From Dykema to FINRA — A Tale of Camaraderie, Regulation, and Peloton Rides

Meet Jason Ross, Dykema alum turned Counsel in the Financial Industry Regulatory Authority’s (FINRA's) Enforcement Division who is driving change in the financial industry and making a difference. Joined by his former Dykema colleague, Chris Kratovil, Jason shares insights, anecdotes, and valuable career advice that are engaging and enlightening. From regulatory enforcement to Peloton meet-ups, Jason’s story is a testament to the enduring bonds forged in the workspace and highlights why it’s worthwhile to stay connected.

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Chris Kratovil: Tell me about your role and what you’ve found most energizing about working at FINRA.

Jason Ross: I joined FINRA just over a year ago. I can first share what FINRA is. We are a self-regulatory organization. We're not part of the government. We are an independent nonprofit that regulates stock brokers and broker-dealers. We have jurisdiction over 4,000 brokerage firms and 600,000 individuals who trade stocks and trade securities on behalf of other people.

The Enforcement Department is tasked with making sure that those firms and individuals follow the rules and that we have markets that are fair, open and transparent, and that people can trust. Oftentimes investors entrust their life savings or their family's life savings, we make sure that their funds are protected. Any time there is a rule break or suspicion of a rule violation, the Enforcement Department investigates.

That's really what drew me to the position; I believe in the mission. It's been great to see–I'm a small part of making sure that the markets work well and that people's investments are protected.

Chris Kratovil: Is there something you’re working on now that’s particularly interesting? 

Jason Ross: We don't talk in particulars about the things that are not public yet. But I can say, within the larger organization that we are pursuing what's called “Reg BI” or Regulation Best Interest, which went into effect in 2020. We're just starting to see the life cycle of those early Reg BI cases coming to fruition–seeing those having reached a public result. We're certainly seeing more cases come through and those early cases are kind of our first precedent.

Chris Kratovil: As someone who now works on the other side of the coin, what perspectives have you gained, and do you have advice for attorneys who’ve only been firm-side?

Jason Ross: I would say, communication is key, especially early on. If you have a question for the regulator, we're open, we're available. We pick up the phone, we return phone calls.

We are charged to get the right result, so if there is a perspective that we need in order to get to that result–if there's something that we're missing or something that an individual broker needs us to know–by all means, we want to know.

Chris Kratovil: What is the best career advice you’ve received?

Jason Ross: Find a good mentor, somebody that you can rely on and learn under. One thing I really loved about Dykema is that there was both a kind of formal and informal mentoring for younger lawyers.

I think the culture of the firm encourages people to train up younger lawyers and find opportunities for them to advance and to grow their skills.

Chris Kratovil: Can I jump in for just a second?

I think there's a name worth including here that I think Jason would like to be remembered, and I would like remembered as well. That's our late colleague Ed Tomko. Ed came over to Dykema with Jason. They were a team; a dynamic duo for many years. And Ed was, I think it's fair to say, Jason's mentor and teacher. Unfortunately, he passed away a couple of years ago. I know I miss Ed a lot and I'm sure Jason does as well. A lot of people in our Dallas office miss Ed.

Jason Ross: Yeah. I remember we were traveling for a case when we were working together and we were in an airport. Somebody struck up a conversation with us and remarked that we were Batman and Robin. Ed quickly said, “No, it's more like Luke Skywalker and Yoda.” The wit, and heart he brought to the practice of law was one-of-a-kind. He was an exceptional mentor.

Chris Kratovil: What key elements of Dykema’s culture, opportunities, or professional experiences initially drew you to the firm? Can you share a memorable moment, case, or experience that highlights that initial draw?

Jason Ross: What drew me to Dykema has also served me well in my time at FINRA, and that’s the team attitude and the camaraderie. The concept that no case, no client, no matter is owned by a single person. It takes a lot of professionals in different roles to get a good result. That mentality is really core to my experience.

And at FINRA we're working not only with lawyers but also investigators and analysts–people with experience in the financial industry and compliance departments. They all bring an experience to our overall goal that is critical. I'm relying on our investigators to get me financial information and come up with restitution models to give me the hard numbers that we need in order to get to that right result.

Chris Kratovil: What motivates you to stay connected to both past and present Dykema team members?

Jason Ross: They're friends, you know.

Chris is an obvious example of that. This is actually the second time we've connected today because we were both riding the Peloton together this morning.

I happened to be on the Peloton this morning and looked down and there was Chris. We didn't plan it.

Christopher Kratovil: No, we didn't, but, we were pushing each other.

Jason Ross: Yeah, Chris kicked my *** today.

But yeah, I mean you spend so much of your time together at work that it's always good to stay in contact and just see how people are progressing professionally and just progressing in life. It's nice to keep in touch.

If you’d like to learn more about Regulation Best Interest (Reg BI) or FINRA, click here.

This conversation is part of an ongoing series. If you’re a Dykema alum and have an interesting story, we want to hear from you. Please email alumni@dykema.com.