H.R. 6021 - Small Firm House Letter (7/18/18)
July 18, 2018
The Honorable Jeb Hensarling The Honorable Maxine Waters
Chairman Ranking Member
Committee on Financial Services Committee on Financial Services
U.S. House of Representatives U.S. House of Representatives
Washington, DC 20515 Washington, DC 20515
Dear Chairman Hensarling and Ranking Member Waters:
The undersigned 803 people, at a minimum and representing small businesses in 49 of 50 states (there are no small brokerage firms headquartered in Wyoming…YET), strongly urge Congress to pass bipartisan legislation, The Small Business Audit Correction Act of 2018 (H.R. 6021), co-sponsored by Representatives French Hill (R-AR) and Vicente Gonzalez (D-TX), which would request a very narrow and specific exemption for small businesses which are privately held, non-custodial brokers and dealers in good standing from the Title One of Sarbanes-Oxley requirement to engage a Public Company Accounting Oversight Board (PCAOB)-registered audit firm for their regulatorily-required (federal and state) annual audits.
Small firms in the brokerage industry face disproportionate regulatory compliance and audit costs and we are struggling to survive. Main Street broker-dealers matter because we represent a large portion of the membership of FINRA and we are going out of business at a rate of approximately 10 firms per month which means small firm customers are losing their right to choose local, loyal, sound advice from the people they trust. Additionally, while as small businesses we only employ 10.5% of the Registered Representatives in the industry, that is still 67,271 individuals and families who depend on us for their livelihood and we take that responsibility very seriously.
Small, privately held, non-custodial firms like ours are required by law to hire an expensive Public Company Accounting Oversight Board (PCAOB)-registered audit firm. In surveys conducted with a portion of the FINRA small business community (590 firms), the average pre-PCAOB audit fee was $9,246 while the average post-PCAOB audit fee has increased every year since inception and in 2017 was $17,487. Keeping in mind our limited sample set, which we believe produced conservative averages, the increase of audit expenses has resulted in at least $27,838,098 additional small business dollars being pulled away from customer-focused initiatives and instead being spent on a Public Company audit when we do not take custody of customer funds or securities and are non-public companies.
In 2012, there were 783 PCAOB-registered audit firms. By 2016, there were only 478 remaining firms. That is nearly a 40% reduction in the number of audit firms eligible to audit thousands of public companies in America, as well as the approximately 3700 broker-dealers. The scarcity of supply, combined with public companies and the investment industry’s demand, has resulted in disproportionate cost increases for small businesses. The PCAOB Interim Program has, without question, been harmful to both small investment and accounting businesses, with empirical evidence relating to customer protection completely lacking. H.R. 6021 would resolve this issue for small businesses and would result in small businesses being able to deploy that capital toward customer-focused initiatives in the areas of cyber security, technology initiatives to enhance the distribution of market information and market access, job-creation, and more.
Small businesses, by definition, have limited human resources. Our small firm survey asked “roughly how many (wo)man-hours did your staff spend completing your firm’s annual audit pre-PCAOB” (44-hour average) “and post-PCAOB” (82-hour average). Broker-dealers have a mere 60-days from their fiscal year end to the regulatory required filing deadline (ex: 12/31 FY end, 2/28 audited financials filing deadline) and in order for broker-dealers to meet their PCAOB and regulatory obligation most small company staff must work overtime and weekends to compensate for the additional burdens of Public Company audit standards. The weekend/overtime wages add, in aggregate, millions more dollars of expense to the Public Company-like annual audit burden.
The one-size-fits-all PCAOB audit standards that were designed for significantly more complex companies have been devastating to small businesses around the country. Currently, a 3-person, non-public small business is held to the same standards as Merrill Lynch; this is not right, fair or reasonable. At a time when small firms should be deploying their assets (human and financial) to the benefit and protection of their customers, instead prior statute demands their capital for an audit that does not, in any way, benefit those same investing customers.
