State Securities Commissioner Heath Abshure tells me he was informed yesterday by a representative of the incoming Hutchinson administration that Asa Hutchinson would be naming a new director of the state Securities Department, which oversees the securities business.
The commissioner serves at the pleasure of the governor. Abshure’s replacement was expected. He’s been in a dispute with the powerful Stephens Inc. investment firm over settling securities cases with contributions to a securities regulatory group of which he’s been president, the North American Securities Administrators Association. Abshure was cleared in an ethics complaint Stephens made. Warren Stephens, CEO of the firm, is a leading contributor to Republican political causes and many in his organization follow the boss’ lead in making political contributions.