Texas Securities Commissioner Announces Retirement

Reports from the Texas Securities Board and the Austin American-Statesman, confirm that the state’s securities chief will step down after 17 years. Denise Voight Crawford was appointed Texas Securities Commissioner in 1993. Prior to that she was involved in the private practice of law and later became general counsel for the Board. She announced that she is retiring February 28th, giving the new commissioner time to get ready for the sunset review in 2013.

As commissioner, Ms. Voight led negotiations in a $7 billion multi-state settlement with Citigroup over their auction rate securities (ARS). In the settlement, Citigroup agreed to buy back securities from 40,000 small investors and pay $100 million in fines to settle allegations that it misled investors by marketing the ARS as being as safe and liquid as cash. This settlement led to similar settlements with other banks in Texas and other states.

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