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.
