Investment Related Expertise

1. John L. Carolyn (949)637-9551 jcarolyn60@gmail.com
Remarkable skills. Hardworking. Managed +$2.3Bln. Previous lics.: Series 7, 63, 24 & 65. Dev. many
instl. accts. w/ banks & credit unions. Traded w/ many primary dealer-desks to source product.
Innovative. Solution oriented. Proven leader. Life-long learner. Ability to apply adv. analytical methods to
instruments & mkts.; Add value; Mentor others; Reduce cost; Manage risk; & Max. return.
Instl. Sell-side. Closed billions in product sales (e.g., Underwrote +$1 billion brokered CDs-trade blotter avail.).
Simultaneously monitored mkts. & conditions, curves, spreads & macro-econ. data to provide time critical input to
enhance return, mang. risk, or reduce costs. Provided invest., & liq. mang. solutions, emphasizing suitability,
diversf., capital preservation, return & OAS analytics. Dev. innovative idea on a Bloomberg bulletin board for the
secondary mkt. in Agencies (agency bullet spread matrix) indicating cheap or rich quantities of $1mm or more
relative to new issue prints. One-off trades in size: equities; agency pref. (FHLMC); & listed options (up to exch.
contract position limits). Started-up satellite dealer offices. Created instl. accts. (bank & credit unions). Elec. &
traditional trading w/ many primary dealer desks to source product.
Instl. Buy-side. Trader & portfolio mgr. for $2.3 bln. fund. Outperformed benchmark by +60 bps. Exp. w/
portfolio mang. optimization techniques to max. total return in line w/ permissible invest. policy risk guidelines.
Monitored & researched, market developments & opportunities to support recommendations to buy, sell, hold, or
avoid specific issues, issuers, & structures. Covered by most primary & large regional dealer desks.
Retail Sell-side. Top producer at bulge bracket firms. Track record of dev. bus.; & Negotiating deals. Sold: M-Mkt.
accts.; munis; UITs, equities; bullion; options; ltd. ptnrshps. (energy, leasing, films, etc.); & other.
As a product sales mgr. at Merrill & EF Hutton, set records, & achieved sig. & consistent increases in new bus.
Motivated brokers at each firm (providing suitable product & ideas). Achieved turnaround in bus. as a sales mgr. for
both firms. Awards for individual & team sales.
Mkt. Related Product/Services Expertise
Treasuries; Agencies; Agency label MBS & CMOs; Private label-RMBS & CMBS; Corp.; Munis; ABS; Permanent
loan (non-securitized) CRE; CRA-exam elig. product; Listed Equities & Options; Mang. Commodities & Money
Accts. (w/ CTAs & RIAs); A/LM; Investing for Liquidity; Mang. Interest Rate Risk; Invest. Policies & Guidelines;
Custody & Clearing (DTCC & DVP); Acctng. Rules & Concepts [ERISA, SEC, Basel, GAAP, FASB-FAS 157
(mark-to-mkt.), FAS 133 (derivatives/ hedging), FAS 115 (HTM, AFS & Trading) et al]; Liability Funding; Pension
plans; et al. Broad exp. w/ multiple investment strategies & styles.
Industry Knowledge, Skills, & Abilities.
Communicate-Listen actively; Exchange info.; Ask questions to facilitate problem solving; & Present matl. clearly.
Team Bldng.-Dev. & sustain collaborative relationships. Analysis-Apply a knowledge of market issues to verify
data estimates. Critical thinking skills & abilities-Proactively analyze issues & data; Utilize a variety of platforms,
sys. & tools (Bloomberg, & other vendors) to manage & analyze instruments & portfolios; Perform research,
analysis, & risk mang. activities; Gather invest. info. & data from a wide variety of sources; Prepare Excel
spreadsheets for analytics; Monitor selection, purchase, issuance, trade, & subsequent mang. of securities & liab.;
Monitor ext. invest. mgr. perform.; Eval. best practices for purchase/sale of instruments & portfolio mang.;
Perform fund. & tech. analysis; Identify fair value; Employ OAS analytics; Analyze FHLB advances (& other
liabilities) matched w/ assets, & rate shocked (sensitivity analysis); Review call report data for peer metrics’
comparison; Utilize reg. & acctng. rules & concepts [SEC, Basel, FFIEC, GAAP, FASB {i.e., FAS 157 (mark-to-
mkt.), FAS 133 (deriv. & hedging), FAS 115 (HTM, AFS & Trading), & other}]; Utilize knowledge of securities
clearing, settlement, ops., & custody (DTCC, DVP, etc.); et al. Trainable-life-long learner. Superb work
ethic-‘Roll up your sleeves & get the job done’ mindset.
