With the permission of Doug Bry, Ernest Jaffarian and NFA election guidelines, I am writing you to urge your support of Doug and Ernest in the current NFA Board of Directors election. You should be receiving your ballots shortly.

Doug Bry and Ernest Jaffarian deserve the votes of NFA member Commodity Trading Advisors and Commodity Pool Operators in the upcoming contested election for the Board of Directors of the National Futures Association. They have worked hard on behalf of CTAs and CPOs and have made a positive impact on the board. They deserve to be re-elected.

The candidates they are running against, not so much. I don’t believe the bombastic loose cannon James Koutoulas and his Commodity Customer Coalition compatriot John Roe deserve to be re-elected to the NFA board. Instead Bry and Jaffarian, who are running together as one slate, should be re-elected and your votes are important.

Last year the NFA added a CTA/CPO spot to the board of directors, but a contraction of the whole board this year has left the CTA/CPOs with one less spot. That board realignment has pitted Bry and Jaffarian against Koutoulas, and Roe, who is a write-in candidate, on this year’s ballot.

Koutoulas’ claim to fame is based on his and Roe’s work during the MF Global bankruptcy, but the top update on the CommodityCustomerCoalition.org website is from February 5, 2015. Correct that; there is another post from November 17 with Koutoulas asking for people to sign a petition for Roe and Blair Hedges to get on the NFA Board of Director ballot. What have they really accomplished in the last year, since Koutoulas accused the NFA general counsel of “heinous” acts, which Koutoulas never proved?

Bry and Jaffarian have worked diligently on a number of issues that have made the industry better. They have had an impact on the board, instead of creating a toxic environment, which is what Koutoulas has done.

Bry and Jaffarian can be trusted to do what they said they would do, which is to look out for the best interests of CTAs and CPOs and also the industry. They have the respect of the other board members and NFA staff, as well as the industry at large. Koutoulas and Roe also have stated noble intents at times, but Koutoulas has shown himself incapable of being trustworthy and accomplishing his goals. His attack on the NFA professional staff and board leadership last year was unquestionably a show-stopper for me. He never proved his outrageous claims and his reckless and irresponsible actions have stifled the free flow of debate on the NFA board, according to multiple sources. Our industry and segment deserves better representation than that – the kind that Doug and Ernest will continue to provide.

Bry and Jaffarian were once rogue write-in candidates for the NFA board and dispatched longstanding board members. Each of them has over 25 years’ experience in the growth and evolution in the futures industry and brings a small business entrepreneurial spirit to a board that is for the most part dominated by large Wall Street firms.

They are focused on helping reduce the regulatory burden on CTAs and CPOs. They spearheaded an effort to have public directors to the NFA board selected individually by secret ballot, which will help bring diversity to the board.

Lastly, and most importantly, in response to NFA’s failure to detect the Peregrine fraud over a number of years, they “spearheaded an effort to require that all NFA Examiners also be Certified Fraud Examiners, which was approved and is close to 100% implemented, and as a corollary, that as a matter of NFA policy, one of the purposes of an examination is to detect and prevent fraud,” according to their candidate statement.

I fully support Doug Bry and Ernest Jaffarian’s re-election to the NFA Board of Directors in the CTA and CPO category. Please vote for them if you are in this category or please share your support for them with CTAs and CPOs you know.

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Also see: John Lothian’s commentary, James Koutoulas Needs to Put Up or Step Aside

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