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Securities Board and Public Notices

About the Securities Board


The five-member Board, appointed by the Governor must be made up of the following:

  • Two persons who are licensed by the Colorado Supreme Court to practice law in the state and who are conversant in securities law; one certified public accountant; and two members of the public at large.

Note: One of the Board members must reside west of the Continental Divide.

The Board aids and advises the Securities Commissioner in connection with the Commissioner's duties including, but not limited to, the creation of rules, issuance of orders, formulation of policies, setting of fees, and other issues affecting securities regulation in Colorado.

Board members serve three-year terms, and meet on a quarterly basis, at a minimum. The current board members are:

  • Elizabeth Vonne, Chair, Jefferson County

    Elizabeth Vonne is currently general counsel of a Nasdaq-listed technology manufacturing company, and was previously general counsel of another public company, both Colorado-headquartered companies. Prior to this, Vonne was a partner at a law firm in Denver, and she started her legal career as an associate specializing in securities law at a law firm in New York City. Elizabeth has practiced law for over 20 years. She received her juris doctor from Columbia Law School and her bachelor of arts from Amherst College.

  • Gary DeWaal, Vice-Chair, Estes Park

    Gary DeWaal, now retired, is a former Senior Counsel and Chair of the Financial Markets Regulatory practice group at Katten Muchin Rosenman LLP. DeWaal previously served as Group General Counsel and a member of the Executive Committee of Newedge (previously named Fimat), one of the world's largest derivatives brokers; a senior trial attorney with the Division of Enforcement of the Commodity Futures Trading Commission; and an associate with Mudge Rose Guthrie & Alexander. Gary was inducted into the Futures Industry Association's Hall of Fame in 2023 and has received numerous awards and high rankings as a financial services counsel.

  • Nick Budor, Edwards

    Nick Budor is currently the President of Wall Street Insurance, headquartered in Edwards, CO and has been for nearly 10 years. Before launching his insurance agency, Budor was a practicing attorney for 15 years, working in law firms and in-house settings. During that time, he was exposed to all manner of securities matters, from stock option plan administration to successfully leading the legal department on an IPO on the NYSE in 2013. Budor is originally from Michigan and has two degrees from the University of Michigan in chemical engineering and law. 

  • Nilsa G. Mahon, Brighton

    Nilsa Guerrero-Mahon, CPA and CFE is an independent director, qualified financial expert and business strategist. As a corporate director, she has served as the Chair of the Board and Audit Committee and a member of the Compensation, Strategy, Nomination and Governance Committees. Mrs. Guerrero-Mahon is a frequent speaker on corporate governance issues. She is a member of the National Association of Corporate Directors (NACD) and certified as an NACD Board Leadership Fellow. She is a multicultural leader who has worked for global companies, including Microsoft, Tyco International and
    Arthur Andersen.

  • Philip McDermott, Highlands Ranch

    Philip McDermott provides sponsors and investors counsel on regulatory matters and capital formation activities. His experience includes the issuance of listed and unlisted securities, financing matters, mergers and acquisitions and the structuring of derivative products. McDermott also counsels clients in connection with the formation and operation of investment funds across a range of strategies and asset classes, including private equity, real estate, performing and stressed credit, venture capital and hedge funds. Additionally, he represents both capital parties and operators in joint venture transactions and regularly counsels sponsors and investors on regulatory matters in connection with their investing and fundraising activities, including with respect to the Securities Act, the Exchange Act, the Investment Advisers Act, the Investment Company Act, the Commodity Exchange Act and related regulations and their state-law equivalents.

Colorado Revised Statute for Securities Board - CRS 11-51-702.5.

Minutes from Colorado Securities Board Meetings

 

For copies of meeting minutes past 2021, please email dora_SecuritiesWebsite@state.co.us. 


Public Notices

Click here for a list of Public Notices.