Richard Montone, a 2025 JD/MBA graduate, has already made an impact on the financial markets he studies in his joint-degree program, having been cited in a recent Securities and Exchange Commission regulation release. His story demonstrates the interdisciplinary academic and scholarly opportunities unique to Hofstra’s Maurice A. Deane School of Law.
From Rural Pennsylvania to Hofstra Law
Montone is from a rural town in Pennsylvania. After attending Penn State to study political science and English, he was intrigued by Hofstra Law’s offering of a JD/MBA program and applied. “I was always interested in business along with law,” he said. “I thought taking the business courses would make me a better lawyer, and this was an opportunity to take more business-oriented classes.”
The JD/MBA program is a joint degree program of the Maurice A. Deane School of Law and the Hofstra University Frank G. Zarb School of Business, and advised by Professor J. Scott Colesanti.
“Professor Colesanti does a great job keeping you motivated to accomplish your goals,” Montone said.
Now in his final year, Montone reflected on his experience as a 1L transitioning to living at Hofstra and studying in New York: “That 1L year in law school was challenging, both adjusting to my new environment and the courses, but I made some great connections my first year. The second year was followed up with business courses including accounting, supply chain, marketing and more, which was a nice change of pace. I’ve met great professors that kept me going into my third and final year.”
Experiential Learning Opportunities Help Shape Plans
When he first came to Hofstra Law, Montone wasn’t sure what area of law interested him, but after several internships and summer jobs, he felt his goals take shape.
After his 1L year, Montone held positions as a legal assistant for a judge in his hometown county courthouse, as an intern on Wall Street, and at various firms including intellectual property and commercial litigation.
“I liked trying out different things along the way, but then I took Securities Regulations in the spring of my third year, and loved it,” said Montone. “I realized this is the type of law I wanted to work in, and it fits with my interests in business.”
In the fall, Montone secured an internship with the Securities Industry Financial Market Association on the state government affairs team.
The SEC Comment Letter
Montone’s interest in securities law led to writing a comment letter to the SEC in the summer of 2024. In class, he learned about a pending proposal before the SEC allowing a new exchange, known as 24X, controlled by hedge-fund manager and owner of the New York Mets Steve Cohen, to trade stocks normally traded on the major national securities exchanges after those exchanges are closed.
“I thought that for my course writing requirement I would write a letter to the SEC about the new exchange,” Montone said. “It was fortunate that I was taking Administrative Law at the time because I was learning about the Administrative Procedure Act and how it works with government agencies at the same time, I was writing a letter and participating in that process. It was also helpful to have had the courses on SEC regulation and my other MBA courses.”
In the letter, Montone suggested changes to the proposal and discussed areas of concern, including equity data plans, disclosures, and transaction fees. However, Montone’s letter was not just an academic exercise for a graduation requirement.
“I was lucky that the comment period about the exchange was extended, and I was able to submit my letter to the SEC,” he said.
The SEC release published in the federal register on November 27, 2024 approving the new approach cited to Montone’s letter 14 times, identifying him as a JD/MBA student at Hofstra. He was the only student cited in the release.
Reflections on the JD/MBA Program and the Future
Montone will graduate in the spring with his JD/MBA and is now actively seeking jobs in securities law. “I would like to be in the securities regulation or enforcement field, and I want to stay in New York,” he said. “I would love to work in enforcement in FINRA or another government agency, but also to help people. That was my approach when it came to this letter. It is good that we are opening stock markets even more, but we should be transparent and open with investors that there is risk involved. We will never get rid of the risk, but people need to be aware of it.”
“I liked learning about and digging into the application and writing about it,” Montone said. “It’s my hope that wherever I end up after law school I get to do things like this. I feel extremely fortunate that I went through the JD/MBA program, and lucky that I was introduced to this process. Through the program I have a greater understanding of how these agencies, especially the SEC, operate.”
“The JD/MBA program is a growing program at Hofstra,” Montone noted. “I hope more people take advantage of it in the future – it’s one extra year of school, and I’m happy I did it. I think having that business background will make me a more well-rounded lawyer.”
The post Hofstra Law Student Cited in SEC Regulation Release appeared first on Hofstra Law News.