# Erik S Kruger Erik S Kruger is the documented Financial Operations Principal, Chief Financial Officer, and Principal Financial Officer at Development Corporation for Israel (DCI). Kruger holds CRD #5739446 with an effective date of 11/2014 in his current senior financial role at DCI. Kruger is one of four DCI officers flagged with Control/Influence = Y on the Direct Owners filing (the others are Garawitz, Horvath, and Naveh) documented at the Arkansas Securities Department FOIA production at [[securities-foia-r1-4-20-26]]. Per ASD-023 Direct Owners filing: > "KRUGER, ERIK S | Individual | FINANCIAL OPERATIONS PRINCIPAL/CHIEF FINANCIAL OFFICER/PRINCIPAL FINANCIAL OFFICER | 11/2014 | Less than 5% | Y | N | 5739446" > ASD-023_Direct-Owners-Executive-Officers-CRD-Redacted.pdf, page 1 The compounded Financial Operations Principal / CFO / Principal Financial Officer title concentrates all senior financial-control functions in Kruger. The Financial Operations Principal (FinOp) is the FINRA-required position responsible for the firm's net capital computation, financial reporting to FINRA and the SEC, and operational compliance with the financial responsibility rules. The CFO and Principal Financial Officer functions span the firm's accounting, treasury, and external-financial-reporting responsibilities. Kruger's 11/2014 effective date is contemporaneous with the May 2014 cluster of DCI board reconstitution events documented at [[development-corporation-for-israel]] and the March 2014 name change of DCI's parent organization [[association-for-development-of-israel]] from American Society of Resettlement & Rehabilitation in Israel, Inc. to Association for Development of Israel, Inc. The 2014 cluster of DCI organizational changes — parent renaming in March, eight board members added in May, Kruger as CFO added in November — indicates a substantive reconstitution of DCI's governance and senior financial leadership in calendar year 2014. Kruger's role bears on the wiki's documented Arkansas Israel Bonds purchase chronology: as DCI's CFO since 11/2014, Kruger has been the senior financial officer through the entire Walther-era and Thurston-era Arkansas Treasury Israel Bonds purchase chronology (the November 2023 Walther $10M, the May 2025 Thurston ladder of $20M, the February 2026 Thurston $10M) plus the ATRS Resolution 2025-22 authorization, the APERS IFSC authorization, and the subsequent $15M APERS wire on 10/15/2025. The financial-operations approval workflow at DCI for institutional sales of these magnitudes typically routes through the CFO and the Operations Principal pathway documented at [[bill-mulvey]] (Principal Operations Officer effective 05/2019) and [[steven-hill]] (Operations Approver on the May 2025 ladder transaction). ## Cross-references [[development-corporation-for-israel]] DCI; primary employer [[stuart-garawitz]] [[jordan-horvath]] [[dani-naveh]] other DCI officers with Control/Influence Y flag [[bill-mulvey]] DCI Principal Operations Officer (operates parallel to Kruger's financial-operations principal role) [[steven-hill]] DCI Operations Approver on the May 2025 Thurston transaction [[association-for-development-of-israel]] DCI parent organization (March 2014 name change contemporaneous with Kruger's 11/2014 effective date) [[securities-foia-r1-4-20-26]] source page