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Southwest Securities To Pay $10 Million To Settle SEC AND NYSE Supervision Charges, Relating To Fraudulent Market Timing and Late Trading By Southwest Registered Representatives
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Three Southwest Managers and Two Brokers Also Named in Enforcement Proceedings
Washington, D.C., Jan. 10, 2005 – The Securities and Exchange Commission and the New York Stock Exchange today announced the institution and settlement of enforcement proceedings against Southwest Securities, Inc., a Dallas, Texas based broker-dealer and investment adviser, and three of its managers. According to the SEC and NYSE, Southwest and the managers failed reasonably to supervise brokers in Southwest’s downtown Dallas branch office who engaged in fraudulent mutual fund market timing schemes, late trading of mutual fund shares, or both.
Read full press release (.pdf)
Hearing Panel Decisions (all .pdfs)
04-154 Southwest
04-155 Daniel R. Leland
04-156 Kerry M. Rigdon
04-157 Kevin J. Marsh
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