The Colchester Board of Finance (BOF) Chair, Scott Chapman, resigned on Wednesday, Nov. 13. This was announced at the BOF’s meeting on Wednesday night.
Chapman is a registered security broker, and the owner and senior partner of Chapman Financial Partners. His business is regulated by the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). He resigned because the two authorities recently decided that registered security brokers cannot hold elected positions in any capacity. It is considered an inherent conflict of interest, Chapman said in his resignation letter, which he read out loud during the public comments section of the meeting.
His term was set to end in 2029.
“It has been a point of great pride and purpose to serve on the Board of Finance as both member and Chair for the short duration of my tenure,” Chapman said. “I hope my fellow board members and those in our community who gave me their vote last November understand that this was a determination out of my hands. If I could find a way to steer to another outcome other than resignation, I would do so without hesitation.”
Right before Chapman read his letter, the BOF voted to reinstate Michael Egan into his previous position as Vice Chair.
Egan had temporarily stepped down in July, citing “personal issues,” the Rivereast News Bulletin reported. The BOF could not find a replacement for him, so he stepped back into his position on Wednesday.
In September, Democrats on the BOF–Chapman, Karen Belding, and Michael Hayes—nominated Krista Kardys from the Colchester Board of Assessment Appeals as a replacement for Egan. Republicans Tim Vaillancourt and John Thomas walked out of the meeting in protest, according to the Rivereast News. After that, the BOF did not have enough present members to form a quorum and could not move forward with the nomination.
The BOF has had many tense debates in the past. During the Nov. 13 meeting, board members had a heated argument over decisions made by the Board of Education and allegations of bribery made at the Recreation Needs and Coordination Committee meeting on Nov. 6. Inside Investigator has requested additional information about these allegations.
Chapman referenced the partisanship on the BOF in his resignation speech.
“I want to thank all of my fellow board members. Even if they disagree on balancing the town’s needs with affordability, I hope they all push forward with the clear mandate presented to them in November of 2023 and continue to listen,” Chapman said. “Listen to taxpayers, the teachers, the students, and seniors. Listen to the employees of Colchester who work tirelessly and often with little to no thanks to make our community a better place for all.”
He went on to say, “I want to thank everyone in the community for giving me this chance to serve. I may no longer be a member of this board, but I’m still proud to say I’m your neighbor and friend.”
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