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Southwest Securities Faces FINRA Fine

The Financial Industry Regulatory Authority (FINRA) has ordered Southwest Securities to pay $500,000 to resolve claims involving violations of Municipal Securities Rulemaking Board rules and using paid consultants to solicit business.

As reported March 13 by Investment News, the unit of SWS Group “paid five people, including three former officials of Texas municipal bond issuers, to solicit business on its behalf from October 2006 through April 2009. The consultants, who were paid a total of $200,000, helped Southwest obtain 24 securities underwritings and two roles as financial adviser to Texas municipalities.”

Southwest settled FINRA’s claims without admitting or denying any wrongdoing.

If you have suffered investment losses with Southwest Securities and wish to discuss filing an individual arbitration claim with FINRA or have questions about these investments, please contact us.

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