Attain Capital CEO Jeff Malec Elected to the NFA Board of Directors
"Change" Candidate Upsets Incumbent in National Futures Association Election
The win marks what may become a turning of the tides in the direction of the NFA. Malec campaigned on the idea of reforming the beleaguered regulatory body, which fell under fire in the wake of the MF Global and PFG Best bankruptcies and scandals. While Malec was one of the more inflammatory candidates up for election, having publicly called for a Congressional investigation of the organization, his election appears to be part of a trend. Alongside customer protection advocates Ernest Jaffarian and Douglas Bry, Malec will be joined on the Board by Commodity Customer Coalition founders John Roe and James Koutoulas, who have also pledged to bring change to the NFA..
"Since the fall of MFGlobal, we have seen five individuals join the NFA Board of Directors who want to set our industry on the right path - individuals who were not hand-selected by the nominating committee, but placed on the ballot at the demand of the community," said Malec. "These are five people ushered onto the Board by a desire for reform and better customer protections. Our investors and industry deserve better than the status quo, and while I know I am but one voice among many, I’m hopeful that my voice- in chorus with those of the other hard-working advocates joining us- will be heard.”
Malec established the managed futures specialized brokerage firm Attain Capital in 2002, and their free weekly newsletter and daily blog have become some of the most widely circulated managed futures educational materials in the industry. He plans to leverage Attain’s technology to launch a website to host and organize suggestions, comments and concerns from the futures community in order to bring them before the NFA's Board.