NFA imposes $140k fine on introducing broker Oscar Gruss & Son
The National Futures Association (NFA) has ordered Oscar Gruss & Son Inc. to pay a $140,000 fine.
Oscar Gruss & Son is an introducing broker (IB) Member of NFA located in New York, N.Y.
The Decision, issued by NFA’s Business Conduct Committee (BCC), is based on a Complaint issued by the BCC and a settlement offer submitted by Oscar Gruss & Son, in which the firm neither admitted nor denied the allegations in the Complaint.
The Complaint charged Oscar Gruss & Son with failing to comply with its communication recordkeeping obligations, in violation of NFA Compliance Rule 2-10(a), and allowing unregistered individuals to act as associated persons (AP) without being registered as APs and NFA Associates, in violation of NFA Bylaw 301(b).
The Complaint further charged Oscar Gruss & Son with a failure to supervise, in violation of NFA Compliance Rule 2-9(a).
In its Decision, the BCC found that Oscar Gruss & Son violated NFA Compliance Rules 2-9(a) and 2-10(a), and NFA Bylaw 301(b).