responsible for the compliance oversight function, as well as serving as a liaison for the firm on compliance matters with its regulators, including FINRA, the SEC, and the NYSE.
McMaster has 30 years of financial services experience, with more than 22 of those years in a compliance role. He began his career in the financial industry as a mortgage-backed securities trader, and after graduating from law school, was named a Kings County/Brooklyn, New York assistant district attorney.
He returned to the financial industry, and most recently served as CCO with BNY Mellon’s capital markets and clearance and collateral management divisions. He previously served as CCO for Libra Securities, and in a similar capacity with Rabobank’s broker-dealer unit.
McMaster received his undergraduate degree in finance from Manhattan College and his juris doctor from New York Law School. He is also an adjunct professor at New York Law School and is the founding chairman of the compliance committee for the New York City Bar Association.
As chairman, McMaster was instrumental in development and the ultimate publishing of the committee’s inaugural white paper on CCO liability. He is also a published co-author of a book entitled, Governance, Compliance and Supervision in the Capital Markets.
Founded in 1955, Wedbush provides private and institutional clients with a range of securities brokerage, wealth management, and investment banking services. The firm is headquartered in Los Angeles and has 100 registered offices and nearly 900 representatives.