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NFA imposes a fine of $140,000 on the broker Oscar Gruss & Son.

TraderKnows
TraderKnows
05-10

The decision released by the NFA's Business Conduct Committee (BCC) is based on the complaint it initiated and the settlement proposal submitted by Oscar Gruss & Son.

NFA has ordered its Introducing Broker (IB) member, Oscar Gruss & Son Inc. (Oscar Gruss & Son), to pay a fine of $140,000.

This decision, published by NFA's Business Conduct Committee (BCC), is based on the complaint initiated by the BCC and the settlement proposal submitted by Oscar Gruss & Son. BCC accused Oscar Gruss & Son of failing to fulfill its obligation to maintain communication records, violating NFA Compliance Rule 2-10(a). Oscar Gruss & Son allowed unregistered individuals to act as Associated Persons (AP), who were not registered as APs and NFA Associate members, thereby violating NFA Bylaw 301(b). NFA also accused Oscar Gruss & Son of failing to fulfill supervisory responsibilities, violating NFA Compliance Rule 2-9(a). Oscar Gruss & Son neither admitted nor denied these accusations.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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