{"id":4615,"date":"2008-05-30T15:59:55","date_gmt":"2008-05-30T15:59:55","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2008\/05\/first_southwest_co_settles_sec"},"modified":"2022-03-29T15:06:18","modified_gmt":"2022-03-29T20:06:18","slug":"first-southwest-co-settles-sec","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/first-southwest-co-settles-sec\/","title":{"rendered":"First Southwest Co. Settles SEC Charges That It Improperly Intervened In Auction-Rate Securities Market"},"content":{"rendered":"

First Southwest Co. will pay a $150,000 fine and honor a cease and desist order to settle Securities and Exchange Commission charges that it interfered with the auction-rate securities market without disclosing its positions from January 2003 to June 2004. The Texas broker-dealer is not denying or admitting the administrative charges by agreeing to settle.<\/p>\n

According to the SEC, First Southwest made bids to prevent failed auctions and all-hold auctions. As a result of these interventions, the auction’s clearing rate was affected and investors got a higher or lower rate of return on investments.<\/p>\n

The SEC says that First Southwest violated Section 17(a)(2) of the Securities Act of 1933 that does not allow material misstatements and omissions during any securities sale or offer. The Commission also expressed concern that investors may not have known about the credit risks and liquidity associated with First Southwest’s actions.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

First Southwest Co. will pay a $150,000 fine and honor a cease and desist order to settle Securities and Exchange Commission charges that it interfered with the auction-rate securities market without disclosing its positions from January 2003 to June 2004. The Texas broker-dealer is not denying or admitting the administrative charges by agreeing to settle. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3865],"tags":[],"class_list":["post-4615","post","type-post","status-publish","format-standard","hentry","category-auction-rate-securities"],"yoast_head":"\nFirst Southwest Co. 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