Key Figures — Who Drove These Investments | Arkansans for Retirement Transparency

This page profiles the key individuals and organizations whose actions shaped Arkansas’s non-tradable sovereign bond investments. Every fact below is drawn from public records obtained through FOIA requests to five state agencies. Names link to related profiles on this page; for the underlying documents, see the evidence page and document archive.

The Central Figures

These two individuals appear most frequently across the entire 1,200+ document corpus. Their actions connected all three investing agencies — the Treasury, ATRS, and APERS.

Dennis Milligan

Auditor of State (former State Treasurer) · Auditor of State / Arkansas State Treasury

Initiated the sovereign bond program as State Treasurer circa 2017, then continued advocacy as Auditor of State — a position with no investment authority over pension funds. Arranged the April 2025 pitch tour that brought bond issuer representatives to all three investing agencies. Sits on both the ATRS and APERS boards. Served as SFOF National Chair. Appears in more FOIA source documents than any other individual.

Initiated sovereign bond program at Treasury circa 2017
Served as SFOF National Chair ~2019–2020
Arranged April 2025 two-day pitch tour from Auditor's office
Sits on both ATRS and APERS boards
Appears in 247+ FOIA source documents — more than any other individual
18-minute scheduling blitz on April 11, 2025, set meetings across all three agencies

Connections:

Jason Brady — Direct report at Auditor's office; Brady serves as operational conduit across agencies
Lawrence Berman — Personal correspondence; Berman called Milligan 'truly one of a kind'
SFOF — Served as SFOF National Chair; used platform to promote sovereign bonds to other states
Mark White — Arranged April 2025 meeting between bond representatives and ATRS
Amy Fecher — Arranged April 2025 meeting between bond representatives and APERS

Jason Brady

Chief Deputy, Auditor of State · Auditor of State / APERS Board

Operational conduit connecting the Auditor's office to both pension systems. As Chief Deputy to Milligan, Brady coordinated logistics across agencies. Simultaneously served as an APERS board member — a dual role that placed him on both sides of the bond pitch. Introduced sovereign bonds at the APERS board and sent the initial request to ATRS Executive Director Mark White.

Chief Deputy, Auditor of State — not a generic 'Deputy Auditor'
Dual role: Auditor staff member + APERS board member
Introduced sovereign bonds at APERS board
Sent initial request to ATRS Executive Director Mark White
Five documented operational roles across agencies
Used personal email (jasonlbrady@hotmail.com) for state business
Appears in 219 FOIA source documents

Connections:

Dennis Milligan — Reports to Milligan at Auditor's office; executes cross-agency coordination
Mark White — Sent initial sovereign bond request to ATRS
Amy Fecher — Introduced bonds at APERS board where Brady also sits as member
Lawrence Berman — Coordinated April 2025 tour logistics with bond representatives

The Bond Issuer’s Representatives

The sales representatives who met with every agency head during the April 2025 pitch tour and were cc’d on purchase communications.

Lawrence Berman

National Managing Director, Israel Bonds / Development Corporation for Israel · Israel Bonds / DCI

Cc'd on all major purchase communications across agencies. His resume states he was "directly responsible for selling 60 new pension and treasury funds totaling more than $10 billion." Conducted the April 2025 Arkansas tour meeting with all three agency heads.

National Managing Director, Israel Bonds / DCI
Cc'd on all major purchase communications
Resume: "directly responsible for selling 60 new pension and treasury funds totaling more than $10 billion"
Conducted April 2025 Arkansas tour with meetings at ATRS, APERS, and Treasury
Appears in 25 FOIA source documents

Connections:

Dennis Milligan — Personal correspondence; called Milligan 'truly one of a kind'
Bradley Young — Colleague at Israel Bonds / DCI; conducted April 2025 tour together
Mark White — Met with White at ATRS on April 15, 2025
Amy Fecher — Met with Fecher during April 2025 tour

Bradley Young

Executive Director, Israel Bonds / DCI (Atlanta) · Israel Bonds / DCI

Primary relationship manager for the Arkansas accounts. Congratulated Milligan on his re-election and confirmed wire receipts for bond purchases. Conducted the April 2025 Arkansas tour alongside Lawrence Berman.

Executive Director, Israel Bonds / DCI (Atlanta office)
Primary relationship manager for Arkansas
Congratulated Milligan on re-election
Confirmed wire receipts for bond purchases
Appears in 49 FOIA source documents

Connections:

Lawrence Berman — Colleague at Israel Bonds / DCI; conducted April 2025 tour together
Dennis Milligan — Congratulated Milligan on re-election; ongoing personal relationship

Agency Decision-Makers

The people inside the agencies who received, approved, or resisted these investments.

Mark White

Executive Director, ATRS · Arkansas Teacher Retirement System

Led ATRS through its first-ever direct sovereign bond purchase. Knew the system's investment consultant Aon would not formally recommend the bonds yet proceeded. Met with Berman and Young on April 15, 2025. Authored the "Preview of June 2 Meeting" email that framed the investment request for the board.