Cyber security and the protection of personal customer identification and account information is one of the single most important areas of exposure for small firms and their customers. This is but one of the areas where small firms would deploy the near-$28Million per year funds (and rising) that are, instead, currently going into the hands of large PCAOB audit firms. Our small firm customers deserve both cyber protection and bespoke technology offerings that provide enhanced market information and access to them. If H.R. 6021 is passed small businesses will be able to deploy resources to these areas, as well as support their local communities and states through the growth of their firms (job-creation).
It has been suggested by some that the PCAOB can exempt classes of broker-dealers from the requirement to use a PCAOB-registered auditor, it is important to note that statement is factually incorrect. Additionally, it has been suggested that any auditor the PCAOB decides to exempt from inspection would not be required to register, again, that is factually incorrect. The SEC, PCAOB and all broker-dealers are bound by statute and the statute says that broker-dealers MUST engage a PCAOB-registered audit firm for purposes of their annual audit. Small non-public, non-custodial broker-dealers are seeking common sense legislative relief from prior statute through the passing of H.R. 6021.
Additionally, it is worth highlighting that the PCAOB’s mission is “investor protection”. The term “investor” as it relates to the PCAOB, refers to individuals who invest in Public Company stock. The companies that will be eligible for the PCAOB exemption contained in H.R. 6021 are all Non-Public Companies that, by definition, do not have Public Company investors. The eligible small non-public companies contemplated in H.R. 6021 do not carry customer funds or securities and are, at all times, subject to required regulatory monthly, quarterly and annual financial reporting obligations. Additionally, the users of the annual audited non-custodial broker dealer financial statements are principally the regulatory bodies NOT “[Public Company] investors”, of which we have none. So any inference that this narrowly-defined exemption (for small businesses that DO NOT carry customer cash or securities and are non-public firms with no public company “investors”) endangers the investing public is simply an inaccurate assessment of our bill.
The small firm community in the brokerage industry supports the mission of our financial regulators and of the PCAOB, as it relates to public companies that sell their stock to the investing public and carrying/custodial broker-dealer firms that take custody of customer funds and securities. Without appropriate (not one size fits all) regulation, the United States would not have efficient capital markets, however this legislative overreach of Dodd-Frank has created unnecessary and devastating costs and burdens for smaller broker-dealers, negatively affected small accounting firms, and further limits the choices our retail customers have as our small companies buckle under the disproportionate weight of audit and compliance costs.
Our economy is powered by small business. Our future job growth depends on small businesses. Our future economic prosperity and competitiveness depends on the ability of our small businesses to innovate and grow into industry leaders. As small business owners and operators across the country, we are asking for your help with this bipartisan issue of helping small businesses. Please help our firms and our community of small businesses by supporting our efforts to get the Small Business Audit Correction Act supported in Committee, brought to the floor of the House and Senate, and passed. Passing this Act will provide significant and much needed relief for small businesses and our customers around the country. Please support H.R. 6021, the Small Business Audit Correction Act.
Thank you for your attention to this important issue and our narrowly-tailored legislation that, as one consumer advocacy group has said, presents no systemic risk to investors, customers, or the markets. If you have any questions or would like additional information, please contact Paige Pierce at firstname.lastname@example.org or (801) 733-9909.
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NY Erin Elaine Baskett Autonomous Research Us Lp
NY Eytan Dov Feldman Old City Securities Llc
NY Fredric Michael Obsbaum Trump Securities, Llc
NY Fyzul Khan Silver Leaf Partners, Llc
NY Garfield Lankard Miller Aegis Energy Advisors Corp.
NY Gary Alan Cutson A5 Securities Llc
NY Gary Allen Hoch Gary Hoch Agency, Inc.
NY Gary Mitchell Kaplan Westminster Research Associates Llc
NY George Christopher Reichle A. P. Securities, Inc.
NY George Manuel Ramirez Mfr Securities, Inc.
