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Centex Securities, Inc.

Centex Securities, Inc. (CRD #18493, Solana Beach, Florida) was expelled from NASD membership. According to the findings, the firm engaged brokers in the securities business of the firm without proper registrations. Apparently, the firm, acting through individuals, sold penny stocks to public customers without complying with the procedural and disclosure requirements of Section 15(g) of the Securities Exchange Act of 1934. The regulators also found that that the firm, acting through brokers, failed to disclose material information to public customers regarding compensation of a penny stock they received. NASD also found that the firm did not have an adequate supervisory system and procedures to reasonably ensure compliance with the penny stock rules, review for compliance with state registration requirements, or to ensure that necessary disclosures are made to registered representatives when soliciting clients to purchase particular securities. The firm consented to the described sanction but did not admit or deny the accusations. (NASD Case #CAF020063)

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