History of JFS

Over 40 Years of Improving Students’ Lives through Educational Scholarships

2024
For the fifth year in a row, the Jefferies Family Scholarship Board of Directors (JFS BoD) approves more funding for awards than ever before. As a result, 68 students will receive up to $822,000 in scholarships this year. 

2023
A record number of students apply, resulting in $791,500 being awarded in scholarships. Following the completion of two year terms, Peter Forlenza and Jason Schecter resign from the JFS BoD.

2022
Collectively, 50 students will receive a total of $613,500 in scholarships for the 2022-2023 school year. This all-time high number of awards and dollars awarded is in part due to a change in the renewal policy, which increased the number of years that recipients may apply to renew their scholarships. Paul Gray joins the JFS BoD.

2021
Jefferies Family Scholarship (JFS) celebrates 40 years of assisting children of employees in reaching their educational goals by providing over $11,000,000 in  scholarships. The JFS Board of Directors thanks Brian McGrath for his service and welcomes five new members: Mo Ahmed, Julia Dworkin, Peter Forlenza, Zachary Goldberg, and Chase Upshaw.

2020
Over $10.5 million has been awarded during the program’s 39-year history. The program awards $483,500 in scholarships, marking a new record. Mark Sahler and Jason Schechter join the JFS BoD.

2019
In memory of Chairman Emeritus Carl Hathaway, the board creates a new award to honor his decades of service and his commitment to helping students succeed. The board also votes to increase the dollar amounts awarded for the Jefferies Award of Merit and the Application Incentive Award to $3,000. After many years of service, Tim Cronin and Kevin Kology resign from the board. Past recipient Laurie Derringer joins the selection committee.

2018
The program experiences membership changes in both the selection committee and board of directors. Following 37 years of service and a long battle with cancer, Carl Hathaway passed away in July. Although no longer on the board, Mel Locke who had a long history with JFS also succumbed to cancer. After a five-year term of service on the board, Michael Alexander retires from the Jefferies and the JFS board. Following ten years as treasurer, Maxine announces her plans to retire. The board elects Richard Garrison to replace her as treasurer.

2017
With this year’s awards, the total paid in scholarships tops $9 million. Recognizing the ever -ncreasing cost of higher education, the board raises the dollar value of the computer scholarship to $2,000 and educational scholarships to $12,500. Chanel Brewster joins the board. After a long career, Susan Gilbertson retires from Jefferies and the JFS BoD at the end of the year.

2016
This year marks our thirty-fifth anniversary. In 1981, five scholarships were awarded totaling $15,000. Since that inaugural year, 1092 scholarships valued at more than $8.9 million have been awarded. Following 30 years of involvement with the scholarship program, Mel Locke retires from the board of directors. Tim Cronin joins the board following David Weaver’s retirement. Several changes take place on the selection committee, including the addition of Karen Bass and the appointment of Dan Aron as the Chairman. Recognized for the longest service with the scholarship program and after 35 years on the selection committee, Carl Hathaway is honored with being named Chairman Emeritus. 

2015
Once again a record number of applicants results in a record number of scholarships being awarded, with a total of $473,500 going to 49 students. Following six years of service, Lauren Oelkers Baker retires from the Selection Committee. Joe Sullivan completes his five-year term, Patrice Blanc resigns, while Kevin Kology and Roland Kelly join the Board of Directors.

2014
A record number of scholarships for the year brings the award total to over 1000 scholarships, with more than $8 million granted, over the past 33 years. A successful fundraiser in May resulted in $160,000 in donations, all of which goes toward funding scholarships. The value of the Jefferies Award of Merit is increased to $2,500. Having completed their three-year term, the board bids farewell to Whitney Ohlandt Fairley and John Mullman and welcomes Steven DelVecchio to the Selection Committee.

2013
The board adopts a policy extending the duration of the scholarship to a maximum of two years. Scholarships will initially be awarded for one year, but recipients may now also apply to renew their scholarship for a second year, provided academic requirements continue to be met. Jeff Agnew is appointed Co-Chairman following Chris O’Connell’s resignation. Michael Alexander, Patrice Blanc, Susan Gilbertson, and Brian McGrath join the BoD.

2012
In recognizing Steve Sander as the 2011 Donor of the Year, the program gratefully acknowledges all donors of contributions large and small. A record-high number of students apply from offices outside the US. The selection committee bids farewell while welcoming new members as Erica Jones resigns, Radia Alouache completes her five-year term, and Alyssa Frank joins the Selection Committee. Tom Thees resigns from the BoD.

