|Although it initially looks like the problem is a compliance officer who is not very compliant, the real problem is a president who is not very presidential. Maybe it is appropriate for the compliance person to be paid for these leads, and maybe it is not.
The president needs to clarify roles, responsibilities, and rights of your position and the compliance officer's position. At present, it is a turf war, and your president has his head in the sand.
The president's negative view of salespeople is yet another problem. Salespeople are critical to the success of his company. If salespeople are not selling, there is not much need for a president, compliance person, or any other person.
The best step is to meet with the president and show him how the current method of handling leads is causing confusion and conflict within the company and for the leads themselves. If he does not take the lead in cleaning up this quagmire, you need to decide if you are better off living with this situation or without it.