By Kimberly Chin

An investigation that began in 2003 on the former chairman and Chief Executive of the American Stock Exchange, Dean Salvatore Sodano of the Frank G. Zarb School of Business, has forced him to keep a low profile. The investigation is being held by the Security Exchange Commission, which warned Sodano of pressing civil charges against him and two other top executives for allegedly failing to regulate options trading abuse practices. Options are contracts giving the purchaser the right to buy or sell a stock at a fixed price within a specific period of time, according to SEC.

“There have been no findings and this is not a criminal proceeding against Dean Sodano and any other high level officials at the Stock Exchange,” said Melissa Connolly, vice president of University Relations.

Prior to Sodano’s installation on May 23, “he fully described the matter to us,” Connolly added. “Dean Sodano has had a long career in the exchange and he was widely credited for helping the exchange restore operations after 9/11.”

Sodano is an active University alumnus. He was the former chair of the Board of Trustees, a member of the advisory board of the Merrill Lynch Center and won the Outstanding Alumnus Award in 2002. He has also taught at the University prior to becoming a dean.

After a careful and selective process, the committee of trustees, faculty and administration chose Sodano from a competitive pool. During his installment, University President Stuart Rabinowitz said, “His leadership in running the American Stock Exchange, his role at the NASD, his organizational and administrative abilities that helped him guide the exchange out of the chaos that followed the 9/11 attacks, his integrity and his familiarity with the school make him an ideal choice.”

Nothing was mentioned of the alleged charges, however.

When asked to comment on the subject, Connolly spoke on Sodano’s behalf, explaining, “He had been advised that it is inappropriate for him to comment during an investigation.”

When asked if the investigation would affect his credibility and work ethics as a Dean, Connolly said, “He has a long and honorable history at Hofstra with his record of service here and his knowledge of the business community. I think he is a credit to this school.”