Soreide Law Group, a Securities Arbitration Lawfirm, (888) 760-6552, has obtained the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, September, 2013.”
Robert Brian Kay (CRD #1133657, Registered Principal, Las Vegas, Nevada)
was barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Kay consented to the described sanction and to the entry of findings that he, through his member firm, received and held Brazilian bonds with a face value of $879 million and Japanese bonds with a face value of about $23 billion. His firm’s membership agreement did not permit holding customer funds or safekeeping customer securities.
FINRA's findings stated that Kay accepted unverified representations of people related to securities with which he was completely unfamiliar. Kay then made representations about the value and tradability of securities purportedly worth billions of dollars that lacked any reasonable basis. Based upon the minimal due diligence he had conducted, he knew some of the securities had been implicated in fraud.
FINRA's findings also stated that without any reasonable basis and without regard for the potential harm that these fraudulent securities might generate, Robert Kay issued a series of letters and receipts certifying and attesting that his firm was holding these bonds and that they were good and legitimately earned assets, free and clear of any encumbrances, of non-criminal origin, and freely transferable. Nevertheless, with the exception of the letters to an investment-services entity, Kay did not know to whom these documents would be given or how they would be used.
(FINRA Case #2010021286901)
Robert Brian Kay was previously registered with FINRA at the following brokerage firms:
WEST AMERICA SECURITIES CORP
CRD# 35035
LAS VEGAS, NV
12/1993 - 07/2013
J. ALEXANDER SECURITIES, INC.
CRD# 7809
LOS ANGELES, CA
10/1989 - 01/1994
C. L. MCKINNEY & CO., INC.
CRD# 2735
02/1989 - 09/1989
This ends the information obtained on FINRA's website.
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