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Reef Securities, Inc. (f/k/a Western American Securities Corporation)

Reef Securities, Inc. (f/k/a Western American Securities Corporation) (CRD #31951, Richardson, Texas) received a censure and fine of $17,500, $7,500 of which was jointly and severally. According to the findings, the firm failed to develop and implement an AML program reasonably designed to achieve and monitor compliance with the requirements of the Bank Secrecy Act. The regulators also found that the firm, while acting through an individual, failed to conduct annual follow-up needs analysis or to develop written training plans for its covered representatives. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #C06040037)

Did Reef Securities, Inc. (f/k/a Western American Securities Corporation) manage your investments?

 

 

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