INDIANAPOLIS | Chris Naylor, the state's top business and investment regulator, has resigned as Indiana securities commissioner, ending a six-year tenure that focused on protecting Hoosiers from economic fraudsters.
The Madison, Ind., native is set to become assistant executive director of the Indiana Prosecuting Attorney's Council.
Republican Secretary of State Connie Lawson, Naylor's supervisor, has yet to announce his replacement, but said he will be greatly missed.
"He leaves this post with a legacy of increasing penalties for investment fraud, recovering tens of millions of dollars in investor losses and establishing a restitution fund to repay Hoosier victims of investment fraud," Lawson said. "He has been a tremendous asset to this office."
Naylor was appointed securities watchdog in October 2007 by former Secretary of State Todd Rokita, a Munster native. He previously worked as an attorney for the Protection Assistance Unit, an arm of the securities division.
Working under four secretaries of state, Naylor led the effort to hold the Indiana State Teachers Association responsible for selling unregistered securities to school corporations, acting as an unregistered investment adviser and lying about the securities it was selling.
The state and ISTA settled Naylor's lawsuit in August with ISTA agreeing to repay $14 million to 27 defrauded school districts.
Naylor also oversaw complaints against Marcus Schrenker, an Indianapolis money manager originally from Merrillville, who faked his own death in 2009 when his financial frauds unraveled.
Improving financial literacy was another key project for Naylor. The Indiana Investment Watch component of the securities division website regularly warns Hoosiers about various investment, business funding and other financial scams.