Thomas E. Stern

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Thomas E. Stern
Employer optionsXpress International

Thomas E. Stern is the former Chief Financial Officer of optionsXpress, Chief Administrative Officer of optionsXpress Holdings (the public company); President and Chief Executive Officer, Chief Compliance Officer and Director of optionsXpress International, Inc., Chief Financial Officer and Director of brokersXpress, LLC; and Chief Financial Officer, Secretary, Director, and Chief Compliance Officer of OX Trading, LLC. [1]

He is a board member of the Options Clearing Corporation (“OCC”).

At optionsXpress International, he oversaw the development of all of the firm's international business including registered companies in Europe, Singapore, Australia and Canada. He is also chief administrative officer of the public company, optionsXpress Holdings (NASDAQ: OXPS) and CFO of optionsXpress and brokersXpress, two primary brokerage firms.

In April 2012, the Securities Exchange Commission charged Stern and optionsXpress in an alleged naked short selling scheme.[2] The SEC also charged Stern and the company with violating securities laws when it continued trading after delisting from the Chicago Board Options Exchange and deregistering with the SEC, apparently to avoid an audit. [3]

Background

His experience includes the management of retail brokerages - both full service and online - with product offerings running the gamut, including stocks, bonds, mutual funds, options and futures. Additionally, he has been a member of securities and futures exchanges and personally was a registered market maker in stocks and options.

As the primary FINRA executive representative and FINOP for optionsXpress, Stern led the firm’s involvement in regulatory reporting, product development and risk management.

Stern was formerly a member of the “Board” of the Options Industry Council (OIC) (the “Roundtable”) and the Nominating Committee of OCC. He is a member of the Ontario District Council, the governing securities board for Ontario, Canada, a panel chairman for the Chicago Board Options Exchange’s Arbitration Committee and a qualified chairperson for FINRA Arbitration Panels.

References

  1. ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS. SEC.gov.
  2. SEC Discloses New Charges on optionsXpress, Former CFO. The Wall Street Journal.
  3. SEC Discloses New Charges on OptionsXpress, Former CFO. The Wall Street Journal.