WASHINGTON — In the first case of its kind, the Financial Industry Regulatory Authority fined Southwest Securities Inc. $500,000 for paying unaffiliated individuals to solicit municipal securities business for it, in violation of Municipal Securities Rulemaking Board Rule G-38.

Specifically, FINRA found that the Dallas-based firm, between October 2006 and April 2009, received more than $1.9 million in gross revenues from 24 muni offerings and two financial adviser stints for Texas municipalities that outside consultants obtained for the firm.

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