NFA Orders Tullett Prebon to Pay A Fine of $150,000

The US National Futures Association (NFA) announced that it has ordered New York introducing broker Tullett Prebon Financial Services LLC (TPFS) to pay a $150,000 fine for multiple violations of compliance rules.

On 1 June 2021, NFA’s Business Conduct Committee (BCC) charged TPFS with failing to keep full, complete, and systematic records of all transactions relating to TPFS’s business of dealing in commodity interests. The committee also charged that TPFS failed to supervise its employees’ recordkeeping activities and failed to review and supervise its associated persons’ communication.

Without admitting or denying the allegation in the complaint, TPFS submitted an offer in which it proposed to settle the charges against it by agreeing to pay a fine of $150,000 to NFA within 30 days. In its offer, TPFS acknowledged that any decision accepting its offer would include findings that it committed the violations alleged in the complaint.

Pursuant to the offer, the BCC orders TPFS to pay a fine of $150,000to NFA within 30 days after the effective date of this decision.

Earlier, the NFA prompted its members engaging in virtual currency activities to fully comply with existing disclosure obligations​ as the highly volatile virtual currencies may bring about potentially significant risks.