NY George Raymond Schinkel The Klein Group, Llc
NY Gerhard Summerer Dz Financial Markets Llc
NY Gloria Scheiman Tg Private Capital
NY Grant Wu Ivy Securities, Inc.
NY Greg Dow Klr Group
NY Henry Carpenter Marshall Hunter, Keith, Marshall & Co., Incorporated
NY Herbert Wilson Moore Wisebanyan Securities Llc
NY Howard Spindel Cna Investor Services, Inc.
NY Howard Spindel Surya Capitale Securities Llc
NY Hugh Daniel Dunn The Rockwell Financial Group, Inc.
NY Ian Joseph Green Brokerageselect
NY Ilan Lessick Gmp Securities, Llc
NY Ivy Fredericks Transnational Capital Corp.
NY James Westmacott Westco Investment Corp.
NY Janice Parise Sddco Group
NY Jason Scott Eveleth Exane, Inc.
NY Jay Gettenberg Accounting & Compliance International
NY Jerome S Keenan International Equity Services, Inc.
NY John Kiremidjian Dnb Markets, Inc.
NY John Andrew Maceranka The Windmill Group, Inc.
NY John Kiremidjian Nb Markets, Inc.
NY John Parmigiani Alllied Millenial
NY John Patrick Ogrady Laurel Hill Securities Llc
NY John Thomas Luttenberger Macro Risk Advisors Llc
NY John Thomas Pisapia Chelsea Financial Services
NY John Wade Loofbourrow John W. Loofbourrow Associates, Inc.
NY John Walter Stalanski Windsor Street Capital, Lp
NY John William Rogers Intercoastal Capital Markets, Inc.
NY Joseph Lanzisera Excel Securities & Associates, Inc.
NY Joshua Richard Hershman Electronifie Securities Llc
NY Judith Carole King Federated Securities, Inc.
NY Kathy Khatina Efrem Fing Securities Llc
NY Kenneth Robert Boyar Palico Llc
NY Kevin Hourihan Ashmore Investment Management (Us) Corporation
NY Larry Alan Kimmel Redburn (Usa) Llc
NY Larry H Weinberg Amur Advisors Llc
NY Laura Crosby-Brown Ncs Regulatory Compliance.
NY Lawrence Allan Walther Maybank Kim Eng Securities Usa Inc.
NY Lawrence May May Capital Group, Llc
NY Leigh Evan Ekstein Telsey Advisory Group Llc.
NY Leonard Barenboim Ei Capital Distributors, Llc
NY Leslie Anne Wheaton Ambit America Inc.
NY Leslie Feldman Eureka Capital Markets, L
NY Leslie Sue Seinfeld N.B. Zoullas Securities, Inc.
NY Margaret Dana Gavlik Joseph Gunnar & Co. Llc
NY Mariane Ashley Liebowitz Mma Securities Llc
NY Marie Aro Aquila Distributors Llc
NY Mark Stewart Brody Planned Financial Programs, Inc.
NY Marsha Allison Steiner Rhone Group Advisors Llc
NY Martin Pollock Eurekacap Partners Inc
NY Michael Link Watermark Securities, Inc.
NY Michael Steinberg Ccb International Overseas (Usa) Inc.
NY Michael Felix Hapoalim Securities Usa, Inc.
NY Michael Howard Mangieri Seven Points Capital, Llc
NY Michael J Kraus Ctl Securities Llc
NY Michael Kraus Ht Capital Securities, Llc
NY Michael Sam Cardello Terra Capital Markets Llc
NY Michael Scott Lowenberg White Mountain Capital, Llc
NY Michelle Obrien Manning & Napier Investor Services, Inc
NY Mohandai Surajballi T&G Private Capital Llc.
NY Ned Harris Cohen Nhcohen Capital Llc
NY Olaf Neubert Topcap Partners, Inc
NY Oliver Cromwell Bentley Securities Corporation
NY Oscar Echman Spencer-Winston Securities Corporation
NY Parbati Bhattacharya Westrock Capital Management, Inc.
