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Broker Complaints: Reef Securities, Incorporated (CRD# 31951)

The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding the Texas-based brokerage Reef Securities, Incorporated (CRD# 31951).

Formed in Texas in 1993, Reef Securities is headquartered in Richardson, Texas and registered in 52 US states and territories. Paul Frank Mauceli, Jr. is President; Kenneth Eugene Shade is Chief Compliance Officer.

According to the firm’s BrokerCheck report, Reef Securities is the subject of seven regulatory sanctions and one customer complaint that evolved into arbitration.

In 2014 a customer alleged Reef Securities breached its fiduciary duty, acted negligently, and failed to supervise its representatives.

In 2013 the Financial Industry Regulatory Authority (FINRA) sanctioned Reef Securities following allegations the firm failed to maintain an adequate control location for customer funds, and consequently fell into noncompliance with net minimum capital requirements. Reef Securities was censured and issued a fine of $35,000.

In 2004 the National Association of Securities Dealers (NASD) sanctioned Reef Securities following allegations the firm failed to develop and implement an anti-money laundering scheme reasonably designed to attain compliance with federal requirements. Reef Securities was censured and issued a fine of $17,500.

In 2004 the State of New Hampshire Bureau of Securities Regulation sanctioned Reef Securities following allegations the firm failed to file for a name change and pay necessary fees, and additionally failed to respond to Bureau inquiries. Reef Securities was issued a fine of $3,750.

In 2000 the NASD sanctioned Reef Securities following allegations the firm, acting through an individual, failed to implement its element of the NASD continuing education program. Reef Securities was issued a fine of $5,000.

In 1996 the Illinois Securities Department sanctioned Reef Securities following allegations the firm sold unregistered securities. Reef Securities was censured and ordered to pay $10,000 to the audit enforcement fund.

In 1996 the NASD sanctioned Reef Securities following allegations the firm executed securities transactions while failing to maintain its minimum net capital requirements. Reef Securities was censured and issued a fine of $2,500.

In 1995 the Texas State Securities Board sanctioned Reef Securities following allegations the firm sold unregistered securities and used unregistered agents. Reef Securities was issued a fine of $15,000.

If you or someone you know has a complaint regarding Reef Securities Incorporated, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup losses. Fitapelli Kurta accepts every case on contingency: you will only pay us if and when you recover money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.