On December 31, 2014, the John Lothian Newsletter published Mr. Lothian’s own opinion regarding the allegations James Koutoulas has made and publicized about the nominations of public directors by the NFA Board’s Executive Committee. Mr. Lothian was right on point. In a complaint filed with the CFTC, Mr. Koutoulas claims the NFA violated its own rules when it improperly nominated public directors to its Board of Directors in January, 2014. The NFA has denied the allegations, and went to the extent of hiring outside counsel to investigate the charges. That report, issued in February 2014, “concluded that all of the…