2011
Jefferies Family Scholarship celebrates 30 years of giving with anniversary celebrations in most of the larger Jefferies Offices around the country. Proceeds from live and silent auctions held in the New York Jefferies office generate nearly $550,000. JFS Secretary Tom Tarrant completes his 5-year term of service on the BoD. David Weaver, Mel Locke, and Chris Kanoff join the BoD. Chris Kanoff and Chris O’Connell are named Co-Chairmen of the BoD. Former recipients Erica Jones and Whitney Ohlandt Fairley along with John Mullman become members of the JFS Selection Committee. Following more than a decade of service, Sharon Jefferies resigns from the BoD.

2010
Larry Lindenmeier Memorial Award is established in memory of long-time and well-respected employee Larry Lindenmeier, and one scholarship recipient from the Operations Department will be named the designee of this honor. Chris O’Connell is named acting Chairman following Paul Deninger’s resignation from the BoD. Rachel Graves also resigns from the BoD. Paul Baryames and David Brooks depart from the Selection Committee following 5-years of service. Joseph Esposito is named “Donor of the Year” for his consistency in giving. At 13 years and counting, donating monthly through payroll deductions, Joe has the longest contribution history of any Jefferies employee.

2009
The BoD eliminates the option to renew, in order to increase the number of individuals benefiting from the scholarship program. Loretta & Yao Lin Lee are named “Donors of the Year”. Jim Carmack retires from the BoD following five-years of service.

2008
Larry Dunn, Rachel Graves, Maxine Syrjamaki and Tom Tarrant become new board members, replacing Dorothy Grace, Richard Grace, and Barry Taylor, all of whom retire following decades of service. Bill Derrough resigns from the BoD following two years of service. Lauren Oelkers Baker, a former recipient, joins the Selection Committee.

2007
The BoD decides to hold all future JFS Meetings in New York. Dan Aron, Radia Alouache and former recipient Vincent LaPadula join the selection committee. Nicole Finn completes her 5-year term of service on the Selection Committee following the annual meeting. Paul Deninger and James Carmack become Co-Chairmen subsequent to John Shaw, Jr.’s retirement from the BoD following 5-years of service.

2006
The Boyd & Stephen Jefferies Educational Grant Program changes the program’s name to Jefferies Family Scholarship (JFS) and updates the website address to www.jefferiesscholarship.org. Three new members are elected to the BoD: Paul Deninger, a Managing Director in Jefferies’ Investment Banking division and a Vice Chairman of Jefferies; Bill Derrough, a Managing Director and Co-head of Restructuring at Jefferies; and Jefferies’ Marketing Director, Thomas Tarrant. Members of the scholarship program mourn the August 2006 passing of Frank Mullin, a founding member and former Selection Committee Chairman.

2005
The scholarship program raises $600,000 through corporate fundraising efforts, establishes the Jefferies Award of Merit (JAM), and enters its 25th year. Barry Taylor returns to the program as a member of the BoD and Chairman of the Investment Committee. A GPA minimum of 2.5 is instituted for renewal eligibility.

Carl Hathaway is appointed Selection Committee Chairman and two new members are selected: David Brooks, a Portfolio Manager for The Boston Company Asset Management LLC; and Paul Baryames an independent business owner and former VP/Manager of Equities Trading at Itros Capital Management.

Service terms expire for Selection Committee members Frank Mullin and Jim Jackson as well as Directors Mary Bienkowski and Bill Reilly. Members of the program mourn the April 2005 passing of Robert Kirby, member of the Selection Committee from 1982-2005 and former Investment Committee member.

2004
The program raises $750,000 via corporate golf tournament and raffle. The BoD elects three new board members: James Carmack, Regional Sales Manager in Jefferies’ Los Angeles office; Jacqueline Hennessey, an Account Executive in the Equity Sales Division; and Susan Bralower, a former special education teacher, and the spouse of Edward Bralower, Regional Sales Manager in Jefferies’ Stamford office.

2003
The Stephen A. Jefferies Educational Grant Program changes name to The Boyd & Stephen Jefferies Educational Grant Program, to reflect the passing of founder Boyd Jefferies. The program raises $1 million through a corporate auction and raffle. A revised selection methodology is implemented, which weighs financial need more heavily and institutes quantifiable measures to compare applications. Eligibility is limited to the last two years of private high school, public and private colleges and universities for undergraduate and graduate studies.

