Requiem for AFAUSSS BOD

This has now gotten completely ridiculous with the AFAUSSS (and Foundation) monies possibly lost due to the horrendous lack of ethics and no work by the BOD. By now if you do not know, the SEC and FBI are investigating the financials of FEBG which was hired to invest, monitor our monies while under the so called leadership of the BOD.

Recent requests to current Association Pres for factual information on the status of our financials have been not forthcoming; only more delays and smokescreens. Seems to be some major scrambling to keep the membership ignorant of the actual state of the Association.

To top this off, there is now evidence that our Treasurer, DF, was a FEBG Board Member at the same time he was the Association's BOD member and Foundation Trustee.

- When, at what point, was the membership notified of this conflicting relationship between our Treasurer and FEBG?
- Was he paid to make the suggestion, motion to get the funds moved to FEBG?
- Did our Treasurer get paid a referral fee to have the FEBG presentation at the Hawaii annual conference?
- Was the prior Association Pres paid too for this referral, shift to FEBG?
- Was due diligence done before the decision was shoved through so quickly, so quietly?
- Was this run by the membership before the shift?
- Were any monies paid by FEBG to get this "foot in the door" relationship with the Association prior to the actual transfer of funds such as paying for advertisement in our publications or annual conference expenses?
- Were these payments a ruse to lure the entire association membership to invest their personal funds with FEBG?
- Who else was behind this shift (besides BOD members) and did they get a monetary or other benefit as well?
- Why so much hiding of the financials for this Association? BOD, are you hiding something, possibly something criminal?

Too many questions, too few answers, but all point back to the BOD who apparently left their ethics, principles consciences at the door.

On 6/29/10, at 7:37AM (Central Time) the AFAUSSS president posted a message that neither the association nor the foundation had money invested with FEBG, but rather with a company managing mutual funds, and that the money was safe. (However, they ARE withdrawing it.)

This was prior to your post, above, dated 6/29/10, at 7:04PM (Eastern Time.) Had you read that information prior to writing your message?

Minutes of the business meeting where the investment policy was modified to permit investments in mutual funds and unlisted securities indicate the Treasurer, whose initials you included (and appear to be incorrect,) was NOT the one who made a motion to modify the policy or seconded the motion.

Perhaps I'm gullible, but it seems to me that it is not unusual for associations to place members in positions where they have some level of expertise, so I'm not surprised that the person selected by the board of directors to be Treasurer might have some connection with an investment adviser. Of course, he should have disclosed his connection, and I don't know if he did this.

What do you say?

Here is information with phone number and email address to contact the FBI investigating the case out of Jacksonville FL See link
http://the390.com/feature/investigation-of-kenneth-wayne-mcleod-and-the-federal-employee-benefits-group-febg

This is the recovery website. Actually have SEC evidence that shows FAFAUSSS Investment policy in the exibits. This can't be good! Also shows F & S profit and Loss statements and they don't look good either.http://febginfo.com/index.htm

This is the recovery website. Actually have SEC evidence that shows FAFAUSSS Investment policy in the exibits. This can't be good! Also shows F & S profit and Loss statements and they don't look good either.http://febginfo.com/index.htm

Well, at least you can read the new investment policy there. OUR web site still has the old one posted.

:roll:

A key question not yet posed is ....."will some or all Association/Foundation funds be confiscated/frozen by the SEC/FBI due to the so called McLeod "donations" (allegedly $50,000 and $100,000) that might be proven fraudulent...will the Association/Foundation be litigated against to make FEBG investors whole????"

Can the AFAUSSS membership sue the BOD for, at the minimum, incompetent representation when all the dust settles?

Lone Ranger, you ask good and legitimate questions. The BOD needs to be more forthcoming not only with specific information on AFAUSSS funds of all types but also explain how we got in this "can of worms" to begin with. As in the past, the BOD has not been forthright and transparent. We want answers about our money.

Can the AFAUSSS membership sue the BOD for, at the minimum, incompetent representation when all the dust settles?

No, incompetence is not a basis for culpability.

The Foundation by-laws, Article VI, Section 6.2 state:

Section 6.2 Liability of Trustees. No Trustee shall be personally liable to the Foundation for monetary damages for breach of fiduciary duty as a Trustee of the Foundation, except that the foregoing shall not eliminate or limit liability of a Trustee for monetary damages for the following: (a) any breach of the Trustee’s duty of loyalty to the Foundation, (b) acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, or (c) any transaction from which the Trustee directly or indirectly derived an improper personal benefit.

In the early 1990's there was an accusation that members of the FBI Training Academy were "sanctioning" the use of a female psychic detective who claimed an ability to talk with the dead in finding missing persons and solving crimes. Separately there were was alleged involvement between agents in Virginia and various psychics in the paranormal community from 1982 through about 2006. Recently one of the psychic businesses that grew out of this long supportive "bureau support group" was connected to statements that may have helped convince investors that "all was well" over years when the Ponzi scheme was most active. It appears it is quite possible that in addition to being fooled by one or more participants directly involved in the Ponzi scheme, some officials were also relying on "psychic readings" from a paranormal psychic detective business and its "intuitives" that "all was well." If these psychic business intuitives were as wrong about the people creating a Ponzi scheme as they were, what about the claims they made about crimes and suspects?

Some people got conned by a con man. That's what con men do. It's amazing that you can't let this go.

If I recall correctly the Service used a hypnotist during the Mall Passer case, and possibly a psychic as well. Neither helped.

Nancy Reagan consulted a psychic regarding Ronnie's schedule.

People do dumb things.