NFA Chairman and Executive Committee Respond to Allegations of Improprieties Regarding the 2014 Public Director Nominations (Notice I-14-38)
The NFA issued a Notice to Members on behalf of NFA Chairman Christopher Hehmeyer and the Executive Committee to address accusations of improprieties in regard to the January 2014 Executive Committee meeting and the Board's subsequent February 2014 election of public representatives.
The NFA explained that in January of each year, the NFA's Executive Committee makes recommendations to the Board of Directors regarding the election of public representatives at the February Board meeting. According to NFA Board Member, James Koutoulas, the NFA engaged in improprieties during the 2014 nomination process by, among other things, improperly nominating members. In the Notice to Members, Mr. Hehmeyer disputed Mr. Koutoulas' allegations. Furthermore, Mr. Hehmeyer stated that outside counsel had reviewed Mr. Koutoulas' allegations, and found that the public representatives were validly nominated.