This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
An international association of investment regulators will hold its annual conference in 2013 in Salt Lake City, where it presented its first conference in 1922.
The North American Securities Administrators Association estimates that around 500 members are expected to attend the September meeting, which will include securities regulators, law professionals, financial services industry representatives, consumer advocates and legislative and regulatory policymakers.
Keith Woodwell, director of the State Division of Securities, said he put in a proposal to host the conference and that the group's membership approved Salt Lake City over the other finalists, Atlanta and Indianapolis. The conference is expected to put more than $1 million dollars into the area economy through lodging, meals and related expenses, the association said.
"They're usually looking for a place that is attractive to out-of-town attendees," said Woodwell, who is vice chair of the group's enforcement section. "But also they look to recognize and rewards states that have taken significant enforcement actions or are out in the forefront of investor education efforts."
He cited the state's recent public service campaigns aimed at preventing investors from being victims of fraud and Gov. Gary Herbert's backing of the Fraud College, recent events open to the public so Utahns can hear presentations and gather information on how to spot and avoid financial fraud.
Utah has long been a center for schemes. Because a majority of residents are members of The Church of Jesus Christ of Latter-day Saints, many have been especially prone to fall victim to affinity fraud, in which a scamster takes advantage of shared beliefs and trust within a like-minded group.
Financial scams have come to light at alarming levels in the state in the past four years, with the impacts of the recession pushing many into the open. Earlier this year, the FBI estimated that frauds that took in $2 billion were under investigation or being litigated in Utah courts. In 2010, the FBI named its Salt Lake City office as being in one of the top five "hot spot" cities for financial fraud.
To try to slow the pace in Utah, the Division of Securities has sponsored a series of public service announcements on radio, television and billboards, including some aimed directly at affinity fraud.
The securities association presented its first annual conference in Salt Lake City in 1922. Another came here in 1928 and a third in 1996, at the Snowbird resort.
The NASAA bills itself as the oldest international organization devoted to protecting investors. Its membership includes 67 state, provincial and territorial securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada and Mexico.
In the United States, the association is the voice of state securities regulators, the group says.
Woodwell describes the Salt Lake City event next year as a policy conference that will focus on issues facing the industry and regulators, including the recently approved federal Jumpstart Our Business Startups Act (JOBS Act), which loosens federal constraints and broadens the field of potential investors for startup companies looking to raise capital.
Twitter: @TomHarveySltrib —
Securities event
What • North American Securities Administrators Association annual conference
When • September 2013
Attendance • 500 expected
Impact •$1 million to local economy