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March 15, 2023
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NFA orders Vero Beach, Fla. introducing broker Ocean Solutions LLC to pay a $140,000 fine
March 15, Chicago—NFA has ordered Ocean Solutions LLC (Ocean Solutions), an NFA Member introducing broker located in Vero Beach, Fla., to pay a $140,000 fine. James W. Ronan, an associated person (AP) of Ocean Solutions, was also ordered to pay a $60,000 fine.
The Decision, issued by an NFA Hearing Panel, is based on a Complaint issued by NFA's Business Conduct Committee and a settlement offer in which Ocean Solutions and Ronan neither admitted nor denied the Complaint's allegations. The Complaint alleged, among other things, that Ocean Solutions and Ronan violated NFA Compliance Rule 2-4 by failing to disclose to customers the conflict of interest presented by the firm and Ronan brokering trades on behalf of an affiliate in which the firm and Ronan had a management and/or ownership interest; and violated NFA Compliance Rules 2-4 and 2-26 by disclosing confidential customer information to other customers of the firm. In addition, the Complaint alleged that Ocean Solutions violated NFA Compliance Rule 2-10(a) by failing to keep records of oral and written pre-trade communications; violated NFA Bylaw 301(b) by failing to register the firm's chief executive officer as an AP and an NFA Associate; and violated NFA Compliance Rule 2-9(a) by failing to diligently supervise the firm and its employees.
In its Decision, the Hearing Panel found that Ocean Solutions and Ronan violated NFA Compliance Rules 2-4 and 2-26, and that Ocean Solutions violated NFA Bylaw 301(b) and NFA Compliance Rules 2-10(a) and 2-9(a).