In a microcosm of what’s wrong with this country, NFA management has restructured the Board and set up this election to eliminate 50% of the representatives that were actually elected by you. This will result in even less oversight of a management team that has seen four major frauds happen on their watch recently.
You may have read the Chairman of NFA’s letter denying the accusations I raised about improprieties committed by NFA’s Management and Executive Committee. I respect the Chairman, and have no doubt he felt he had no choice but to support Management.
This is the first time in our history that the NIBA has recommended nominees for NFA Board positions. To ensure the recommendations accurately reflect members’ opinions, BoD members (excluding non-registrants and FCM members) voted.
While on the Board, we have prioritized acting in our fiduciary capacity as Directors above maintaining consensus and the status quo. While we have acted professionally, we have not hesitated to raise difficult issues to NFA staff and have advocated for changes to executive compensation, audit practices, due diligence and nomination procedures for public Directors.