West America Securities Corp.
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. |
