WASHINGTON — The Securities and Exchange Commission has barred ex-Wachovia Securities LLC broker Guy P. Riordan from associating with any broker or dealer, and ordered him to pay a $500,000 penalty and to disgorge almost $938,354 in ill-gotten gains and interest for securities fraud violations stemming from a pay-to-play scheme involving the former treasurer of New Mexico.

The SEC imposed the sanctions in an order issued Friday that found Riordan violated antifraud provisions of the securities laws by making secret cash kickbacks to former treasurer Michael Montoya in exchange for obtaining state investment business from 1999 through 2002.

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