Summer 2013 • Issue 48, page 15

An Interview with President of NAFER, Steve Donell

RN interviewed Steve Donell, the current president of NAFER, to learn more about this organization and its upcoming conference in Chicago in September.

  1. What is NAFER?
    NAFER is a non-profit organization that was created to provide a forum for federal equity receivers, and those attorneys, accountants and other service providers who practice in this area. Let me explain what a federal equity receiver is for those who are not familiar with that role. A federal equity receiver is (not surprisingly) appointed in federal, not state court. The moving party is generally a regulatory agency such as the Securities and Exchange Commission, the Federal Trade Commission, the Commodities Futures Trading Commission, or the Internal Revenue Service. When a federal judge appoints the receiver, the court has made a preliminary finding that the company to be run by the receiver has been breaking the law and harming investors or the general public. The receiver’s job is to ensure that the illegal activity ceases immediately and then the attention shifts to restitution for the victims.

  2. How does NAFER differ from the California Receivers Forum?
    While the CRF is focused on California receiverships, and it includes all types of receivership matters, NAFER is focused primarily on federal equity receiverships and its membership and focus are nationwide.

  3. What are its goals?
    NAFER’s goals are to:
    • share solutions on legal and practical issues that equity receivers face;
    • develop a set of “best practices” and ethical standards for equity receivers;
    • improve the quality, efficiency, and harmonization of receiver practices;
    • create a repository of legal research and briefs on topics commonly faced by equity receivers;
    • instill confidence among federal agencies on the skills and expertise of NAFER members; and
    • promote commerce by and among members.

  4. How long has it been around?
    NAFER was formed in May of 2010.

  5. When and where is the annual conference?
    The 2013 annual conference is being held on September 27-28 in Chicago, Illinois. For more information you can go to www.nafer.org/conference.

  6. What will be covered at the annual meeting?
    Panel topics include: (1) Treatment of defrauded victims in regulatory receiverships: balancing net winners/net losers, claw back actions and distribution plans; (2) The intersection of receivership and bankruptcy; (3) Foreign defendants, assets, jurisdictions and related best practices; (4) Attorney and auditor liability for assisting Ponzi scheme perpetrators; (5) Tax issues facing receivers; (6) Mock Trial: Receiver and Investor Class v Big Bank Defendant

  7. Who will be presenting?
    Panel leaders include nationally recognized federal equity receivers, experienced counsel for equity receivers, CPA’s, Federal Judges, and SEC and CFTC agency representatives. The keynote speaker is the Bernard Madoff Trustee, Irving Picard.

  8. Who should attend?
    Federal equity receivers or those seeking to become a federal equity receiver, attorneys, CPA’s, bankruptcy trustees, and service providers to the bankruptcy/receivership community.

  9. How much does it cost to become a member?
    Associate Memberships are $295.00 per year and Full Memberships are $495.00 per year. Industry Member (service provider) Memberships are $495.00. Judiciary and Agency Memberships are free of charge.

  10. Who do I contact if I am interested in joining?
    Those seeking membership should visit the website at www.nafer.org, or email info@nafer.org.