NFA Fines London Introducing Broker Marex Spectron $250,000

NFA has ordered London, U.K. introducing broker Member Marex Spectron International Limited (Marex) to pay a $250,000 fine.

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 Marex, in which it neither admitted nor denied the allegations. 

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The Complaint alleged that Marex allowed unregistered individuals to act as associated persons without being registered as such. The Complaint also alleged that Marex failed to diligently supervise its employees and agents. 

According to NFA, Marex Spectron employed 18 individuals,without being registered as APs of the firm and NFA associates, as brokers to solicit and/or accept orders from customers located in the US.

In its Decision, the BCC found that Marex violated NFA Bylaw 301(b) and Compliance Rule 2-9(a).