West America Securities Corp. (CRD #35035, Westlake Village, California) and
Robert Brian Kay (CRD #1133657, Registered Principal, Westlake Village,
California) submitted a Letter of Acceptance, Waiver, and Consent in which they
were fined $51,371, jointly and severally. In addition, the firm was suspended
from engaging in any penny stock business for one year, except the firm may
effect transactions for its proprietary account and effect transactions for customers
that are non-recommended. Kay was suspended from association with any NASD
member as a general securities principal for 30 days. Without admitting or
denying the allegations, the respondents consented to the described sanctions and
to the entry of findings that the firm, acting through Kay, failed to comply with all
of the provisions of the SEC's Penny Stock Rules with respect to securities
transactions as a result of the firm's failure to establish and maintain a system to
supervise the activities of various registered persons that was reasonably designed
to achieve compliance with the Penny Stock Rules.
The firm's suspension began November 5, 2001, and will conclude at the close of
business November 4, 2002. Kay's suspension began November 5, 2001, and will
conclude at the close of business December 4, 2001. (NASD Case #C02010051)
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