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Board Report

The Board appointed the following individuals to serve on the Finance Committee for Fiscal year 2001: J. Dewey Daane, Kent R. Horsager, Verne O. Sedlacek and Jan R. Waye.

The Board appointed the Honorable Alan J. Dixon to serve on the Audit Committee.

David Hawrysz, director of NFA's Treasurer's Office, presented NFA's financial information for Fiscal Year 2000 (July 1, 1999 through June 30, 2000).

NFA staff gave a presentation to the Board regarding the Association's development of a trade practice and market surveillance program for electronic exchanges.

Chief Operating Officer Dan Roth gave an overview of the proposed CFTC reauthorization legislation and its potential impact on NFA.

Vice-President of Registration Greg Prusik presented a report on the continuing discussions with the CFTC to streamline the registration process.

Assistant General Counsel Carol Wooding reviewed the comment letter NFA recently filed with the CFTC regarding the Commission's proposed new regulatory framework.

Chief Compliance Officer Dan Driscoll provided an update on the Best Practices Study currently being conducted by NFA and the Futures Industry Institute.

Gena Kusiak, an associate director in NFA's Compliance Department, described a recent Member Responsibility Action taken against John O'Herron, a commodity trading advisor NFA Member in Onekama, Michigan.

Robert Krewer, an associate director in NFA's Compliance Department, described how NFA auditors uncovered a ponzi scheme being conducted by an unregistered individual named Phillip Ferguson and his firm, Ferguson Financial, of Marion, Indiana.

Dan Roth reported on the resolution of a class action suit filed against NFA, two NFA committee members and 11 FCMs in federal district court. The suit was filed three years ago by a group of investors defrauded in a ponzi scheme run by unregistered individuals. The federal district court dismissed the lawsuit against all the defendants. The investors appealed to the federal appeals court, which recently upheld the dismissal.

The Board approved a resolution posthumously extending "its deepest gratitude for R. Patrick Thompson's six years of service to NFA and for the many significant contributions he had made toward the betterment of the industry."

The Board approved a resolution extending to Jean W. Tippins upon the occasion of her retirement "its deepest gratitude for her 18 years of service to NFA and for the many significant contributions she has made toward the betterment of the organization and the industry." Tippins served as NFA's Vice-President of Administration since the organization's inception in 1982.

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