Executive Director of ATRS
Knew Aon would not recommend: "I know they will not be making a formal recommendation"
Met with Berman and Young on April 15, 2025
Authored "Preview of June 2 Meeting" email framing the board request
ATRS authorized $50M — its first-ever direct sovereign bond purchase

Connections:

Jason Brady — Received initial sovereign bond request from Brady
Lawrence Berman — Met with Berman during April 2025 tour at ATRS
Danny Knight — Knight, as Board Chair, cast sole dissenting vote against White's recommendation

Amy Fecher

Executive Director, APERS · Arkansas Public Employees Retirement System

Led APERS through its first-ever direct sovereign bond authorization. Met with Berman and Young during the April 2025 tour. When a press inquiry came in, forwarded it to Brady at the Auditor's office rather than APERS's own communications staff.

Executive Director of APERS
Met with Berman and Young during April 2025 tour
Forwarded press inquiry to Brady at Auditor's office rather than APERS comms staff
APERS authorized $25–50M — its first-ever direct sovereign bond purchase

Connections:

Jason Brady — Brady introduced bonds at APERS board; Fecher forwarded press inquiry to Brady
Lawrence Berman — Met with Berman during April 2025 tour at APERS
Darryl Bassett — Bassett chaired the APERS board that authorized the purchase

Danny Knight

Board Chair, ATRS · Arkansas Teacher Retirement System

Cast the sole dissenting vote on ATRS Resolution 2025-22 authorizing the sovereign bond purchase. Warned the board it was "going outside of the scope of the way we usually do things."

ATRS Board Chair
Cast sole dissenting vote on Resolution 2025-22
"Going outside of the scope of the way we usually do things"
Only board member across both pension systems to vote against authorization

Connections:

Mark White — Dissented against White's recommendation to authorize sovereign bonds

Steve Pulley

Senior Investment Officer, Treasury · Arkansas State Treasury

Authored an internal memo recommending against new sovereign bond purchases, citing credit downgrades by all three major rating agencies. His recommendation was overridden.

Senior Investment Officer, Arkansas State Treasury
Authored internal memo recommending against new purchases
Cited credit downgrades (Moody's Sep 27, plus Fitch and S&P downgrades)
Recommendation was overridden

Connections:

Dennis Milligan — Milligan, as former Treasurer, initiated the program Pulley later recommended against expanding

Supporting Roles

People who played significant documented roles in the process.

Larry Walther

40th State Treasurer (Aug 2023 – Jan 2025) · Arkansas State Treasury / APERS Board

Maintained the sovereign bond position at Treasury during his tenure. Later served as an APERS board member and chaired the Investment Finance Subcommittee that authorized $25–50M in sovereign bonds. Applied religious framing to the investment decision.

40th Arkansas State Treasurer (Aug 2023 – Jan 2025)
Maintained sovereign bond position at Treasury
Chaired APERS Investment Finance Subcommittee that authorized $25–50M
Religious framing: "Those who bless Israel will be blessed"

Connections:

Dennis Milligan — Succeeded Milligan's successor at Treasury; maintained the sovereign bond program
Amy Fecher — Served on APERS board; chaired subcommittee that authorized APERS purchase

Stacy Peterson

Director of Communications, Auditor of State · Auditor of State

Drafted Milligan's political speeches, sent a solidarity email to the Israeli Ambassador, and distributed pension board vote results through the SFOF network for interstate replication.

Director of Communications, Auditor of State
Drafted Milligan's political speeches
Sent solidarity email to Israeli Ambassador
Distributed pension board vote results through SFOF network
"Feel free to pass along to any member states"
Appears in 63 FOIA source documents

Connections:

Dennis Milligan — Communications director; drafted speeches and managed external outreach
SFOF — Distributed vote results through SFOF network

Wendy Spadoni

Executive Assistant to the Auditor · Auditor of State

Organized all logistics for the April 2025 pitch tour. Sent meeting arrangements to the heads of APERS, ATRS, and Treasury.

Executive Assistant to the Auditor of State
Organized all April 2025 tour logistics
Sent meeting arrangements to APERS, ATRS, and Treasury heads

Connections:

Dennis Milligan — Executive assistant; managed scheduling for Milligan's bond advocacy
Lawrence Berman — Coordinated tour logistics with bond representatives

Darryl Bassett

APERS Board Chair / Secretary of Dept. of Transformation & Shared Services · APERS / Dept. of Transformation & Shared Services

Held a dual role: met with bond representatives as a cabinet official and then chaired the APERS board that authorized the purchase. His position in both state government and the pension board created overlapping authority over the investment decision.

APERS Board Chair
Secretary, Department of Transformation & Shared Services
Dual role: met with bond reps as cabinet official AND chaired authorizing board

Connections:

Amy Fecher — Chaired the APERS board where Fecher recommended the sovereign bond authorization
Lawrence Berman — Met with bond representatives in his cabinet role

Organizations

Institutional actors documented across the FOIA record.

