The Financial Industry Regulatory Authority fined five firms $191,250 for municipal securities rule violations and ordered them to disgorge thousands more of ill-gotten gains.

The firms and fines included: Southwest Securities, Inc., at $95,000; Raymond James & Associates, Inc., at $75,000; Seattle-Northwwest Securities Corp., at $10,000; KJM Securities, Inc., at $6,250; and Knight Libertas, LLC, at $5,000.

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