Seminars & C.P.E.
Bloomberg. 1991-2012: Bloomberg-fixed income certified. Analytics & Trade Sys.: Option Adj. Spread Analysis
(OAS); Fair Value (cheap/rich); Fundamental & Technical Analysis; Interest Rate Shock (Sensitivity) Analysis;
Portfolio & Risk Mang.; Performance Measurement; Prepay Speed Assumption (PSA) Model Analysis;
Asset/Liability Mang. (A/LM); Convexity & Duration; et al.
Options Industry Council. 1999-2005. Option Value; Pricing; Risks; Volatility; Black Scholes; Simulations; et al.
Bear Stearns. 1992. Seminar on Prepayment Speed Assumption (PSA) Models. Optimizing & analyzing MBS &
CMO Portfolios w/ Game Theoretic Binomial Distribution Models.

2. John L. Carolyn (949)637-9551 jcarolyn60@gmail.com
Frank Fabozzi. 1991. Adv. Fixed Income (3 days): Components of Interest Risk; OAS; Option Adj. Spread (OAS)
analysis; Duration & Convexity Parametrics; Fair Value; Term Structure of Interest Rates; et al.
Chicago Mercantile Exch. 1989. Assessing, Targeting, Hedging & Managing Rate Risk, & FX Risk (utilizing Caps,
Floors & Collars) per Treasury Bulletin requirements for financial institutions.
Cont. Prof. Education (C.P.E.). 1980-2012. Due Diligence; Suitability; Ethics; Integrity; Compliance; Best
Practices; Fiduciary Oblig.; Know Your Customer; AML; Acctng.-GFOA, GAAP, FASB, etc.; Reg. & SRO Rules-
SEC, BASEL, FRB, NYSE, FINRA, FFIEC, NCUA, FDIC, OCC, MSRB, etc.; Securities Act; Securities Exch. Act;
Trust Indenture Act; Invest. Co. Act; Invest. Adv. Act; Bank Holding Co. Act; BSA; ERISA; CRA; FIRREA;
Gramm-Leach; Patriot Act; Sarbanes-Oxley; Dodd-Frank; Clearing & custody-DTCC & DVP; et al.
Investment Related Experience
U.S. Dept. of Labor-BLS. Orange, CA. 1/2014-1/2015. Economist. GS-9. Full-time.
Planned/conducted wage & benefit data collection using simple to fairly complex econ. & statistical techniques.
Collected data from 50-65 enterprises per qtr., & recorded same in a National Comp. Survey (NCS) database.
Cal. St. Univ., L.A. L.A., CA. 10/2013-12/2013. Adjunct Faculty, Finance Instructor. Pt.-tm.-10Hrs wk.
Taught fixed income securities analysis. Surveyed vendors (Factiva, et al). Gen. model dev. & usage: Fixed &
variable rate calcs.; Sensitivity analysis; Duration & Convexity; Fair value; A/LM; Rate risk mang. models; et al.
Oppenheimer & Co., Inc. San Diego, CA. 9/2010-2/2012. Director, Fixed Income Institutional. Full-tm.
Series 24, 7 & 63. Cultivated new & existing instl. bank & credit union relationships. Sold: CRA; Agencies;
Agency label MBS/CMOs; Munis; Private label RMBS/CMBS; et al. Used Bloomberg analytics: Fair value;
OAS; PSA models; A/LM; Reg./Acctng. Rules-SEC, FFIEC, GAAP, FASB, etc.; & other tools. Explored
invest. concepts w/ sr. mang. execs. (CFOs, CEOs, Invest. committees, Board of Dir., etc.), while monitoring
mkts. & sprds., & formulated ideas to enhance return, reduce risk, or reduce funding costs. Ref. ltr. avail.
Multi-Bank Securities, Inc. Pleasant Ridge, MI. 9/2005-11/2009. Vice President. Full-time.
