Vermont Gov. Peter Shumlin has appointed Michael Pieciak as the commissioner of the Department of Financial Regulation (DFR), replacing Susan Donegan whose last day on the job was June 30.
Pieciak previously served as deputy commissioner of DFR’s securities division. In that position he played a lead role in the investigation into the Jay Peak EB-5 projects, in the state, in coordination with the Federal Securities and Exchange Commission (SEC), filed charges against those projects.
Prior to his appointment as deputy commissioner at DFR, Pieciak practiced law in New York City at Skadden, Arps, Slate, Meagher & Flom LLP in the mergers and acquisitions group. He previously practiced at Downs Rachlin Martin in Burlington in business law.
DFR includes divisions for banks, insurance, securities and captives. Kaj Samsom has been deputy commissioner of insurance since 2014.
Donegan, who has served as commissioner since 2013, announced in March that she would step down from her position on June 30. Donegan worked at DFR from 1985 to 1990 and was the department’s first director of securities regulation. She was later counsel to the commissioner and hearing officer at the Massachusetts Division of Insurance from 2008 to 2011.
Pieciak grew up in Brattleboro and graduated from Union College with a degree in political science. He received his law degree from the University of Miami School of Law.
Pieciak has a long history in Vermont, serving as executive page to Gov. Howard Dean, a Senate Judiciary Committee intern for Sen. Patrick Leahy in Washington, D.C. and later as campaign manager for Attorney General William H. Sorrell. Pieciak also serves on the Vermont State Colleges Board of Trustees.
Pieciak is an observer member of the SEC Advisory Committee on Small and Emerging Companies and is chairman of the North American Securities Administrators Association (NASAA) Corporate Finance Section Committee, and serves on NASAA’s Federal Legislation, State Legislation and Capital Formation Committees.
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