NY Patrick Hosty Neighborly Securities
NY Patrick J. Omeara Profor Advisors
NY Peter Chapman Cdk Group Llc
NY Peter J Formanek Young America Capital, Llc
NY Peter M Lawrence Newcourt Securities, Ltd
NY Philip Coombe Coombe Financial Services, Inc.
NY Randi Patrice Mason Bristol Financial Services, Inc
NY Raymond Mendez Brittany Capital Group, Inc.
NY Raymond Charles Holland Triad Securities Corp
NY Richard James Carlesco Ibn Financial Services, Inc.
NY Robert Snider Omnicap, Llc
NY Robert Stearns Longship Alternative Asset Management
NY Robert Donald Solomon Beekman Securities, Inc.
NY Robert Hackel R. F. Lafferty & Co., Inc.
NY Robert James Labick Cjs Securities, Inc.
NY Robert Joseph Kent Morningside Securities, Llc
NY Robert Keith Aufhauser Aufhauser Securities, Inc.
NY Robert Y Rabinowitz J.H. Darbie & Co., Inc.
NY Ronald Pasternak Dbot Ats, Llc
NY Ruben Brache Opening Night Capital, Llc
NY Sam Michael Kopkind Lwpartners Capital Group Llc
NY Samantha Larew Manning & Napier Investor Services, Inc.
NY Samuel Frederik Lek Lek Securities Corporation
NY Scott Douglas Abrams Financo Securities, Llc
NY Scott Zollo Mutual Funds Associates Inc.
NY Scott Zollo Core Alpha Inc.
NY Seth Daniel Moskowitz Hcfp/Capital Markets Llc
NY Stephen Alfred Distante Vanderbilt Securities, Llc
NY Stephen Ira Back Owl Creek Asset Management Marketing, Llc
NY Stephen Murphy Ncs Regulatory Compliance
NY Steve Narov Investec Securities, Llc
NY Steven Jafarzadeh Stonehaven, Llc
NY Steven Blecher Morgan Joseph Triartisan L Llc
NY Steven Gary Rubenstein Arrow Investments, Inc.
NY Steven Perlstein Mvp Financial, Llc
NY Teresa O'Leary Davies Burke & Quick Partners Llc
NY Thomas Trumeter Thomas Trumeter, Cpa
NY Victor Park Alternative Asset Investment Management Securities
NY W. Stewart Cahn Cahn Capital Corp.
NY Wayne Foster Holly Sage, Rutty & Co., Inc.
NY Wendy Sheftel Lantern Investments, Inc.
NY Wendy Lanton Lantern Investments
NY Wendy Wei Yin Kong Bfin Securities Us Llc
NY Wilbert Dongyoon Shin Volant Execution, Llc
NY William Gregory Robertson Tm Capital Corp.
NY William Mcalister Hunnicutt Hunnicutt & Co. Llc
NY Alex Mack Mack Compliance Llc
NY Andrew Epstein Gordon Haskett Capital Corporation
NY Barbara Fulcher Westco Financial Group
NY Benjamin Gray Optima Securities Llc
NY Brent Hippert Ashton Stewart & Co., Inc.
NY Charlie Strauzer Cjs Securities, Inc.
NY Christopher Paolino Glm Securities, Llc
NY Clarke Gray T&G Private Capital Llc.
NY Constantine Baris Longship Alternative Asset Management, Llc.
NY Dan Roberts Roberts & Ryan Investments Inc.
NY Derek Wittenberg Ion Partners Llc
NY Gil Aikins Brasil Plural Securities Llc
NY James Collins Silver Lane Advisors Llc
NY Karen Moran Monness Crespi Hardt & Co., Inc.
NY Ken George Topcap Partners, Inc.