Series 24, 7 & 63. Provided invest. & liq. mang. solutions, emphasizing suitability, diversf., capital preservation,
TRR, & OAS analytics. Opened instl. accts.-CA, AZ, OR, WA, NV, NM & HI. Dev. innovative appl. for
competing for underwriting-resulting in issuing +$1 Bln. negotiable CDs. Clients enabled via internet platform
to buy: M-Mkts.; Treas.; Agencies; Corp.; & Munis. Sold direct: Agency label-MBS & CMOs; Permanent loan
CRE; CRA exam eligible MBS; & other. Utilized Bloomberg analytics: A/LM interest rate shocks to ensure
profitability (+/-300bps); Fair value; OAS analysis; PSA models; &, Reg. rules. Explored invest. concepts w/ sr.
mang. execs. (CFOs, CEOs, Invest. committees, Board of Dir. etc.), while monitoring mkt. conditions &
spreads, & dev. ideas to enhance return, reduce risk, or reduce cost of funding. Identified invest. & loan policies,
funding needs, & risk vs. return tolerance; A/LM needs; invest. & CRE loan parameters; & constraints for
funds. Started up satellite office-San Diego.
Shay Financial Services, Inc. Miami, FL. 5/2001-2/2005. Institutional Sales Acct. Exec. Full-time.
Ser. 7 & 63. Opened instl. accts.-CA, AZ, NV & HI. Invest. & liq. mang. solutions-emphasized suitability,
diversf., capital preserv., TRR, & OAS analytics. Sold: M-Mkts.; Treas.; Agencies; Agency label MBS & CMOs;
Proprietary Funds-ARM & Fixed Rate; Perm. loan CRE; MBS CRA; & other product. Analytics included:
A/LM; Fair value; OAS; PSA models; Analysis of reg. rules-FFIEC, OCC, NCUA, FDIC, etc.; & In-depth
analysis of call reports for peer metrics’ ratio analysis. Explored concepts w/ CFOs & CEOs, to enhance return,
reduce risk, or reduce costs. Started up satellite-So. Calif.
Cal. St. Univ. L.A. Los Angeles, CA. 3/2001-12/2002. Adjunct Faculty, Finance Instructor. Pt.-tm.-20Hrs wk.
Taught undergrad./grad. finance & invest.: (1) Securities Analysis-Fixed Income, Equity, & Options-Mkts. &
Instruments; (2) Adv. Topics-Endowment Fund Mang.-Real trades to fund scholarships; Created invest. policy;
& other (3) Futures, Options & Swaps-Surveyed: Hedging; Derivatives; Swaps; Arbitrage; Valuation; Pxng.; &
Portfolio & Risk Mang. Appls.; & (4) other Finance classes.
Morgan Stanley, Dean Witter. Rancho Santa Marg., CA. 10/1999-10/2000. Financial Advisor. Full-time.
Series 7 & 63. Worked w/ existing instl. clients, & dev. addl. exp. w/ other instl. & high net worth accts. Sold:
Agencies; Munis; M-Mkts.; Options; &, Equities. Utilized muni wire on Bloomberg (PICK). Ref. ltr. avail.
Fahnestock & Co. San Francisco, CA. 9/1997-3/1998. Vice President-Capital Markets Group. Full-time.
Series 7 & 63. Used Bloomberg. Monitored mkt. conditions & spreads, & formulated ideas to enhance return,
or reduce risk. Ref. ltr. avail.
Foresight Cap. Mang., Inc. Irvine, CA. 6/1995-4/1997. Managing Director-Instl. Trading & Sales. Full-time.

3. John L. Carolyn (949)637-9551 jcarolyn60@gmail.com
Series 7 & 63. Numerous trades w/ other dealer desks. Involved in one-off trades of 10m – 1mm shares & up
in equities, agency pref. (FHLMC-1mm shares), & options. Utilized Bloomberg. Dev. innovative idea for
agencies to show a cheap/rich spread matrix in the secondary market for agencies in size +$1mm. Sold: Munis;
Treas.; Agencies; Agency label MBS/CMO's; & other. Started up satellite-El Paso, TX. Ref. ltr. avail.
Pasovest Inc., dba, Texas Securities, Inc. El Paso, TX. 2/1993-6/1995. Mang. Director-Instl. Trading. F-t.
Series 7 & 63. Achieved top broker. Trades w/ other dealer desks to source product. Sold: Agencies; Agency
label MBS/CMOs; Munis; & other. One-off trades in size for equities, &, listed options-up to exch. position
limits. Due to capital requirements, office also operated subsequently dba: Americap Securities, Signal Securities,
& Cullum & Sandow.
