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October 30, 2023
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NFA orders New York, N.Y. introducing broker Oscar Gruss & Son Inc. to pay a $140,000 fine
October 30, Chicago—NFA has ordered Oscar Gruss & Son Inc. (Oscar Gruss & Son) 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).The complete text of the Complaint and Decision can be viewed on NFA's website.