WASHINGTON — John Kendrick, the former Southwest Securities Inc. banker who is being charged in a Securities and Exchange Commission administrative proceeding for allegedly violating pay-to-play restrictions, wants to reach a settlement with the SEC but is considering taking legal action against his former employer.

In an interview Thursday, a day after the SEC brought its administrative proceeding against him, Kendrick said he was wrongfully fired in July and that he may have grounds for a lawsuit because Southwest failed to adequately inform him of his responsibilities under the Municipal Securities Rulemaking Board’s Rule G-37 on political contributions.

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