Notice to Members and Partners of the Milestone Progress toward Organizational Reset
NEW YORK, NY — June 10, 2025 — CMT Association CEO & Executive Director, Tyler Wood, CMT, announced today that former employee Alvin P. Kressler has admitted to financial misconduct and entered into a restitution agreement with the association. This agreement follows the recent discovery of the misappropriation of members’ funds and simultaneously marks the one-year milestone of a significant organizational reset.
Shortly after Mr. Kressler’s separation on May 31, 2024, as CEO & Executive Director, Mr. Wood and Board President Robert Palladino, CMT obtained administrative control of all organizational operating, credit, and investment accounts, uncovering the clear picture of financial fragility of CMT Association. To ensure the viability and efficient management of the association, they enacted significant operational and governance improvements, including, but not limited to:
- Reduced/eliminated outsized service contracts and software licenses, saving CMT Association over $100,000 a year, alongside additional reductions in payroll.
- Regular, transparent financial and performance reporting, including unfettered views into operating accounts and regular reporting on CMT Program registrations and membership renewals to the entire Board of Directors.
- Regular cadence of KPI reviews with the staff to deliver on quarterly targets.
- Enhanced accounting controls, including the elimination of paper check payments as of June 1, 2024, and segregation of accounts payable duties.
These efforts delivered improved financial stability to CMT Association, and by the end of 2024, we were able to add a senior operations leadership role. This new position, the Chief of Staff & Business Manager, holds banking authorization responsibilities, which provide additional managerial oversight for the association.
Overlapping with those stabilizing activities, routine audit processes in late 2024 identified accounting irregularities in the association’s US operations. Initial findings kicked off a comprehensive forensic investigation across the association’s financial operations, including its subsidiaries in Canada and India.
In directing the investigation and subsequent exploration of potential remedies, the Board of Directors instructed counsel and Mr. Wood to prioritize two essential goals: 1) return all misappropriated funds and 2) maintain our ability to be transparent with our membership and the industry about the misconduct. Both objectives were met with a recent restitution agreement.
Once complete, Mr. Kressler’s restitution payments will total $623,342 and cover all known embezzled funds, misuse of the association’s credit card, fraudulent personal reimbursements, repayment of severance funds, and the association’s out-of-pocket expenses. Mr. Kressler made the initial payment of $452,000 on May 30, 2025, and he has committed to pay the balance by June 30, 2025.
“Our charterholders entrust CMT Association with their professional reputations. Therefore, our stewardship requires we must be more than just efficient managers of our association. We must continually demonstrate our commitment to integrity, honesty, and transparency in all that we do,” said Mr. Wood.
Mr. Palladino concurred: “Mr. Kressler’s actions do not reflect the values or standards of professional conduct held by CMT Association and its dutiful members. Through this restitution process, the Board has acted with the highest standards of ethics and accountability, safeguarding our members, our partners, and the wider industry from such behavior.” In response to the discovery of Mr. Kressler’s malfeasance, additional key personnel, policy, and vendor changes have been made in recent months.
- CMT Association’s accounting manual includes oversight and internal control policies. Review, revision and, most importantly, adherence to procedural controls is already underway.
- Vendor relationships from Mr. Kressler’s tenure have been and will continue to be scrutinized, and replacements will be made as appropriate.
- Enhanced Board Governance ensures that all committees are being reevaluated to ensure proper oversight.
Today, with restitution nearly concluded and significant operational improvements in place, the future of CMT Association is strong. “We have made high-impact, swift, and effective changes over the past year, and will continue to pursue what is best for all members in the years ahead,” said Mr. Wood. “The Board of Directors, Committees of CMT Association, and volunteers across every chapter around the globe hold our entire community to the highest ethical standards. Being a CMT Association member and charterholder, I am fully committed as our CEO to ensuring that the association operates with integrity and transparency to meet them. At this pivotal moment in CMT Association’s storied history, we are taking action to protect our legacy, enhance member services, and broaden the reach and impact of our educational programming.”
Member Engagement Opportunities
- Our virtual Annual General meeting will be held at 10:00 AM ET on June 25, 2025. All members and candidates are encouraged to register in advance and attend. Full details can be found in the Events calendar and the May issue of Technically Speaking.
- Anyone with questions or comments about this announcement can submit them using the comment submission form below.
Comment Submission Form
As part of our commitment to transparency, we want to ensure that we’re addressing any questions or concerns you may have about this announcement.
Submissions will be shared directly with Tyler Wood, CMT, the CEO & Executive Director of CMT Association, Robert Palladino, CMT, Board President, and John Kolovos, CMT, Board Vice-President.
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