In what may be a first for the industry, Ron Kovack and son Brian Kovack of Kovack Securities in Ft. Lauderdale, Fla., now hold NASD positions.
Ron Kovack, 68, is chairman of the broker-dealer — which has 250 advisors — and has been elected to the NASD District Committee. This group includes Georgia, Florida, North and South Carolina, Puerto Rico and the Virgin Islands.
Brian Kovack, 31, was tapped to serve on the NASD National Board of Governors in Washington, D.C. A securities lawyer by training, Brian serves as president of Kovack Securities, which was founded in 1997.
Many of NASD’s 5,100 brokerage firms are unhappy with the current regulatory environment and view it as overly harsh — especially in terms of minor technical violations — according to Kovack Securities, a situation the father-and-son team hope to influence during their respective three-year terms with the self-governing regulatory organization.