The BoD elects John Shaw, President and COO of Jefferies, as Chairman of the Board and elects Raymond Killian, Chairman of ITG, as a member of the Board. Former recipient Nicole Locke is chosen to serve on the Selection Committee. 3-year term limits are instituted for Board and Selection Committee members, with 2-year renewal options. Richard Grace is elected Investment Officer and Mel Locke, Director of People Services in Jefferies’ Los Angeles office, is elected Vice-Chairman.

2002
The BoD appoints Sharon Jefferies as honorary Chairman of the Board. Carol Jefferies steps down from the Selection Committee.

2001
Members of the program mourn the passing of founder and Chairman Boyd Jefferies in August 2001.

The scholarship program raises $350,000 through a corporate Golf Tournament, and institutes a renewal policy for recipients transitioning from high school to college, or college to graduate school whereby they must re-apply as a new applicant.

Carol Jefferies steps down from the BoD and is appointed to the Selection Committee. Carrera Jefferies steps down from the Selection Committee, is elected to the BoD and takes a position in the Equity Sales division in Jefferies’ Los Angeles office.

2000
The BoD elects former recipient Robin Robertson to the Selection Committee and launches the web site. Regina de Wetter steps down from the Selection Committee to become the Program Coordinator.

1999
Carol Jefferies, daughter of Boyd Jefferies, is elected to the BoD. ITG is spunoff from Jefferies, however, ITG employees are still eligible to apply for an award.

1997
The BoD Secretary and Treasurer Dorothy Grace begins working full-time for the program.

1995
The BoD appoints two new Selection Committee Members: Carrera Jefferies, daughter of Stephen Jefferies and granddaughter of Boyd Jefferies; and Regina de Wetter, a special education teacher and former JFS recipient.

1994
The BoD applies renewal requirements to applicants transitioning from high school to the university level. ITG becomes a public company, and the children of its employees are eligible for the program.

1993
The BoD selects former recipient Sally Morris as legal counsel for the program. Selection Committee members Tiffiney Harper and David Dootson step down.

1992
Eligibility parameters are expanded to include children of deceased and retired employees.

1990
The BoD terminates Van Deventer & Hoch as investment managers and forms an Investment Committee with members, Robert Kirby, David Dootson, and Richard Grace. Funds are invested in Treasury Notes & Bonds and overseen by Richard Grace.

1989
The Stephen A. Jefferies Scholarship Fund changes the name to Stephen A. Jefferies Educational Grant Program.

1988
The BoD expands eligibility parameters to include private high school students and graduate students.

1987
The BoD appoints Tiffiney Kingsley Harper, one of the original five recipients, to serve on the Selection Committee. Jefferies launches electronic trading system ITG/POSIT.

1986
The BoD elects Dorothy Grace as Secretary and Treasurer while Barry Taylor steps down from the BoD.  The program shifts the fiscal year from the calendar year to July 1 – June 30.

1984
JFS elects Michael Klowden of Morgan Lewis & Bockius to the Board and hires Van Deventer & Hoch to manage the fund assets. James Gilstrap, Ronald Alghini and Frank Baxter step down from the Board.

1983
The BoD elects Frank Baxter and Barry Taylor from Jefferies to the BoD and appoints Frank Mullin as Chairman of the Selection Committee. Jefferies’ auditors, Peat, Marwick & Mitchell, are chosen to prepare the financial report.

1982
The BoD appoints Robert Kirby, Chairman of Capital Guardian Trust to the Selection Committee. The selection process requires that all applicants are presented to the committee anonymously.

1981
The Stephen A. Jefferies Scholarship Fund is established by Boyd Jefferies in memory of his son Stephen in January of 1981. The fund is established for children of employees of Jefferies LLC who are attending an accredited college or university and is initially funded by Boyd Jefferies and contributions made by employees, family, and clients totaling approximately $250,000.

The first Selection Committee Meeting is held on May 30 at the home of Boyd and Sharon Jefferies in Aspen, Colorado. $3,000 each was awarded to the first 5 recipients.

Initial Selection Committee members were: Frank Mullin, Head Trader at Putnam Investments in Boston; Carl Hathaway, Portfolio Manager at Morgan Bank; David Dootson, President of Sears Investment Management Co. (SIMCO); and James Jackson, a private investor. Initial Board Members were: Boyd Jefferies, founder of Jefferies LLC; James Gilstrap, Office Manager in Jefferies. Dallas office, and Ronald Alghini, President of Jefferies & Company. Also in attendance at the first meeting were: Michael Klowden, Esquire, Morgan Lewis & Bockius and Dorothy Grace, Boyd Jefferies’ Executive Assistant.