Foresight Capital Mang., Inc. Irvine, CA. 10/1992-1/1993. Managing Director. Full-time.
Series 7 & 63. Utilized Bloomberg, Telerate & CQG software for analytics & pricing. Showed out: M-Mkts.;
Treas.; Agencies; Agency label MBS/CMOs; Corps.; &, Munis. Ref. ltr. avail.
U.S. Dept. Interior, Bur. Indian Affairs. Albq., NM. 7/1991-2/1992. Financial Economist GS-13. Full-time.
Trader/portfolio mgr.-$2.3 Bln. short duration fund: M-Mkts.; Treas.; Agencies; & Agency label MBS/CMOs.
Max. total rate of return (TRR) in line w/ permissible risk guidelines-mirroring OCC trust dept. invest. policies.
Outperformed short-term Lehman corp. benchmark by +60 bps (per Frank Russell eval.). Eval. security dealers.
Dev. & maint. a portfolio mang. sys. on Bloomberg. Analyzed external invest. mgrs.’ performance & contrasted
vs. internal results. Addl.: Eval. banks used for CDs; Executed trades-avg. $50-100 mm wkly.; & Maintained
liaison w/ NY Fed Window-custody, & US Treasury-cashier-re trades. Ref. ltr. avail.
Self-empl. John Carolyn, Portfolio Invest. Counsel. El Paso, TX. 7/1987-12/1989. Reg. Invest. Advisor. F-t.
Series 65. Started-up a Reg. Invest. Advisory (RIA) firm. Worked w/ small instl. ($50-$100mm), & high net
worth accts. Exp. in bond & M-Mkt. instruments, equities, options, UITs, mutual funds, & other. Acq. addl.
exp. to: Hedge risk exposure utilizing options, options on futures, swaps, & caps, floors, & collars; & Enhance
solutions following survey of technological advancements in invest., risk, & info. mang. & decision support sys.
EF Hutton, & Co. El Paso, TX. 4/1983-7/1987. Reg. Rep. & Bond Coord./Sales Mgr. Full-time.
Series 7 & 63. Achieved top broker. Motivated others at the branch as a bond coord./sales mgr. Made presentations
to clients & brokers & held seminars. Involved in: Muni financed venture capital; & Underwriting of local issues
(TIFs, MUDs, etc.). Utilized muni wires-Kinney, Chappie, & Blue List. Found suitable product & provided brokers
w/ ideas on how to enhance value for clients. Inspired/Mentored 20 brokers to increase munis as a part of their
sales mix. Set regional records & achieved consistent increases in sales as bond product sales mgr. Took branch
from last of 50 offices in region into top ten for three yrs. Executed in accord w/ clients’ needs, obj., suitability, &
risk vs. reward pref.-w/ emphasis on diversf., yield, safety, liq., & return-min. risk. Used: Modern portfolio mang.
principles (Sharpe-Markowitz); Firms’ research; & Vendors to enhance return/reduce risk. Ref. ltr. avail.
Merrill Lynch, Pierce, Fenner & Smith. El Paso, TX. 5/80-4/83. Reg. Rep./Bond Coord. Full-time.
Series 7 & 63. Participated in setting records for opening most new accts. w/ most assets per acct.-top Merrill
office-‘82. Sold M-Mkt. accts. (Pioneered by Merrill), munis, UITs, equities, bullion, options, etc. Involved in
local issue underwriting. Utilized muni wires. Executed in accord w/ clients’ needs, obj., suitability, & risk vs.
reward pref.-w/ emphasis on diversf., yield, safety, liq., & return-min. risk. Used: Modern portfolio mang.
principles (Sharpe-Markowitz); Firms’ research; & Vendors to enhance return/reduce risk.
Degrees, Awards & Community Svc., & Military
Degrees: B.B.A. 12/1974. UTEP. Major-Finance; Minor-Economics; 126 Sem. Hrs.; Dean's List ‘72-‘74.
M.A. 5/1988. Univ. of Texas-El Paso. Major-Econ.; Minor-Finance; 42 Sem. Hrs.; Dean's List ‘78-‘88.
Awards & Service: Academic awards-Dean’s List-undergrad. & grad.; Awards from Merrill, Hutton, & others
for outstanding achievements; Supporting/founding non-profit orgs.; Awards for coaching youth sports; etc.
Military: US Navy. 7/1967-5/1970. Two tours-Vietnam. Hon. Discharge. DD-214, & other docs. avail.