NY Larry May Strategic Wealth Management Group
NY Louis Mattielli Larrainvial Securities, Llc
NY Margaret Powell Nebari Securities, Llc
NY Mark Elenowitz Tripoint Global Equities, Llc
NY Maureen O'Brien Dynamo Consulting, Llc
NY Micah Taylor T&G Private Capital Llc
NY Paul Asaro Telsey Advisory Group Llc
OH Audrey Lynn Wheeler Mcdonald Partners Llc
OH Bob Dorsey Ultimus Fund Solutions
OH Dock Douglas Treece Treece Financial Services Corp.
OH Frank Panzeca Clark Schaefer Hackett Cpas & Advisors
OH Jeffrey Craig Thomas American Heritage Securities, Inc.
OH John Seibert J. D. Seibert & Company, Inc
OH Kevin Michael Guerette Ultimus Fund Distributors, Llc
OH Kim Lemar Oeder Inverness Securities, Llc
OH Martin P. Rizzo Northcoast Research Partners, Llc.
OH Melissa Garland Spoke Real Estate Capital
OH Melissa Henahan Baker & Co., Inc
OH Michael James Menzer Wobd, Llc
OH Peter J Nerone Great American Advisors, Inc.
OH Robert Thomas Kirkwood Lancaster Pollard & Co., Llc
OH Russel Walcher Ska Securities, Inc.
OH Salvatore Raffa Northcoast Research Partners
OH Scott Seibert J. D. Seibert & Company, Inc.
OH Timothy Henahan Baker & Co., Inc.
OH Todd Edward Crawford Capital City Securities, Llc
OK Edward Franklin Wells Wells Nelson & Associates, L.L.C.
OK James J Oplotnik Access Investments, Inc.
OK Misty Wells Wrinkle The Baker Group, Lp
OR Edward Curiel Dlx Financial Group, L Llc
OR Edward Emilio Curiel Dlx Financial Group, Llc
OR Richard Blakeney Goud Hp Securities, Inc.
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PA Betty Rainier Beaconsfield Financial Services, Inc
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PA Craig A. Wolfanger Raptor Partners Llc
PA Dale Pope Mercap Securities, Llc
PA Dean Patrick Mcdermott Mcdermott Investment Services, Llc
PA Donald Drew Siok Navaid Financial Services, Inc.
PA Evan Finkelstein Philadelphia Investors, Ltd.
PA Francis G Mitchell Blv Securities
PA Henry Robert Dalberto American Financial Associates, Inc.
PA James W. Oconnor Bestvest Investments, Ltd.
PA Joe Hemphill Regional Brokers Inc.
PA John Edward Jones Bill Few Securities, Inc.
PA John Joseph Chuff Ba Securities, Llc
PA Judy Lynne Loy Nestlerode & Loy, Inc.
PA Kevin Kornfield Kevin Hart Kornfield & Company, Inc.
PA Leigh Ann Paich Mid Atlantic Clearing & Settlement Corporation
PA Leona D. Robinson Robinson & Robinson, Inc.
PA Mark Alan Karbiner Pm Securities, Llc Dba Phoenix Capital Resources
PA Mark Cresap Cresap, Inc.
PA Patrick Chism Herald Investment Marketing, Llc
PA Peter Engelbach J. Alden Associates, Inc.
PA Sandra L. Burry Westminster Investment Group, Inc.
PA Steven Segal Park City Capital, Inc.
PA Susan Kallai Moscaritolo Compass Distributors, Llc
PA William Dean Karrash Burke, Lawton, Brewer & Burke, Llc
PA John Marsden Jrm Securities
PR John Holman Esh Capital, Llc
PR Neville Golvala Choicetrade
PR Ramon Thomas Rd Capital Group, Inc.
PR Terry Crikelair Champlain Advisors, Llc
RI David Anthony Izzi Brown, Lisle/Cummings, Inc.
