CHICAGO, May 30, 2013 /PRNewswire/ -- FactRight LLC, a premier provider of third party due diligence and risk management services to the alternative investment industry, announced today that Scott Smith, chief operations officer, has been named president and chief executive officer of the firm. Smith assumes the role from Anthony Chereso, who has announced his resignation as the firm's president and chief executive officer effective July 1, 2013. Chereso will continue to advise FactRight on a consulting basis following his resignation.
"Scott's deep understanding of the alternative investment industry, strong leadership and extensive experience make him an ideal fit as FactRight's president and CEO," said Chereso. "The past six years as FactRight's president and CEO have been the most rewarding of my career. I look forward to assisting in the firm's continued prosperity and growth as a consultant, and expect even greater days ahead for this firm and its accomplished team of specialists."
Smith, who joined FactRight in April 2012, will remain responsible for the oversight of due diligence evaluation and risk management services. As president and CEO, he will also serve as the firm's senior executive, responsible for implementing the company's strategy, overseeing sales and marketing, and communicating the company's vision to its employees and clients.
Prior to joining FactRight, Smith served as director of alternative investments with Ameriprise Financial, one of the nation's largest broker-dealers. In this role he served as a member of the investment committee for all of the firm's alternative products, including non-traded REITs, private placements, structured products, managed futures and hedge funds. He also developed internal processes for Regulation D products, negotiated large-scale selling agreements and oversaw product management and due diligence on private placements and structured products. Smith has also served as vice president and in-house counsel with National Healthcare Properties, national sales director of CapWest Securities and vice president of Land America's 1031 Exchange Services.
Smith earned a bachelor's degree and a juris doctorate from the University of Missouri at Columbia. He has qualified for FINRA Series 7 and 66 registrations, and is a member of the Missouri and Minnesota state bar associations.
"Tony has been a tremendous chief executive, and the growth of FactRight is directly attributable to his efforts and talent. We wish him nothing but the best, and are pleased to note that while Tony is leaving the office of president and CEO, he will continue to serve the firm as a consultant," said Smith. "During Tony's tenure, FactRight has evolved along with the changing alternative investment industry, providing innovative new services to help meet our clients' due diligence and risk management needs in an ever-changing environment. FactRight's outlook, culture and philosophy will remain unchanged, and are a part of Tony's legacy with our firm."
Founded in 2006, FactRight provides the only comprehensive three-tier resource addressing the unique needs for private placement and non-traded securities due diligence in a wide variety of categories including broker dealer risk management solutions, and education and training for the registered investment advisor (RIA) and registered representative (RR) communities.
With its diverse expert team of legal, due diligence, financial, audit, analyst and accounting professionals, FactRight is unmatched in its methodology of addressing the securities industry compliance and transparency requirements. FactRight strives to improve the investor experience by serving as their advocate in the alternative investment industry.
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SOURCE FactRight LLC