By Tom Polansek

CHICAGO, Jan 23 (Reuters) - A critic of the U.S. National Futures Association won re-election to its board, the industry regulator said on Friday, setting the stage for more tension over its practices.

James Koutoulas, chief executive of Typhon Capital Management, was re-elected as a director after accusing the NFA of breaking its own rules for nominating public representatives last year and of falsifying documents to cover up alleged wrongdoing.

The Chicago-based regulator, which is funded by industry fees, has denied Koutoulas' accusations. Its chairman had suggested they may have been part of Koutoulas' campaign to hold onto his seat. Koutoulas said the accusations were unrelated to his re-election bid.

John Roe, president of Roe Capital Management, also was re-elected to the board, according to a notice the NFA sent to its members.

Koutoulas and Roe co-founded the Commodity Customer Coalition in late 2011 to help former clients of failed brokerage MF Global get their money back and advocated for customers of Peregrine Financial Group, which collapsed in 2012 after it was found to have defrauded clients for about two decades.

The NFA failed to find the wrongdoing in annual audits during that period.

The election results "show that the membership still wants change and reform at the NFA," Koutoulas said in a phone interview.

Jeffrey Malec, chief executive of Attain Capital Management, lost his bid to stay on the board to Michael Burke, chief executive of HighGround Trading.

Malec, Koutoulas and Roe were personally stung by the bankruptcies of MF Global and Peregrine Financial Group and won spots on the NFA's board in 2013 on a campaign for more aggressive customer protection.

(Reporting by Tom Polansek; Editing by Alan Crosby)