Violation Tracker Individual Record

Southwest Securities Inc.
Current Parent Company: 
Hilltop Holdings
April 6, 2000
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

NASD Regulation, Inc. censured seven brokerage firms for engaging in the practice of yield burning and ordered them to pay a total of $21.4 million to the U.S. Treasury, under an agreement with the Internal Revenue Service and the United States Attorney for the Southern District of New York, and to pay disgorgement directly to 38 municipal issuers. The NASD press release did not specify how much each firm would pay. That information was obtained from an April 7, 2000 Associated Press article retrieved via Nexis.

Level of Government: 
Action Type: 
agency action
Financial Industry Regulatory Authority
Civil or Criminal Case: 
HQ Country of Parent: 
HQ State of Parent: 
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking, brokerage and insurance

FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).

Source Notes: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.