Israel Bonds / Development Corporation for Israel

FINRA Member Broker-Dealer (CRD# 11148)

FINRA member broker-dealer that sells non-tradable sovereign bonds. Claims more than $50 billion in worldwide sales since 1951. Marketing materials obtained through FOIA blend financial and political messaging. Representatives conducted the April 2025 Arkansas tour and were cc'd on purchase communications across all three agencies.

FINRA member broker-dealer (CRD# 11148)
Sells non-tradable sovereign bonds — cannot be sold on secondary markets
Claims >$50B worldwide sales since 1951
Marketing blends financial and political messaging
Representatives cc'd on purchase communications across all three agencies

Connections:

Lawrence Berman — Berman serves as National Managing Director
Bradley Young — Young serves as Executive Director (Atlanta)
SFOF — Promoted through SFOF network for interstate replication

State Financial Officers Foundation (SFOF)

Networking Organization for State Financial Officers

Networking organization connecting state financial officers. Milligan served as National Chair. SFOF conferences included "Corporate Partner Spotlight Meetings." After Arkansas pension boards voted to authorize sovereign bond purchases, results were distributed through SFOF channels for interstate replication.

Networking organization for state financial officers
Milligan served as National Chair ~2019–2020
Conferences included "Corporate Partner Spotlight Meetings"
Post-vote articles distributed through SFOF for interstate replication
$2.92M in revenue in 2024

Connections:

Dennis Milligan — Milligan served as National Chair
Stacy Peterson — Peterson distributed vote results through SFOF network
Israel Bonds / DCI — SFOF network used to promote sovereign bonds to other states

How They Connect — Four Key Patterns

The profiles above describe individual roles. The patterns below describe how those roles interacted to produce $155 million in sovereign bond investments across three agencies — with no independent analysis anywhere in the record.

The Milligan Chain

How one official drove sovereign bond purchases across three agencies.

Dennis Milligan initiated the sovereign bond program as State Treasurer circa 2017. When he moved to the Auditor’s office — a position with no investment authority over pension funds — he continued promoting the bonds through a chain of intermediaries. His Chief Deputy Jason Brady introduced the bonds at the APERS board (where Brady also sits as a member) and sent the initial request to ATRS Executive Director Mark White. Milligan personally arranged the April 2025 pitch tour that brought bond issuer representatives to all three agency heads within days. The April 11, 2025 scheduling blitz — 18 minutes to set meetings across three agencies — illustrates the coordination.

Milligan sits on both the ATRS and APERS boards, meaning he had a vote on the very purchases he orchestrated. His dual board membership and the Auditor’s office coordination created a single point of influence across Arkansas’s entire sovereign bond exposure.

Seller as Analyst

The bond issuer’s representatives provided the only “analysis.”

Across 1,200+ FOIA documents from five agencies, there is zero independent credit analysis of the bonds under investigation. The only document resembling internal analysis — a two-page Treasury memo (TREAS-SEP25-0006, October 2024) — was created years after tens of millions had already been invested.

ATRS’s investment consultant Aon conducted full due diligence for other investments brought before the board. For the sovereign bonds, Mark White knew Aon would not formally recommend them: “I know they will not be making a formal recommendation.” The board proceeded anyway. At the same APERS meetings where sovereign bonds were authorized, Callan provided 37 pages of analysis for other investments. The sovereign bonds received no comparable review.

The result: the issuer’s own sales representatives — whose job is to sell bonds — provided the only materials the boards reviewed before committing $100 million in pension funds.

The SFOF Pipeline

How success was promoted for interstate replication.

The State Financial Officers Foundation connected the Arkansas purchases to a broader network. Milligan served as SFOF National Chair circa 2019–2020. After Arkansas pension boards voted to authorize sovereign bond purchases, the Auditor’s office communications director Stacy Peterson distributed the results through SFOF channels with the message: “Feel free to pass along to any member states.”

The sequence: Milligan as SFOF National Chair builds relationships → the Auditor’s office arranges pension board votes → Peterson distributes vote results through SFOF → other states receive a template for replication. SFOF conferences included “Corporate Partner Spotlight Meetings,” and the bond issuer’s representatives maintained an ongoing presence in the network.

The Authorization Gap

What’s missing from the fiduciary record.

For approximately $155 million in combined sovereign bond exposure ($55M Treasury + $50M ATRS + $25–50M APERS), the FOIA record contains:

Zero independent credit analysis
Zero risk assessments
Zero yield comparisons against benchmark alternatives
Zero investment committee deliberation at Treasury
Zero consultant recommendations

Both the ATRS and APERS 2025 authorizations were first-ever direct purchases of these bonds. Steve Pulley, Senior Investment Officer at Treasury, authored an internal memo recommending against new purchases citing credit downgrades by all three major rating agencies (including Moody’s downgrade on September 27). His recommendation was overridden. Danny Knight, ATRS Board Chair, cast the sole dissenting vote, warning the board was “going outside of the scope of the way we usually do things.”

The gap is not just what was absent — it’s what was present for every other investment. The same boards that authorized sovereign bonds without independent analysis routinely received dozens of pages of consultant review for comparable commitments.