RI Karen Josephine Bacon Diversified Resources, Llc
RI Michelle Noon, Financial Operations Principal Meridien Benefits Group Inc
RI Sergio Anthony Decurtis N.E. Private Client Advisors, Ltd.
RI Wilson Saville Barrett & Company
SC Carolyn Jenkins Sandlapper Securities Llc
SC Derrick Grava Palmetto Advisory Group.
SC Edward Bernard Dowaschinski Dunes Securities Corporation
SC Joan Grava Palmetto Advisory Group
SC John Lawrence Jordan First South Carolina Securities, Inc.
SC Kenneth Nixon Wilson Trc Markets Llc.
SC Michael Ellman F763 Trc Markets Llc
SC Nelson Battle Arrington V. M. Manning & Co., Inc.
SD Gregory S Wilson Variable Investment Advisors, Inc.
TN Brian Joseph Cote Gpwa, Llc
TN Dan Mayfield Sanderlin Securities, Llc
TN David Morris James Pnfp Capital Markets, Inc.
TN David Warren Wiley Iii Wiley Bros.-Aintree Capital, Llc
TN George Moody Taylor Wealth Solutions
TN Jennifer F Scola Carty & Company, Inc
TN Joel Oertling Avondale Partners, Llc
TN John Dallosta Carty & Company, Inc.
TN Lisa James Wiley Bros Aintree Capital, Llc
TN Matthew Denis Mccall Crowdvest Securities, Llc.
TN Raymond Wilson Brandon Brandon Investments, Inc.
TN Thomas Craig Altfillisch Western Equity Group, Inc.
TX Billy Floyd Sims Brazos Securities, Inc.
TX Byron Pat Treat Great Nation Investment Corporation
TX Cameron Shropshire Dominion Investor Services, Inc
TX Christopher Rumsey Allison M. E. Allison & Co., Inc
TX Craig England England & Company
TX Craig Kilpatrick First Western Securities
TX Cynthia Besek Maplewood Investment Advisors, Inc
TX Daniel C Dooley Maplewood Investment Advisors, Inc.
TX Dante Fichera Independent Investment Bankers, Corp.
TX David Dorn Mcnally Mcnally Financial Services Corporation
TX Hance Vernon Myers Heikkinen Energy Securities, Llc
TX Heather Nelson M. E. Allison & Co., Inc.
TX Ilonka Nobles Nobles & Richards, Inc.
TX Iris Mcwilliams Blue Belle Investment Co., Inc.
TX James Kevin Davis Texas Corporate Capital Advisors
TX Jason Rivera Acc Securities, Llc
TX Jeremy Halpin Guidestone Financial Services.
TX Jerry Singleton Signal Securities, In
TX John Mauldin Mauldin Securities, Llc
TX Joseph Reid Mannes Samco Capital Markets, Inc.
TX Katherine Cook Venovate Marketplace, Inc.
TX Kevin Patrick Regan Rhca Securities, Llc
TX Lee Novikoff The Tidal Group
TX Lewis Byron Fisher L. B. Fisher & Company
TX Linde Murphy Me Allison & Co
TX Mark Allen Coffelt Empiric Distributors, Inc.
TX Mark Gregson Invesco Capital Markets, Inc
TX Melinda Legaye Moody Securities, Llc
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TX Mimi Legaye Mgl Consulting Llc
TX Miranda O'Keefe Invesco Capital Markets, Inc.
TX Patrick Joseph Smetek Sunbelt Securities, Inc.
TX Patrick M Mendenhall Usca Securities Llc
TX Peggy Elaine Lebert Avalon Wealth Management Llc
TX Randal Earl Ferguson First Western Securities, Inc.
TX Richard Grear Wilson Crutchfield Securities, L.L.C.
TX Richard Sandow Forte Securities Llc
TX Rix Carlton Smith Dominion Investor Services, Inc.
TX Robbi Jones Kipling Jones & Co., Ltd.
TX Robert Michael Bagley Bullish Bob Bagley Securities, Inc.
