HARRISBURG, Pa. (Legal Newsline) - Pennsylvania Gov. Tom Corbett announced Wednesday that he has nominated former Attorney General Jerry Pappert to serve on the state Securities Commission.
"Jerry Pappert has proven his leadership and commitment to the Commonwealth throughout his illustrious and successful career," said Corbett, himself a former attorney general. "His exceptional public and private sector experience has prepared him well for this position.
"I am confident that Jerry will serve Pennsylvania with integrity and honor as a commissioner of the Pennsylvania Securities Commission."
As attorney general, Corbett actually succeeded Pappert, who held the job on an interim basis.
Pappert, a Republican like Corbett, became acting attorney general in December 2003. He succeeded D. Michael Fisher, who left the office to become a judge on the U.S. Court of Appeals for the Third Circuit.
Pappert served in the Attorney General's Office for a total of eight years -- from 1997-2003 as the first deputy and from 2003-05 as the state's top lawyer.
In addition to his time in public office, Pappert also has experience in the private sector.
He was a partner at Ballard Spahr Andrews and Ingersoll LLP, a large Philadelphia firm.
He also served as the general counsel of Cephalon Inc., an international biopharmaceutical company based in the state. Last year, Teva Pharmaceutical Industries Ltd. completed its acquisition of the company.
Pappert now must be confirmed by the state Senate.
If confirmed, Corbett said this week he intends to designate Pappert as chairman of the commission.
The Pennsylvania Securities Commission administers and enforces rules and regulations under the Securities Act of 1972, the Takeover Disclosure Law of 1976 and subsequent amendments to those laws.
Effective Oct. 1, the commission will be renamed the Pennsylvania Banking and Securities Commission.
According to its website, the commission's goal is to protect the public from deceptive practices in connection with offers, sales and purchases of securities in Pennsylvania while encouraging the availability of equity and debt financing to legitimate businesses and industries in or affecting the Commonwealth.
From Legal Newsline: Reach Jessica Karmasek by email at email@example.com.