Colorado securities head resigns after posting questioned

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DENVER  |  Colorado’s securities commissioner has resigned after regulators and attorneys questioned the validity of his appointment.

The Colorado Sun reports Chris Myklebust is expected to step down from the post Sept. 20.

The announcement was made in an email sent to members of the state’s securities board Thursday.

The current executive director of the Department of Regulatory Agencies says Myklebust offered to quit in order to help preserve public trust.

Former regulatory department Executive Director Marguerite Salazar offered Myklebust the job without consulting the board 19 days after former Commissioner Gerald Rome gave notice.

Some board members and securities attorneys questioned Myklebust’s qualifications, which they said had little to do with securities regulation or protecting investors.

Myklebust previously served as the state’s bank commissioner and commissioner of financial services.

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Information from: The Colorado Sun, http://coloradosun.com