TX Scott Cook Guidestone Financial Services
TX Scott Trezevant Taylor Scott T. Taylor, Ltd.
TX Thomas Carl Arnold Boytinck Allegro Securities Llc
TX Tiffany Fisher Cns Securities, Llc
TX Tim Proffitt Rock House Capital Advisors, Llc
TX Timothy Randall Kohn Investors Brokerage Of Texas, Ltd.
TX Travis Nick Duren Crescent Securities Group, Inc.
TX Valynda Ewton Broker/Dealer Concepts, Inc.
TX William Cleveland Hoover Steward Securities Group Llc
TX William H Wilson Sp Securities Llc
TX Carla Wright Signal Securities, Inc
UK Richard Malpas Sapeno Inc.
UK Chris Tsutsui Ashmore Group, Plc.
UT Betsy Voter Michael Best
UT Carolie Smith Alamo Capital Inc.
UT Eric Vos Moreton Capital Markets Llc
UT James Dowd North Capital Private Securities Corporation
UT James Kruse Michael Best Friedrich
UT Paige Pierce Psp Consulting
UT Richard Taggart American Funds & Trusts, Inc.
UT Sherrie Bakelar Lefavi Wealth Management
UT Stephanie Holt North Capital Private Securities
UT Zelma Desiree Collazo Elefant Markets
VA Donna Arles Wealthforge Securities
VA Douglas Hampton Mcgregor Hampton Hedge Fund Marketing, Llc
VA Geoff Lyle Gladstone Securities, Llc.
VA Jack Dellafiora Gladstone Securities, Llc
VA James Zirkle Sowers Transact Capital Securities, Llc
VA Jennifer Szaro Lara, May & Associates, Llc
VA Joseph Francis Gerdes Folio Investments, Inc.
VA Kenneth William Smither Smither & Company Capital Markets, Llc
VA Nicole Saunders Northwest Financial Advisors
VA Robert Mann First Georgetown Securities, Inc.
VA Robert W Moreschi Eastern Point Securities, Inc.
VA Shawn Patrick Mclaughlin Mclaughlin Ryder Investments, Inc.
VA Sue Mckeown Spire Securities, Llc
VA Thomas Eugene Kelso Mcmg Capital Advisors, Inc.
VA Bradford Harries Chessiecap Securities, Inc.
VA Frank Stiff Cheval Capital, Inc.
VA Mark Dempsey Navy Federal Brokerage Services, Llc
VT Brian Mckenna D.B. Mckenna & Co., Inc.
VT Don Mckenna D. B. Mckenna & Co., Inc.
WA Dick Smith Down Under Enterprises
WA Gregory John Noone Bp Securities, Llc
WA James William Humbard A&A Securities Llc
WA Max Brian Kamp Continental Investors Services, Inc.
WA Michael Keller Fsic
WA Sean Grubb Northwest Investment Advisors, Inc.
WA Steven Richard Larson Richards, Merrill & Peterson, Inc.
WA Tim Vorpahl Vorpahl Wing Securities
WI Daniel Eugene Wright Sii Investments, Inc.
WI Frederick Allen Henry Fimco Securities Group, Inc.
WI Gennady Bekasov Hewins Brokerage Services, Llc
WI Joel Blumenschein Kcd Financial, Inc.
WI Mari Jo Buechner Coordinated Capital Securities, Inc.
WI Michael Losse Willow Cove Investment Group, Inc.
WI Richard Peterson Liberty Investment Counsel, Ltd.
WI Robert Edelman Edelman & Co, Ltd.
WI Robert William Landaas Landaas & Company
WI Tami K Strang Buttonwood Partners, Inc.
WV Ami Shaver United Brokerage Services, Inc.
WV Jacob Doyle Financial West Group
WV Rose Wilson Wesbanco Securities, Inc.
WV Timothy Bidwell Hazlett, Burt & Watson, Inc.